More than two thousand delegates, including Heads of State, Ministers, government officials, and prominent industry leaders, gathered on day one of the 31st African Export-Import Bank (Afreximbank) Annual Meetings (AAM) in Nassau, The Bahamas from June 12-15. The theme of the meetings was “Owning our Destiny: Economic Prosperity on the Platform of Global Africa” and aimed to strengthen the connections between Africa and the Caribbean, the sixth region of the African Union. These meetings are essential for economic decision-makers in Africa and the Caribbean and are covered by African, Caribbean, and international media.
In his opening remarks, Mr. John Rolle, Governor of the Central Bank of The Bahamas, encouraged attendees to take advantage of the opportunities to learn, share, and network. He highlighted the potential benefits for the Caribbean to learn more about the Pan African Payment and Settlement System (PAPSS) from Africa and expressed his belief that with support from Afreximbank, Central Banks across the Caribbean Community (CARICOM) could work towards implementing a similar system.
Mr. Rolle stated, “A successful project in the Caribbean could help us deliver on targets for an international payment system that is more integrated, faster, and more affordable for consumers. Perfecting cross-border payments could also help conserve international reserves and expand intra-regional trade.”
The AAM is being held jointly with the 3rd AfriCaribbean Trade and Investment Forum (ACTIF) to reflect the growing connections between Africa and the Caribbean, working towards a unified Global Africa.
In his address, Mr. Denys Denya, Senior Executive Vice President of Afreximbank, emphasized the importance of these meetings for shaping the shared vision and aspirations of the Caribbean region and Africa in the context of Global Africa.
Ms. Pamela Coke-Hamilton, Executive Director of the International Trade Centre, highlighted the significant trade potential between Africa and the Caribbean, projecting trade to reach US$1.8 million annually by 2028. She suggested exploring the establishment of a free trade area between Africa and the Caribbean to bring down barriers and open new opportunities.
Throughout the day, delegates attended various sessions covering topics such as economic resilience, navigating economic transformation, and dealing with macroeconomic crises. The discussions emphasized the importance of unity, flexibility, and access to better financing options in driving economic growth.
The day concluded with remarks from H.E. Mr. Babajide Olusola Sanwo-Olu, Governor of Lagos State, encouraging Africans to embrace the global African agenda and march into the future with determination and a commitment to success.
The AAM and ACTIF aim to address challenges affecting African and Caribbean economies, promote growth, and accelerate trade and investment flows within Africa and with the diaspora.
For more information, contact Vincent Musumba, Manager of Communications and Events (Media Relations) at press@afreximbank.com. Follow Afreximbank on Twitter, Facebook, LinkedIn, and Instagram for updates.
About Afreximbank:
Afreximbank is a Pan-African multilateral financial institution dedicated to financing, facilitating, and promoting intra and extra-African trade. With over 30 years of experience, the Bank has been deploying innovative instruments to support the transformation of Africa’s trade structure, accelerate industrialization, and boost economic expansion. Afreximbank has launched the Pan-African Payment and Settlement System (PAPSS) in partnership with the African Union to support the implementation of the African Continental Free Trade Agreement. The Bank’s total assets and guarantees exceed US$37.3 billion, with shareholder funds of US$6.1 billion. For more information, visit www.Afreximbank.com.