Guyana’s head of state, Dr. Irfaan Ali recently appealed to the regional private sector to form a consortium capable of devising a proposal for the African Export-Import Bank (Afreximbank) that addresses failures in the regional transport system. The Guyanese leader issued this fervent call during the opening ceremony of the AfriCaribbean Trade and Investment Forum, which was held at the Marriott Hotel in Georgetown, October 30-31, 2023.
With the presence of key officials at the event, such as president and chairman of the Afrieximbank, Prof. Benedict O. Oramah, Ali said he would consider it a “severe missed opportunity” if the regional private sector did not treat as a matter of urgency, the submission of a proposal to deal with weak maritime transport infrastructure.
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“We can plant and grow as much as we want. We can do agro-processing, manufacturing, and industrial development; we can re-engineer the supply chain, but we have to move things throughout the region. We must, therefore, find the solution. Afreximbank has assured us that they are ready to examine a proposal from the regional private sector on this solution,” the President said.
He even gave assurances that every single State in the Caribbean Community (CARICOM) has made it clear that they will provide all the incentives necessary to facilitate the building of a stronger regional transport infrastructure system to overcome age-old logistical woes.
“It is in your hands now…We are too small to think and act in silos. We have to learn to remove the imaginary barriers between ourselves and act as a collective in bringing together our capital, our collective talent, our collective structure so that we can make use of larger scale opportunities that exist within the region,” the President appealed.
He said this is a golden opportunity for the private sector to truly demonstrate that it is the engine of growth.
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The head of state noted that other development opportunities are also possible for the regional private sector since the Afreximbank has a US$35 billion asset base. Ali said the bank’s lending portfolio stretches across various industries. He said these include financial services, mining, infrastructure, and oil and gas. Ali said the possibilities for prosperity are magnified with the African and Caribbean regions promising to collaborate across many areas.
He was also keen to express gratitude to Prime Minister of Barbados, Mia Mottley, who he credited as the mastermind behind channeling the Afreximbank to the Caribbean region’s direction.
Mottley’s vision led to the board of directors of the Afreximbank approving a US$1.5 billion loan facility for CARICOM States, with the promise for the credit approval increasing to US$3 billion when all CARICOM countries sign onto a partnership agreement.
The African lending institution has also established an office in Barbados. It is mulling providing 49% of the equity needed to set up a CARICOM Exim bank. Discussions for that project are ongoing.
