The Bahamas signs landmark deal with Afreximbank for trade and logistics hub

The African Export-Import Bank (Afreximbank) has signed an agreement with the Government of the Commonwealth of The Bahamas to develop an Afro-Caribbean marketplace and logistics center on Grand Bahama Island. This project, located on the former grounds of the International Bazaar and Royal Oasis Tower and Casino, aims to feature 90 outlets selling authentic products from over 54 African countries, 20 Caribbean states, and 16 Bahamian islands. Additionally, a transshipment hub will be established to transform Grand Bahama into a significant trade and cultural hub.

The agreement represents a significant milestone for The Bahamas, with Prime Minister and Minister of Finance Philip Edward Davis emphasising the project’s role in fostering economic and cultural partnerships. Davis stated, “The Afro-Caribbean Marketplace and Logistics Center will position Grand Bahama as a beacon of international trade, creating a dynamic environment for growth and collaboration.”

The project is anticipated to create jobs, enhance The Bahamas’ strategic position in global maritime networks, and strengthen ties between African and Caribbean nations. It will also support the growth of small and medium-sized enterprises (SMEs) and promote cultural exchange. Afreximbank has provided a USD 1.86 million project preparation facility to fund essential pre-development activities, paving the way for further investments estimated at USD 50 million.

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank Group, highlighted the strategic importance of the investment. “It allows us to realise our vision of positioning the Caribbean as the transshipment hub for Africa’s trade with the Americas,” Oramah said.

Ginger Moxey, Minister for Grand Bahama, echoed these sentiments, noting the project’s potential to boost the local economy and strengthen ties with the African continent. “Grand Bahama is a resilient island and is poised to become a beacon of economic and cultural exchange,” Moxey said.

The signing of the Project Preparation Facility with Afreximbank marks a transformative step for Grand Bahama Island, signaling a commitment to creating a vibrant hub for trade, culture, and innovation.