KINGSTON, Jamaica — The Caribbean could soon move a step closer to establishing its own regional export-import bank, as Afreximbank pushes forward a proposal aimed at improving access to development financing across the Caribbean Community (Caricom).

Okechukwu Ihejirika, acting chief operating officer of Afreximbank’s Caribbean Office, said the proposed Caricom EXIM Bank has already been presented to the Council of Foreign Ministers and is now moving through the regional review process.

“It’s an initiative that is now undergoing review. In fact, it was presented to the Council of Foreign Ministers recently, so very soon we should get it cleared by the heads,” Ihejirika told Observer Online on Wednesday during the Climate Smart Summit in Bridgetown, Barbados.

“The study has been done, it’s been presented, it’s now being reviewed, and once there is affirmation as to the need for that EXIM bank, then we will go into implementation,” he added.

The proposed institution is expected to support trade and development financing within the region at a time when Caribbean governments and businesses continue to face challenges accessing affordable long-term capital.

Speaking during the two-day summit at the Hilton Barbados Resort, Ihejirika also said Afreximbank has increased its approved investment envelope for the Caribbean to US$5 billion, up from an initial US$1.5 billion when the bank established its regional office in Barbados in 2023.

He said the bank remains focused on financing qualifying projects across sectors including infrastructure, trade and climate resilience.

Afreximbank has approved nearly US$700 million in credit facilities for projects across the region since opening its Barbados office, according to Ihejirika.

More details on the proposed Caricom EXIM Bank and what it could mean for regional financing will be published in Friday’s Business Week.

— Karena Bennett