CARICOM Summit | Holness, African Export-Import Bank chair rally Africa and Caribbean toward shared economic future
Published:Tuesday | July 8, 2025 | 2:00 PM
Prime Minister of Jamaica and CARICOM Chairman Dr Andrew Holness and Professor Benedict Oramah, President and Chairman of the Board of the African Export-Import Bank (Afreximbank), are urging stronger Africa-Caribbean partnerships to transform shared history into shared prosperity.
Speaking at the opening of the Africa-Caribbean Symposium and African Village at the Half Moon Conference Centre in Montego Bay, St James, Holness pointed to the need for South-South cooperation.
“This symposium represents not only a celebration of our cultural talents, but a call for renewed and pragmatic South-South cooperation,” Holness said.
He emphasised that although Africa’s GDP is estimated at US$2.8 trillion—with 11 of the world’s fastest-growing economies—CARICOM’s trade with the continent remains under one per cent.
“We are united not only by a common past, but by a future rich in opportunity,” Holness said.
“Let us move from goodwill to strategic action, from symbolism to sustained economic and cultural bridges.”
Jamaica has now signed the partnership agreement with Afreximbank, unlocking a US$1.5 billion credit limit to support trade, investment, and Single Market Economy (SME) development.
Oramah praised the move, noting that the gathering is not just to celebrate shared heritage, but to forge a broader future of economic empowerment, cultural harmony, and sustainable progress.
He revealed that Afreximbank has already approved or implemented nearly US$1 billion of a US$2.5 billion project pipeline in the Caribbean, across sectors such as tourism, infrastructure, ports, and creative industries.
“For too long, we’ve relied on external aid, even when history teaches us that sustainable development is driven internally,” he said.
Oramah also announced plans for the Caribbean Payment and Settlement System, modelled after Africa’s platform to facilitate local currency trade.
“The over two billion people of African descent must unite as a formidable economic and cultural force,” he declared.
“Let Mandela’s hope and Marley’s love guide us to a future where our economies thrive, our youth innovate, and our cultures conquer the world," he added.
- Albert Ferguson
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