Mon | Feb 16, 2026

African development bank backs Bahamas roads with US$100-million facility

Published:Sunday | February 15, 2026 | 12:58 PM
Mrs Kanayo Awani, executive vice-president, intra-African trade & export development, Afreximbank, and Dominic Sturrup, executive chairman, Bahamas Striping Group of Companies Ltd (BSGC), during the signing of the financing agreement. Standing (from left
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Mrs Kanayo Awani, executive vice-president, intra-African trade & export development, Afreximbank, and Dominic Sturrup, executive chairman, Bahamas Striping Group of Companies Ltd (BSGC), during the signing of the financing agreement. Standing (from left) are Alex B Epale, senior manager, banking legal services, Afreximbank; Hon Ginger M. Moxey, MP, minister for Grand Bahama, The Bahamas; Hon Frederick A. Mitchell, MP, minister of foreign affairs, The Bahamas; Atario Mitchell, president, BSGC; Prof Benedict Oramah, former president of Afreximbank; Eric Intong, acting group managing director, client relations, Afreximbank; and Okechukwu Ihejirika, acting chief operating officer, Caribbean Office, Afreximbank.

African Export-Import Bank (Afreximbank) has extended a US$100-million receivables discounting facility to Bahamas Striping Group of Companies (BSGC), marking the Pan-African lender’s deepening engagement in Caribbean infrastructure finance.

“This facility represents an innovative approach to structured finance in cross-regional partnerships,” said Okechukwu Ihejirika, acting chief operating officer for Caribbean operations at Afreximbank.

The structured-finance arrangement will fund rehabilitation and construction of over 200 miles of roads across the Bahamian archipelago, providing advance payment to the local contractor for certified works, including asphalt paving, striping, and safety enhancements. The financing stems from a framework agreement signed with the Bahamian government during last year’s Caribbean Community summit in Barbados.

It adds to the over US$3.0 billion in funds pledged to the Caribbean from Afreximbank – half of which was disbursed. Afreximbank, headquartered in Cairo, Egypt, with over US$40.1 billion in assets, has positioned itself as a financier of “global Africa” – a strategic concept encompassing the African diaspora and economic ties with the Caribbean. The bank holds investment-grade ratings from Moody’s and other agencies.

“We are proud that this transaction strengthens our ability to execute major projects, support our subcontractors and vendors, and scale opportunities,” said Dominic Sturrup, executive chairman of BSGC, in a release.

According to Atario Mitchell, president of BSGC, the US$100-million receivables factoring facility will enable these local companies to meet their financial obligations, such as paying employees, purchasing materials, and expanding operations.

For BSGC, founded in 2010 and employing over 300 people across Nassau, Exuma and Eleuthera, the receivables facility solves a common infrastructure-contractor problem: cash-flow constraints while awaiting government payment. “This gives BSGC the ability to move faster, plan better, and execute with greater reliability,” said the company’s president.

The transaction follows Afreximbank’s 2024 annual meetings in Nassau, where the bank strengthened Caribbean partnerships. The Bahamas project underscores how multilateral development banks are using receivables financing — traditionally a commercial banking product — to accelerate infrastructure delivery in smaller economies where contractor liquidity remains constrained.

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