The African Export-Import Bank (Afreximbank) has signed an agreement with the Government of the Commonwealth of The Bahamas to provide a project preparation facility for the development and implementation of an Afro-Caribbean Marketplace. This marketplace will feature 90 outlets dedicated to selling authentically African and Caribbean products from over 54 African countries, 20 Caribbean states, and 16 islands of the Bahamas. Additionally, it will serve as a transshipment hub located on the grounds of the former International Bazaar and Royal Oasis Tower and Casino in Freeport, Grand Bahama Island.
Once completed, this project is expected to transform Grand Bahama into a major trade and cultural hub, enhancing The Bahamas’ strategic position in global maritime networks, fostering economic growth, creating jobs, and strengthening ties between African and Caribbean nations. The marketplace will boost SME growth and promote cultural exchange, thereby contributing to the overall economic and social development of The Bahamas. The project preparation facility, amounting to US$ 1.86 million, will fund essential pre-development activities, advancing the project to bankability, and unlocking further investments estimated at US$ 50 million.
Extolling the impact of the facility, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank Group, stated: “Afreximbank is very pleased to be providing funding towards the development of a unique Afro-Caribbean marketplace and transshipment project in The Bahamas. It is a strategic investment that allows us to realize our vision of positioning the Caribbean as the transshipment hub for Africa’s trade with the Americas.
“It will 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.”
The Prime Minister and Minister of Finance, Philip Edward Davis, said this agreement is a testament to his nation’s commitment to fostering strong economic and cultural partnerships. He added, “The Afro-Caribbean Marketplace and Logistics Center will position Grand Bahama as a beacon of international trade, creating a dynamic environment for growth and collaboration.”
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.
The signing was witnessed by Philip Edward Davis, K.C., Prime Minister and Minister of Finance, the Commonwealth of The Bahamas; Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, and Ginger Moxey, Minister for Grand Bahama.
