Afreximbank and Government of Barbados sign MoU

As part of a new Memorandum of Understanding, the government of Barbados and Afreximbank will explore various openings for joint investment and trade finance. The aim of this is to expand economic cooperation between Africa and Barbados. 

Additionally, the partnership will serve as a platform for an exchange of knowledge and expertise between Afreximbank and the Government of Barbados. 

It will also serve as a channel of interaction between corporations and investors on either side of the Atlantic, arming them with the information they need to make calculated trade and investment decisions.

This exchange of knowledge will include sharing of joint electronic platforms for customer due diligence, remittances, trade exchanges, trade information, and regulatory/customary information. 

Afreximbank is looking at setting up a financial facility to the tune of US$250 million to back and finance trade and investment exchange. 

This new partnership will further increase the flow of goods and services while also improving the connectivity between African countries and Barbados. 

“By coming together, Afreximbank and the Government of Barbados will harness the power of trade to create new jobs, scale up new industries, and reap the benefits of a rich exchange in goods, services, and culture between Africa and Barbados,” said Professor Benedict Oramah, President of Afreximbank.