Home Pan Africa Groundbreaking Ceremony Marks Start of Afreximbank’s African Trade Centre in Barbados

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Groundbreaking Ceremony Marks Start of Afreximbank’s African Trade Centre in Barbados

March 27, 2025

(3 Minutes Read)

The African Export-Import Bank (Afreximbank) has achieved a significant milestone with the groundbreaking ceremony for the Afreximbank African Trade Centre (AATC) in Bridgetown, Barbados.

This marks the first advanced AATC established outside of Africa, playing a vital role in enhancing economic and trade ties between Africa and the Caribbean Community (CARICOM). The USD 180 million initiative aims to be a central hub for international trade and collaboration, underscoring the bank’s dedication to promoting South-South cooperation.

To support this ambitious project, the Government of Barbados has designated 6.4 acres of land at Jemmotts Lane, the former site of the Ministry of Health. Once completed, the AATC will feature Afreximbank’s CARICOM regional office, a conference center, a technology and SME incubator, a Digital Trade Gateway, a 100-room hotel, and a trade and exhibition center. It will also provide office spaces for international financial institutions, policy organizations, and regional businesses, serving as a vibrant platform for economic interaction between Africa and the Caribbean.

The groundbreaking event attracted notable regional and international figures, including Barbados Prime Minister Mia Amor Mottley and Grenada’s Prime Minister Dickon Mitchell. They highlighted the transformative potential of the AATC to reshape global trade by establishing direct channels for business and investment between the two regions. Prime minister Mottley reiterated her government’s support for the project, viewing it as an opportunity to generate jobs, draw foreign investment, and enhance regional economic prosperity. The Prime Minister also offered Afreximbank additional land to further ensure the initiative’s success.

This project is part of Afreximbank’s broader mission to strengthen commercial connections among Global South nations. The bank has pledged over USD 2.5 billion in credit lines to CARICOM to stimulate economic growth. In 2024, Barbados received a USD 25 million investment from Afreximbank for upgrading its Cricket World Cup sports complex, with additional projects totaling US$500 million currently in progress.

Afreximbank’s choice to establish the AATC in Barbados follows a 2018 directive to create trade facilitation hubs in key commercial areas across Africa and the Caribbean. This initiative seeks to integrate trade information, financing, and related services to enable smoother business interactions. Planned hub locations include Abuja (Nigeria), Harare (Zimbabwe), Kampala (Uganda), Cairo (Egypt), Abidjan (Côte d’Ivoire), Yaoundé (Cameroon), Kigali (Rwanda), Tunis (Tunisia), and now Bridgetown (Barbados), fostering connections among businesses, governments, chambers of commerce, and financial institutions.

Grenada’s Prime Minister Dickon Mitchell emphasized the significant economic advantages that Afreximbank’s involvement has already brought to the Caribbean. He pointed to the upcoming Afreximbank Trade and Investment Forum in Grenada on July 28-29, 2025, as an important venue for enhancing trade, investment, and business partnerships between Africa and the Caribbean.

Overall, this initiative reflects Afreximbank’s commitment to promoting trade-driven development, minimizing barriers to commerce, and reshaping the global economic landscape to support emerging economies. By establishing Barbados as a strategic hub, the AATC is poised to boost investment, facilitate business growth, and strengthen economic ties between Africa and the Caribbean.

With construction now underway, the Afreximbank African Trade Centre in Barbados symbolizes the deepening historical connections between Africa and the Caribbean, marking a new era of economic collaboration and embodying the resilience and aspirations of both regions as they pursue shared goals of sustainable development and prosperity.