Afreximbank, Bahamas Govt. Sign Agreement to Develop Afro-Caribbean Marketplace
Afreximbank has signed an agreement to provide a Project Preparation Facility for the Government of the Commonwealth of The Bahamas to develop an Afro-Caribbean Marketplace. This is contained in a statement issued by Vincent Musumba, Manager, Communications and Events, Afreximbank on Tuesday.
Musumba said once implemented, the Afro-Caribbean Marketplace would comprise 90 outlets dedicated to the sale of authentically African and Caribbean products from no fewer than 54 African countries.
He said 20 Caribbean states, 16 islands of the Bahamas and a transhipment hub would be located at the grounds of the former International Bazaar and Royal Oasis Tower and Casino in Freeport, Grand Bahama Island.
Musumba said when completed, the project is expected to transform Grand Bahama into a major trade and cultural hub.
He said the marketplace would also enhance The Bahamas’ strategic position in global maritime networks, foster economic growth, create jobs, and strengthen ties between African and Caribbean nations.
“The marketplace will boost SME growth, and foster cultural exchange, thereby contributing to the overall economic and social development of The Bahamas.
“The project preparation facility of 1.86 million dollars will fund essential pre-development activities that will advance the project to bankability, whereupon this is expected to unlock further investments estimated at 50 million dollars.
Musumba quoted Prof. Benedict Oramah, President and Chairman, Board of Directors of Afreximbank Group as saying: Afreximbank is very pleased to be providing funding towards the development of a unique Afro-Caribbean marketplace and trans-shipment project in the Bahamas.
“ It is a strategic investment that allows us to realise our vision of positioning the Caribbean as the trans-shipment hub for Africa’s trade with the Americas. It would also support logistics related to AfriCaribbean trade.
“The bank commends the Government of the Bahamas for the bold initiative to harness the emerging Afri-Caribbean opportunities. ”
He quoted Philip Davis, Prime Minister and Minister of Finance, Commonwealth of The Bahamas, as saying “this agreement is a testament to our commitment to fostering strong economic and cultural partnerships.
“The Afro-Caribbean Marketplace and Logistics Centre will position Grand Bahama as a beacon of international trade, creating a dynamic environment for growth and collaboration.”
Also, Musumba quoted Ginger Moxey, Minister for Grand Bahama as saying: The signing of the Project Preparation Facility with Afreximbank and the Government of The Bahamas marks a transformative step for Grand Bahama Island.
“The development of the Afro-Caribbean Marketplace and Logistics Center signifies our commitment to creating a vibrant hub for trade, culture, and innovation. The initiative will not only boost our local economy but also strengthen our ties with the African continent, fostering an environment of shared growth and prosperity.”
Moxey said Grand Bahama is a resilient island and was poised to become a beacon of economic and cultural exchange. We are proud to lead this groundbreaking endeavour and cannot wait to see the limitless potential of our people come to life through this transformative project.”
Musumba said the agreement was signed by Mr Reginald Saunders, Acting Permanent Secretary, Ministry for Grand Bahama and Mrs Kanayo Awani, Executive Vice-President, Intra-African Trade and Export Development Bank, Afreximbank. He said the signing was witnessed by Davis, Oramah and Moxey. EU, Nigeria Business Forum Platform for Deeper Cooperation-Minister
