Jamaica has officially joined Afreximbank, an event described as historic at the 49th meeting of CARICOM Heads of Government in Montego Bay. This rapprochement between the leading English-speaking power in the Caribbean and the largest pan-African export bank paves the way for a new regional economic architecture. It also signals a shared ambition: to build concrete, structuring and sustainable South-South relations.
Afreximbank: the financial engine of African and Caribbean integration
An institution at the service of inter-African… and now Caribbean trade
Founded in 1993,Afreximbank (African Export-Import Bank) is a pan-African multilateral financial institution based in Cairo, Egypt. Its primary objective is to promote, develop and finance trade between African countries, as well as between Africa and other regions of the South. It provides lines of credit, guarantees, structured financing and technical assistance.
With assets of over US$40 billion by 2024, the institution has extended its activities to the Caribbean since 2022 through the Global Africa program. This program aims to reconnect the African and Caribbean economies, historically linked but institutionally fragmented.
A far-reaching political and economic commitment
A strong signal from Montego Bay
The signing of the memorandum of understanding was attended by major figures: Jamaican Prime Minister Andrew Holness, Minister of Foreign Affairs Kamina Johnson Smith, and Afreximbank Chairman Professor Benedict Oramah. It was held on July 8, 2025 at the Half Moon Hotel, on the sidelines of the CARICOM summit.
Jamaica thus becomes the 13th CARICOM member state to formalize this membership, confirming a regional desire to pool financial resources and international negotiating capabilities.
A $1.5 billion boost for Jamaica
Massive support as part of a $3 billion regional plan
Thanks to this integration, Jamaica now benefits from US$1.5 billion in dedicated funding, as part of an overall program of US$3 billion for all CARICOM countries. This funding is designed to support :
- ✅ infrastructure projects (ports, energy, telecommunications),
- ✅ development of SMEs and the productive sector,
- ✅ industrial diversification,
- ✅ green and digital projects.
Prime Minister Holness welcomed the package as an opportunity for structural transformation, particularly in the fields of agriculture, tourism, logistics and innovation.
Connectivity and infrastructure: new horizons for commerce
A common platform with Africa
Jamaican membership gives access to a range of structuring instruments, including the African Trade Centre currently being set up in Barbados. This center will serve as a logistical and diplomatic hub between Africa and the Caribbean, facilitating commercial exchanges, the organization of economic events and the circulation of talent.
A pan-African unified payments system
Jamaica will also be able to join the PAPSS (Pan-African Payment and Settlement System), set up by Afreximbank to carry out transactions in local currencies between African and Caribbean partners. This system bypasses intermediate currencies, reduces banking costs and facilitates intra-South trade relations.
An innovation strategy designed for young people
Artificial intelligence as a common lever
At the initiative of the Africa-Caribbean Forum (ACTIF) and the University of the West Indies (UWI), joint training centers for artificial intelligence are being developed. Spearheaded by former Prime Minister P.J. Patterson, this program aims to train a new generation of researchers, developers and entrepreneurs.
The aim is to position the countries of the South as technology producers, not just consumers.
Targeted programs for young entrepreneurs
The agreement between Jamaica and Afreximbank also provides for the establishment of technology centers to support young entrepreneurs. Funding of up to US$250,000 will be made available to local start-ups, through competitions, innovation grants or acceleration programs run in partnership with Caribbean universities and incubators.
South-South cooperation with multiple spin-offs
Towards $1.8 billion in Africa-Caribbean trade
According to estimates by the International Trade Centre (ITC), trade between Africa and the Caribbean could reach US$1.8 billion by 2028. By joining Afreximbank, Jamaica is positioning itself as a key player in this dynamic, capable of exporting its flagship products (rum, coffee, agro-processed products, cultural services) to markets in high demand.
A geopolitical bridge between continents
Beyond trade, integration into Afreximbank gives Jamaica a geostrategic role. It becomes a gateway to the Americas for African investors, and a transit center for financial, commercial and digital flows.
A landmark decision for the region's future
By joining Afreximbank, Jamaica is signing more than just a technical agreement. It is affirming its determination to play a leading role in rebuilding Africa-Caribbean relations on an egalitarian, sovereign and sustainable basis. This membership paves the way for concrete projects, greater economic resilience and greater financial autonomy.
This is a strategic step in the construction of a strong South-South cooperation space, where solutions come from the people concerned, and where Jamaica intends to count from now on.
