Afreximbank Targets Jamaican MSMEs, Tourism and Trade With Caribbean Financing Push

The African Export-Import Bank says it is deepening its work in Jamaica as part of a wider Caribbean strategy aimed at financing business growth, export activity and stronger commercial links with Africa. Eric Inong, group managing director for client relations and regional operations at Afreximbank, said the bank is inviting local MSME operators to a road show at the AC Hotel to learn more about available support.

Inong said Afreximbank was established on May 8, 1993, after debt crises affected Latin America and African states, with a mandate to promote, finance and facilitate trade within Africa and between Africa and other regions. He said the African Union’s 2003 decision to recognise the Caribbean and wider diaspora as Africa’s sixth region helped shape the bank’s move into the region.

The bank, headquartered in Cairo, Egypt, now operates a Caribbean regional office in Bridgetown, Barbados. Inong said Jamaica signed Afreximbank’s establishment agreement in July last year and is moving toward ratification, a step he said would strengthen the bank’s ability to operate locally with preferred creditor status.

Afreximbank is targeting sectors that contribute significantly to economic output, including tourism, financial services, mining, manufacturing and creative industries. In tourism, Inong said the bank can support hotel and infrastructure projects through instruments such as standby letters of credit during construction, followed by longer-term refinancing once projects are completed.

He said MSMEs remain central to the bank’s plans because they account for a large share of employment across member countries. Smaller firms that cannot borrow directly from Afreximbank may still access support through local commercial banks, using on-lending structures backed by the institution’s liquidity.

Inong also said the bank can offer guarantees, market intelligence, advisory services, capital market support, trade payment solutions and training in areas such as bookkeeping and financial reporting. He said Jamaican businesses interested in entering African markets could benefit from guarantees and trade infrastructure, including payment systems designed to support settlement in local currencies.