Barbados Prime Minister, Mia Mottley has hailed the role of the African Export-Import Bank for its contribution to the development of the Caribbean region.

Speaking during the second AfriCaribbean Trade and Investment Forum at the Mariott Hotel in Guyana on Monday, the Prime Minister said that the Bank stepped in to help the region during the COVID-19 pandemic when the region was finding it difficult to access financing.

She noted that although there are a number of countries in the region that are still not members of the Bank, the Bank was still able to extend a US$1.5B line of credit to the region.

She said that the region has been recording tremendous progress from its relationship with the African Export-Import bank in areas that truly matters.

“And not that other assistance or partnerships does not matter, but at a time of great international turbulence, the capacity to be able to have access to capital as oxygen is absolutely critical. In addition to that, the ability for our private sectors to begin to know one other is the next most critical step,” the Barbados PM stated.

Mottley called on the private sector across the region to step up, while governments in the region provide the enabling environment for investment and growth. The Barbadian Prime Minister also noted that the region needs joint venture companies and more partnerships to expand its economy.

“It cannot continue and we have said this but we are now ensuring that those of you who have the ability to want to make that difference can do so with us,” Ms. Mottley noted.

She noted that the establishment of Republic Bank in Ghana, was a major step for Caribbean entities because it allowed for people to understand the eco-system and the landscape. Similarly, she said, it is hoped that the African Exim Bank and other Commercial Banks can be established in the region to make a difference to the level of economic activity in the region.

“But more importantly even, to give confidence to players from Africa, with whom they have existing relationships that this is an area where business can be facilitated, not just by governments but by dealing with entities with whom you already have a relationship,” the Barbados PM noted.

The Barbados Prime Minister also said the African Exim Bank has an important role to play in helping the region in its fight against climate change.

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