Key Points:

Afreximbank has increased its Caricom financing capacity to US$5 billion, scaling up support for energy, infrastructure and industrial projects across the region

More than US$750 million has already been disbursed, with over US$2 billion in projects in the pipeline, signalling a rapid expansion of activity

The funding push aims to close financing gaps, support new energy producers and drive broader economic transformation, including SME financing and value-added industries

THE Caribbean’s energy ambitions recently received a major financial boost as the Afreximbank increased its Caricom financing capacity to US$5 billion, marking a significant step in closing the region’s infrastructure and development funding needs.

The expanded commitment builds on more than US$750 million already disbursed across the region, alongside a pipeline exceeding US$2 billion in transactions currently being executed — signalling a clear scale-up of support for governments and the private sector.

With the additional funding, the bank aims to narrow financing gaps in energy, infrastructure, and industrial development. Part of this push includes supporting oil and gas projects, strengthening local content participation, and fostering greater collaboration within the energy sector as new producers emerge.

Speaking at the Atlantic Basin Business Forum during Caribbean Energy Week 2026, Okechukwu Ihejirika, acting CEO of Afreximbank’s Caribbean office, underscored the critical role of capital access.

“There is a lot of financing required in the region, and no single institution can meet that need alone. With Caricom Afreximbank, we see the emergence of a strong institution capable of financing projects across the region,” he said.

Since entering the Caribbean in 2023, Afreximbank has been working to raise its regional financing limit from US$3 billion to US$5 billion over a four-year period. Thirteen Caricom member states have acceded to the bank’s Establishment Agreement, enabling direct financing and technical support to governments and businesses through dedicated country programmes.

As a multilateral development bank, Afreximbank deploys a wide range of financial instruments, including direct loans, lines of credit, guarantees, export credit insurance, and structured trade finance solutions. Its latest increase in the Caricom financing ceiling supports the bank’s strategy to diversify its portfolio geographically, and expand South-South trade (which currently represents less than one per cent of exchanges between Africa and the Caribbean) while generating sustainable, trade-linked returns.

With regional buy-in secured, the bank has commissioned advisory agencies to develop a framework for deployment.

“We are awaiting feedback from the advisors. Once that is received we will be ready to deploy funds,” Ihejirika noted.

The expanded commitment reflects a broader shift toward locally anchored financing structures to support critical projects across the Caribbean. It aligns with regional efforts to strengthen infrastructure, logistics and economic integration.

Afreximbank President George Elombi has indicated that the bank’s long-term vision is to reshape regional economies by investing in value-added processing of agricultural and natural resources. The goal is to retain more value within Caribbean economies, generate employment, and improve livelihoods, while boosting government revenues.

The expanded portfolio includes a diverse array of infrastructure and social development projects tailored to specific island nations. These include health-care investments in Barbados, Guyana and Grenada; tourism projects in The Bahamas and Antigua and Barbuda; and logistics and power generation initiatives in Jamaica and Suriname. Additionally, SME-focused on-lending facilities are being extended through development banks in St Lucia and Dominica to support local entrepreneurs.