Okechuku Ihejirika, Chief Operating Officer of Afreximbank
The Caribbean could soon have its own regional export-import bank aimed at improving access to development and trade financing across the region.
The proposal is being advanced by the African Export-Import Bank, Afreximbank, which says discussions with Caribbean governments are progressing.
Chief Operating Officer of Afreximbank, Okechuku Ihejirika, says the bank has already submitted a proposal to CARICOM's Council for Foreign and Community Relations, where it is currently under review.
Mr. Ihejirika says feasibility studies have already been completed and are now being examined as part of the process leading to possible implementation.
The proposed institution would provide trade and development financing to businesses and governments across the Caribbean at a time when access to long-term funding remains a major challenge.
The bank recently increased its approved investment allocation for the Caribbean to five billion US dollars, underscoring its commitment to supporting economic growth and development in the region.
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