PM signs $200M infrastructure agreement with Afreximbank

Prime Minister Philip Davis has signed a $200 million Framework Agreement with the African Export-Import Bank (Afreximbank) during the 48th CARICOM Heads of Government Meeting in Barbados.

This landmark agreement is focused on developing climate-resilient and trade-enhancing infrastructure in The Bahamas, including vital projects in road construction, energy development, and other essential economic infrastructure.

The Framework Agreement sets out a structured approach for collaboration between The Bahamas and Afreximbank, leveraging the bank’s substantial expertise in project financing, advisory services, and development. Under this collaboration, a Joint Working Group comprised of representatives from both parties will oversee the identification, planning, and implementation of strategic infrastructure projects. The agreement provides for the establishment of clear criteria and requirements for selecting projects, with both parties committing to transparent processes and accountability.

This latest agreement builds upon an already strong relationship between The Bahamas and Afreximbank. Earlier this year, The Bahamas agreed to host the 31st Afreximbank Annual Meetings and the third AfriCaribbean Trade and Investment Forum in Nassau, events aimed at strengthening trade and investment ties between Africa and the Caribbean. These events highlight the shared histories and cultures between the regions, aiming to stimulate mutual economic growth.

These initiatives are specifically designed to bolster economic growth, facilitate trade, and generate employment opportunities across The Bahamas.

Prime Minister Davis emphasized that this agreement represents the government’s strong commitment to fostering economic development and improving the quality of life for all Bahamians. By investing in sustainable infrastructure, The Bahamas aims to build a stronger, more resilient economy and secure lasting prosperity for its citizens. This ongoing partnership with Afreximbank reflects a mutual commitment to shared growth and addressing common challenges through collaborative efforts.