1st National Bank of Saint Lucia has welcomed the decision by Saint Lucia and other CARICOM nations to engage with Africa’s biggest development bank, saying it will widen possibilities for greater development cooperation between the Caribbean and Africa’s largest multilateral development bank.
1st National Bank’s Managing Director Fletcher St. Jean’s comments came following Prime Minister Philip J. Pierre’s attendance at the official office launching ceremony for the newly-established CARICOM Office of the Africa Export-Import Bank [Afrexim Bank] in Bridgetown, Barbados on August 4, 2023.
Prime Minister Pierre joined Barbados Prime Minister Mia Mottley and St. Vincent & The Grenadines’ Prime Minister Dr Ralph Gonsalves at the Barbados launch, which, MD St. Jean says, “has clearly opened the way for Saint Lucia and the Caribbean to start doing positive banking business with Africa as the region reconnects with the continent.”
According to the Managing Director, “The challenges are great but the possibilities are many as the Africa Export-Import Bank has opened doors to more strategic alliances with Caribbean banks…”
Saint Lucia is a signatory of the Partnership Agreement between the Afrexim Bank and nine other CARICOM Member States and the continental bank has approved a US $1.5 billion (EC $4.06 billion) Line of Credit for the ten eligible CARICOM Member-States.
The approved Line of Credi is to support development of trade-enabling infrastructure, boost the local Small and Medium Enterprises [SME’s] sector and facilitate trade and investments between Africa and the CARICOM member-states.
The Prime Minister’s Office has said establishment of the CARICOM Office of the Afrexim Bank “will advance Saint Lucia’s pursuit of South-South Cooperation by exploring new avenues for knowledge-sharing, technical cooperation, trade and developmental support with our non-traditional hemispheric partners.”
MD St. Jean says, “Saint Lucia’s SMEs will stand to benefit, businesses will be able to open new areas of trade and Africa and the Caribbean can start new levels of development financing for new import-export businesses that will also develop new balances of trade between the continent and the Caribbean.”
Prime Minister Pierre’s attendance at the official launch followed his first bilateral engagement with President of the Afrexim Bank, Professor Benedict Oramah earlier this year.
The PM’s Office says the February exchange “afforded the Cabinet of Ministers and senior government officials an opportunity to interface with Professor Oramah and the members of his senior leadership team, with a view to exploring opportunities to secure trade and development financing agreements” with the Afrexim Bank.