Photos: Afreximbank\YouTube\Wikimedia Commons
African finance leaders are forging closer economic ties with Caribbean countries to bolster trade between the two regions that is projected to be worth nearly $2 billion annually in the coming years.
The African Export-Import Bank (Afreximbank) last month announced a $1 billion “oil service” financing agreement with Guyana, which would pave the way for partnerships between Guyanese businesses and oil companies from Africa. The South American country, which is culturally part of the Caribbean, is projected to produce 1.7 million barrels per day by 2035, which would make it the world’s fourth-largest offshore oil producer.
Afreximbank President Benedict Oramah, announcing the plan, said companies from Ghana, Egypt, and South Africa, are “ready and willing” to support Guyana’s fast-growing oil industry. And, in January, ministers from Benin and the Caribbean regional bloc’s met in the West African country for talks on trade and investment. Dominica’s foreign minister told Semafor at the event that his country hoped to partner with Benin on the blue economy, referring to the sustainable use of ocean resources, and developing financial technology.
| Read on for more about the developing economic relationship. → |
