The decision to hold the 31st annual meeting of the African Export-Import Bank (Afreximbank) in Nassau, capital of the Bahamas, reflects the Caribbean nation’s ambition to become a bridge between Africa and its diaspora.
The event featured African and Caribbean leaders, senior government officials, policymakers, bankers, business leaders and academics, as well as cultural icons such as actor Viola Davis, singer Wyclef Jean, and actor Boris Kodjoe. Leaders explored the concept of “Global Africa”, an idea gaining traction across the continent and beyond. It envisions African nations and their diaspora as a united front, working together for shared economic prosperity.
A prosperous and competitive Global Africa
Benedict Oramah, president and chairman of the board of directors at Afreximbank, highlighted the promise of a prosperous and competitive Global Africa as motivation for the bank’s venture into the Caribbean.
The African Union (AU) recognises the diaspora as the “sixth region” of the continent. Member states of the Caribbean Community and Common Market (CARICOM) have joined Afreximbank as participating member states, and the bank has opened a regional office in Barbados. By April, 11 out of 15 CARICOM member states had signed the bank’s participation agreement. The bank’s board has approved a limit of $1.5bn to support participating CARICOM states – set to rise to $3bn when all sign.
*The views of the above article are those of the author and do not necessarily reflect the views of Africa Speaks 4 Africa or its editorial team.