The African Export-Import Bank (Afreximbank) has reached a historic milestone with the groundbreaking ceremony of the Afreximbank African Trade Centre (AATC) in Bridgetown, Barbados. This initiative represents the first state-of-the-art AATC established outside Africa and signifies a crucial step in strengthening economic and trade relations between Africa and the Caribbean Community (CARICOM). The US$180 million project is set to become a focal point for international trade and economic collaboration, reinforcing the bank’s commitment to fostering South-South cooperation.
The Government of Barbados has allocated 6.4 acres of land at Jemmotts Lane, formerly the headquarters of the Ministry of Health, to facilitate the construction of this ambitious complex. Upon completion, the AATC will house Afreximbank’s CARICOM regional office, a conference centre, a technology and SME incubator, a Digital Trade Gateway, a 100-room hotel, and a trade and exhibition centre. Additionally, it will provide office spaces for international financial institutions, policy organisations, and regional enterprises, thereby serving as a dynamic platform for economic engagement between Africa and the Caribbean.
The groundbreaking ceremony was attended by prominent regional and international dignitaries, including the Honourable Mia Amor Mottley, Prime Minister of Barbados; Dr. Carla Barnett, Secretary-General of CARICOM; Professor Benedict Oramah, President and Chairman of Afreximbank; and the Honourable Dickon Mitchell, Prime Minister of Grenada. These leaders underscored the transformative nature of the AATC and its potential to reshape global trade dynamics by creating a direct conduit for business and investment between Africa and the Caribbean.
Prime Minister Mottley, delivering the keynote address, highlighted the historical significance of the site, which originally housed Barbados’ first hospital for emancipated slaves in 1844. She drew parallels between this legacy and the present initiative, stating that the project symbolises Barbados’ evolving role in global economic affairs. The Prime Minister reaffirmed her administration’s commitment to supporting the venture, describing it as an opportunity to create employment, attract foreign investment, and enhance economic prosperity across the region. She also extended an offer to Afreximbank for additional land, reinforcing the government’s dedication to ensuring the success of the initiative.
Professor Oramah expressed gratitude for the support from the Government of Barbados and stressed that the AATC would serve as a gateway for enhanced trade and investment between Africa and the Caribbean. He noted that the project aligns with Afreximbank’s broader vision of strengthening commercial ties among nations of the Global South. The institution has committed over US$2.5 billion in credit lines to CARICOM, with the objective of driving economic development. Notably, Barbados received a US$25 million investment from Afreximbank in 2024 for the refurbishment of its Cricket World Cup sports complex, while additional projects worth US$500 million are currently in the pipeline.
The construction of the AATC is projected to span approximately 30 months and is expected to generate around 1,000 direct and indirect jobs during this phase. The initiative will also create business opportunities for approximately 50 SMEs, which will participate as subcontractors, suppliers, and service providers. Upon completion, the centre is anticipated to provide 300 permanent jobs, further contributing to regional employment. The inclusion of a hotel within the complex will support Barbados’ tourism industry, while the commercial facilities will attract African financial institutions and businesses seeking to establish a presence in the Caribbean.
Afreximbank’s decision to establish the AATC in Barbados follows its 2018 Board directive to create trade facilitation hubs in key commercial centres across Africa and the Caribbean. This strategy aims to integrate trade information, finance, and ancillary services, thereby fostering seamless business interactions. The selected locations for these hubs include Abuja (Nigeria), Harare (Zimbabwe), Kampala (Uganda), Cairo (Egypt), Abidjan (Côte d’Ivoire), Yaoundé (Cameroon), Kigali (Rwanda), Tunis (Tunisia), and now Bridgetown (Barbados). These centres will serve as linkages for businesses, governments, chambers of commerce, and financial institutions, promoting economic synergy between Africa and the global trade community.
Honourable Dickon Mitchell, Prime Minister of Grenada, emphasised the substantial economic benefits that Afreximbank’s engagement has already delivered to the Caribbean. He highlighted the forthcoming Afreximbank Trade and Investment Forum, scheduled to be held in Grenada on 28-29 July 2025, as a key platform for advancing trade, investment, and business collaboration between Africa and the Caribbean.
The initiative also reflects Afreximbank’s wider commitment to fostering trade-led development, reducing barriers to commerce, and reshaping the global economic landscape to accommodate the aspirations of emerging economies. By positioning Barbados as a strategic hub, the AATC is expected to drive increased investment, facilitate business expansion, and reinforce the economic integration of Africa and the Caribbean.
With the commencement of construction now underway, the Afreximbank African Trade Centre in Barbados stands as a testament to the strengthening of historic ties between Africa and the Caribbean. It not only symbolises a new era of economic cooperation but also embodies the resilience and aspirations of both regions as they work towards a shared vision of sustainable development and prosperity.
