CARIBBEAN: Africa deepens economic ties with Caribbean

African finance leaders are forging closer economic ties with Caribbean countries to bolster trade between the two regions, which 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 African countries. The South American country, which is culturally part of the Caribbean, is a founding member of the Caribbean Community (CARICOM) bloc of nations.

Afreximbank President Benedict Oramah, announcing the plan during a meeting in Guyana, said companies from Ghana, Egypt, and South Africa, are “ready and willing” to support Guyana’s fast-growing oil industry, adding that “Afreximbank is there to underwrite the marriage.” The nation is projected to produce 1.7 million barrels per day by 2035, which would make it the world’s fourth-largest offshore oil producer.

In January, ministers from Benin and CARICOM met in the West African country for the first time for talks on trade and investment. Speaking on the sidelines of the event in the port city of Cotonou, Dominica’s foreign affairs minister, Vince Henderson, told Semafor his country was keen on partnering with Benin on the sustainable use of ocean resources.

“The blue economy is very critical for us,” he said. “Being on the Atlantic with Benin makes it only sensible for us to work on our cultural exchanges that will translate to economic benefit for our people.”

Henderson also said Benin and Dominica have waived visa requirements to ensure ease of movement between the countries, adding that his country would partner with Benin as part of the Caribbean island’s plans to develop financial technology systems.