Jamaica signs partnership agreement with Afreximbank

IN A brief ceremony in the boardroom of the Half Moon Hotel in Montego Bay, St James on Tuesday, Jamaica signed a partnership agreement with the African Export Import Bank (Afreximbank), headquartered in Cairo, Egypt, the 13th CARICOM country to do so.

In her remarks, Minister of Foreign Affairs and Foreign Trade Senator Kamina Johnson Smith said, “I am pleased to participate in this signing agreement to commemorate Jamaica’s accession in the agreement for the establishment of a partnership between the member states of CARICOM and the AfricanExport Import Bank.

The vision of the Afreximbank is ‘to transform Africa’s trade’, while its mission is ‘to stimulate a consistent expansion, diversification and development of African trade, while operating as a first-class, profit-oriented, socially responsible financial institution and a centre of excellence in African trade matters’.

“The formalisation of our association with the Afreximbank now paves the way for Jamaica to enter into a dynamic and transformative relationship with the bank that will assist in furthering national development through strengthened economic collaborative engagements,” Senator Smith also said.

“Jamaica, therefore, looks forward to working closely with the Afreximbank with a view to developing and promoting instruments and facilities that will result in impactful interventions across key economic sectors and areas, including tourism, health, renewable energy, trade, agriculture and agri-business, services, air links and private sector development, particularly MSMEs, to stimulate sustainable economic development,” she added.

The alliance is expected to create a platform for continuous dialogue, partnership and cooperation that serve to strengthen intra-regional trade in CARICOM and increase commercial ties between CARICOM and Africa. The Afreximbank’s presence in the region should open up the social and economic benefits of the CARICOM Single Market and Single Economy. Preparatory work for the partnership agreement has been going on for the past three years.

The agreement should also create the foundation for strengthening bilateral relationships, trade and investment ties, and advancing South-South cooperation between the Caribbean and Africa. A number of initiatives, supported by the Afreximbank, are already in progress. They will assist with the realisation of CARICOM’s expanded ambitions to improve inter-regional cooperation with Africa in areas of mutual interest in order to achieve development.

After the signing of the agreement, the party moved to the Half Moon Conference to join the African Export Import Bank and Jamaica National Bank Africa Caribbean Symposium where Professor Benedict Okechukwu Omarah, president and chairman of the board of directors at Afreximbank, was the keynote speaker.

Among other things Profession Omarah said, in reference to the said agreement, “Earlier this morning, Jamaica joined Afreximbank, bringing the total number of partner states to 13 of the 15 CARICOM nations. That move unlocks a further US$1.5 billion in credit for the region, providing an incredible opportunity for even greater transformative impact.”

The event was opened by Prime Minister Dr Andrew Holness, who also noted: “This singular move unlocks US$1.5 billion in credit support to Jamaica and the wider region.” Other Jamaican officials at the opening included Minister of Culture, Gender, Entertainment and Sport Olivia Grange; Senator Johnson Smith; and Minister of Industry, Investment and Commerce Senator Aubyn Hill.

The symposium mainly consisted of three panels. Panel 1 discussed ‘Trade and Finance as a Bridge’ and was moderated by Humphrey Oriaki of PAC Capital Holdings in Nigeria. Deiwight Peters, CEO of Saint International, led the discussion for Panel 2, titled, ‘Creative and Digital Economy Exchange’. Panel 3, ‘Tourism and Cultural Exchange as Economic Diplomacy’, was moderated by Nigerian Bethia Idoko, global tourism entrepreneur and facilitator. Ayo Bankole Akintujoe of Caladium SME in Lagos, Nigeria closed the talking with ‘The Future of SME Collaboration between Africa and the Caribbean’.