…as Afreximbank, KOMI sign $25m deal for rehabilitation of 2024 world cup cricket facility
The curtains have come down on the second AfriCaribbean Trade and Investment Forum (ACTIF23) in Georgetown, Guyana.
The two-day conference, anchored under the theme ‘Creating a Shared Prosperous Future’, heralded a new era of cooperation aimed at enhancing trade and investment avenues for nations across Africa and the Caribbean.
Drawing from the communique, Permanent Secretary of Guyana’s Foreign Ministry, Elizabeth Harper read the group’s resolution. It highlighted an ardent call to global bodies like the African Union, CARICOM, and the Organisation of Eastern Caribbean States to fortify African-Caribbean political relationships to propel economic alliances, bilateral trade, and the pivotal concept of establishing an African Caribbean free trade zone.
The forum echoed a unanimous voice for fostering partnerships with stalwarts like the African Business Council, the CARICOM private sector, and the International Trade Centre.
Their combined vision is the operationalisation of the African Caribbean Business Council, designed as a nucleus for private sector amalgamation.
Over the span of ACTIF23, the dedication to mutual growth was evident. African and Caribbean governments and their business counterparts inked several groundbreaking agreements.
These spanned diverse sectors: from energy and tourism to logistics, construction, agriculture, sports and the burgeoning creative industries.
Reflecting on the forum’s culmination, Guyana’s Finance Minister, Dr. Ashni Singh shared, “Hosting ACTIF23 has been monumental for Guyana. This event has been a catalyst in reinforcing the ties between our regions and shedding light on the myriad of challenges we collectively aim to overcome”.
President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank), Prof. Benedict O. Oramah, added weight to this vision, underlining the pressing need for genuine integration. “Our collaborative endeavors signal a future where we overcome regional challenges through reinforced south-south cooperation. The horizon seems promising, with a unified payment system bridging Africa and the Caribbean becoming an imminent reality,” he noted.
Tracing back to its inception, ACTIF23 follows the foundational forum in Bridgetown, Barbados. That maiden edition witnessed a game-changing partnership between Afreximbank and CARICOM. This alliance was crafted to amplify trade and investment synergies, anchored by mutual support and financial facilitation.
With its rich tapestry of delegates – approximately 1400 from 33 African nations, 13 Caribbean territories, and 18 countries beyond – ACTIF23, co-hosted by the Government of Guyana and Afreximbank, has stamped its significance in the annals of global trade dialogues.
ACTIF23 has sculpted a roadmap for an intertwined and prosperous future for the African and Caribbean diasporas, reinforcing its stature as a cornerstone in global trade forums.
Meanwhile, the African Export-Import Bank (Afreximbank) yesterday signed an agreement with the Barbados-based Kensington Oval Management Inc. (KOMI) in Georgetown, Guyana, to provide a $25-million term loan facility. The loan facility will be utilised for the rehabilitation and maintenance of sports infrastructure required for the 2024 Cricket World Cup, which is going to be held in Barbados.
President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah and the Prime Minister of Barbados,
Mia Amor Mottley, signed the agreement on behalf of their two organisations on the sidelines of the Second AfriCaribbean Trade and Investment Forum (ACTIF23).
Under the terms of the agreement, KOMI will use the proceeds of the loan, which carries a seven-year tenure, to rehabilitate the infrastructure, namely Kensington Oval, ahead of the Cricket World Cup scheduled to take place from June 4 to 30, 2024.
The loan is being provided under Afreximbank’s Sports Financing Programme.
Speaking during the signing, Prof. Oramah said the rehabilitation and maintenance of the sports
infrastructure will foster economic growth, cultural exchange, and community development by ensuring the effective hosting of the Cricket World Cup.
According to President Oramah, the World Cup will increase tourism income and stimulate growth among various service providers in the tourism industry, while the newly renovated and fully functional infrastructure at Kensington Oval will also continue to host a wide range of sporting events in the future, attracting athletes and enthusiasts from around the world.
Reflecting on the agreement, Prime Minister Mottley stated that the loan would contribute to the further development of cricket in the region.
The Barbados Prime Minister said the funds will facilitate the establishment of indoor cricket facilities, which will enable Caribbean cricketers to closely analyse and improve their skills to compete on the field.
“This region must give our cricketers the best available coaching and technology if they are to be able to resume their global position in cricket”, she said, while expressing gratitude to Afreximbank for providing the funds, at concessionary interest rates, to make it possible.
