Minister of Housing and Lands, Dwight Sutherland, has declared that there are significant benefits to gain from a landmark agreement with the African Export-Import Bank (Afreximbank).
Under this deal, the bank has acquired 2.037 hectares of prime state-owned land at the corner of Bay Street and Jemmott’s Lane for free. The site will house a trade centre, a luxury hotel, and corporate or business offices.
Speaking in Parliament Thursday night, Sutherland described the initiative as a crucial development in Barbados’ ongoing efforts to attract international financial institutions and boost trade relations. He emphasised that the African Export-Import Bank’s presence in Barbados would foster stronger economic ties between the Caribbean and Africa, enhancing regional trade and investment.
“This government stands proud tonight of the fact that it has been able and continues to attract regional and international agencies to establish headquarters here in Barbados,” the minister said as he laid the Bill to vest the lands before the House.
He pointed out that the decision to vest the land at no cost follows a precedent set by previous administrations, citing instances where similar arrangements were made with the Caribbean Development Bank (CDB) and other institutions.
Afreximbank, a Pan-African multilateral financial institution headquartered in Cairo, Egypt, was established in 1993 to support intra- and extra-African trade through financial solutions and advisory services. The institution has been actively expanding its footprint in the Caribbean, having opened a regional office in Bridgetown in August 2023. This move aligns with Afreximbank’s broader strategy to enhance economic cooperation between Africa and the Caribbean.
Drawing heavily on cultural and historical facts, Sutherland underscored the significance of the bank’s expansion into the Caribbean, noting that Afreximbank has already committed an investment of approximately US $700 million to support trade and investment flows in the region.
“Bringing $150 million of investment to this country and $700 million to the Caribbean and Latin America speaks volumes,” he said, attributing the success of the partnership to the advocacy efforts of Prime Minister Mia Mottley and the Minister of Foreign Affairs Kerrie Symmonds.
The establishment of the Afreximbank Trade Centre, Hotel, and Corporate Offices is expected to generate substantial economic activity and employment opportunities. The minister highlighted the strategic importance of the project’s location, stating that the area is ripe for redevelopment and will benefit from increased commercial activity.
Additionally, Sutherland reiterated that Barbados is already home to several international and regional organisations, including the United Nations, the Pan American Health Organisation (PAHO), the World Health Organisation (WHO), and the Caribbean Examination Council (CXC). He emphasised that such initiatives bolster the country’s reputation as a hub for global and regional business.
Sutherland noted that the realignment is essential given the evolving global economic landscape and the challenges faced by traditional Western markets.
“This move is not just about land or buildings; it is about positioning Barbados as a key player in a new global trade paradigm. It is about embracing opportunities that will benefit our economy, our businesses, and our people,” the minister said. (IMC)
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