Jamaica Becomes 13th CARICOM Member to Sign Afreximbank Deal, Accesses $1.5B Facility
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Jamaica has signed the Partnership Agreement with the African Export-Import Bank (Afreximbank), becoming the 13th member of the Caribbean Community (CARICOM) to join the pact.
The agreement grants Jamaica access to a US$1.5 billion financing facility, part of Afreximbank’s US$3 billion commitment to the CARICOM region.
The signing took place at the Half Moon resort in Rose Hall, St. James, during the 49th Regular Meeting of CARICOM Heads of Government. With this accession, Jamaica formally enters a framework aimed at strengthening economic, cultural, and trade cooperation between Africa and the Caribbean.
The facility will support key sectors of Jamaica’s economy, including tourism, healthcare, renewable energy, agriculture, and small and medium-sized enterprises (SMEs).
According to Afreximbank, the financing is intended to advance intra-Caribbean and Africa-Caribbean trade while enhancing infrastructure development and export capabilities.
Jamaican businesses will also gain access to Africa’s estimated US$2.8 trillion market. Tools such as the Pan-African Payment and Settlement System (PAPSS) will facilitate cross-border trade by simplifying transactions between Jamaican and African firms, reducing reliance on foreign exchange.
Collaboration between Afreximbank and the Bank of Jamaica is expected to improve foreign currency liquidity in the domestic market, contributing to economic stability.
The agreement also complements regional initiatives under the CARICOM Single Market and Economy (CSME), which aims to boost trade and integration within the Caribbean.
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For Afreximbank, Jamaica’s accession expands its footprint in the Caribbean and advances its Diaspora Strategy, which designates the African diaspora, including CARICOM states, as Africa’s sixth region.
The bank’s regional presence has grown since opening its Caribbean office in Barbados in 2023, and its active project pipeline in the region now exceeds US$2.5 billion, with US$1 billion already approved for initiatives in tourism, infrastructure, and creative industries.
Established in 1993 and headquartered in Cairo, Egypt, Afreximbank is a pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade.
As of December 2024, the bank’s total assets and guarantees stood at more than US$40.1 billion. Between 2016 and 2022, it disbursed over US$86 billion to support trade and industrialization across the continent.
Jamaica is expected to participate in upcoming Afreximbank-led events such as the AfriCaribbean Trade and Investment Forum (ACTIF), which promotes business-to-business exchanges between African and Caribbean firms.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
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