JAMAICA Becomes 13th CARICOM Nation to Join Afreximbank's US$3 Billion Regional Initiative

MONTEGO BAY, JULY 8, 2025 - In the elegant setting of Half Moon, Rose Hall, as Prime Minister Andrew Holness and Afreximbank President Benedict Oramah witnessed the memorandum of understanding that officially makes Jamaica the 13th CARICOM member state to join this groundbreaking partnership, they were writing the first chapter of what promises to be an extraordinary success story.

The numbers tell an inspiring tale: Jamaica's accession unlocks an additional US$1.5 billion in financing support, bringing Afreximbank's total commitment to the Caribbean region to a remarkable US$3 billion.

But beyond the impressive financial figures lies something far more transformative—a vision of shared prosperity rooted in innovation, technological sovereignty, and the unbreakable bonds between peoples of African descent.

A Digital Renaissance Takes Root

The timing of Jamaica's partnership with Afreximbank couldn't be more perfect. Just weeks ago, the African Export-Import Bank announced its sponsorship of groundbreaking pilot Artificial Intelligence (AI) hubs designed to transform Africa and the Caribbean into competitive forces in the global technology landscape.

The initiative, coordinated by the P.J. Patterson Institute for Africa-Caribbean Public Advocacy, has already launched at the University of the West Indies, Mona Campus, with plans to develop advanced AI ecosystems across both regions.

"The goal is to spearhead the development of generative artificial intelligence industries in these regions into localised, knowledge-intensive and value- and wealth-creating globally competitive industries," declared former Prime Minister P.J. Patterson, whose vision for Africa-Caribbean cooperation has found its perfect institutional partner in Afreximbank.

This isn't merely about catching up with global technological trends—it's about leapfrogging into leadership. The ambitious plan includes development of AI-enabled industries, training centres, semiconductor fabrication facilities, and robust data infrastructure.

The strategy leverages Africa's mineral resources alongside the Caribbean's strategic logistics advantages to create a powerful economic alliance.

From Vision to Reality: A Track Record of Success

Jamaica joins a partnership that has already demonstrated remarkable results. The 2024 edition of the AfriCaribbean Trade and Investment Forum (ACTIF) was a resounding success, resulting in over 15 deals and Memoranda of Understanding signed valued at over US$4 billion.

This isn't aspirational rhetoric—it's proven performance delivering tangible economic benefits.

Afreximbank delivered exceptional 2024 financial performance despite a complex global economic landscape, posting a net income of US$973.5 million for FY 2024, a 29% increase from the previous year.

The institution backing Jamaica's development ambitions is itself a financial powerhouse with total assets and contingencies standing at over US$40.1 billion.

Breaking New Ground: Infrastructure for the Future

The partnership extends far beyond traditional financing. Afreximbank has broken ground on a historic state-of-the-art African Trade Centre (AATC) in Barbados, the first outside Africa.

This marks a significant step in Barbados and CARICOM's journey towards economic advancement and regional integration. This physical infrastructure will serve as a hub for the kind of transformative economic activity that Jamaica can now access.

The technological infrastructure being developed is equally impressive. The Pan-African Payment and Settlement System (PAPSS) recorded significant progress, with three new central banks and 50 commercial banks joining the platform in 2024, bringing the total number of participating central banks to 16 and commercial banks to 144.

Jamaica's businesses will soon benefit from this revolutionary payment system that reduces transaction costs and eliminates dependence on foreign currencies for regional trade.

A Movement, Not Just a Moment

At the 32nd Afreximbank Annual Meetings, P.J. Patterson delivered a clarion call for immediate deepening of Africa-Caribbean ties: "As one people divided only by geography of the Atlantic Ocean, our collective interests are bound by our common challenges and aspirations.

This is a time when we must move beyond resilience in the face of adversity to actively set our own goals: striving together to prosper together!"

This sentiment captures the essence of what makes Jamaica's accession so significant. It's not merely about accessing capital—it's about joining a movement toward economic self-determination.

"This represents a strategic leap toward digital sovereignty and economic emancipation for peoples of African descent," said former Nigerian President Chief Olusegun Obasanjo. "Africa and the Caribbean must no longer be consumers at the mercy of global innovation — they must become co-creators."

The Entrepreneurial Engine

Young Jamaican entrepreneurs should be particularly excited about this partnership. Afreximbank's flagship accelerator programme launched in April 2025 offers up to $250,000 in equity investment for African entrepreneurs developing innovative trade solutions.

Jamaican innovators now have access to this funding pipeline, along with the bank's expanding network of technology incubators and innovation hubs.

The AI initiative exemplifies this forward-thinking approach. By anchoring innovation in local talent and cross-border partnerships, the project promises a replicable model for inclusive technological development across over 1.5 billion people in the two regions.

A New Chapter in South-South Cooperation

Jamaica's partnership with Afreximbank represents the best of South-South cooperation—developing nations working together to create solutions that don't depend on traditional Western financial institutions or development models.

The International Trade Centre estimates that AfriCaribbean trade could reach USD$1.8 billion by 2028, representing enormous growth potential that Jamaica is now positioned to capture.

The partnership addresses Jamaica's most pressing development needs while positioning the country as a bridge between Africa and the Americas.

Through access to Afreximbank's trade finance instruments, Jamaican businesses can expand into African markets, while African companies can use Jamaica as a gateway to the Caribbean and broader Americas region.

Building Tomorrow, Today

As Jamaica embarks on this partnership, the country joins an initiative that's about far more than financial support—it's about reimagining what's possible when peoples of African descent unite around shared vision and mutual prosperity.

The AI hubs, payment systems, trade centres, and innovation accelerators represent the building blocks of a new economic reality where Jamaica and its Caribbean neighbors become creators and exporters of high-value technology solutions rather than mere consumers of others' innovations.

As P.J. Patterson emphasized: "We who belong to global Africa must spur our own AI development and digital transformation for our own growth and shared prosperity."

Jamaica's accession to Afreximbank isn't just strengthening the Global Africa vision—it's actively building the infrastructure for digital sovereignty and economic transformation that will benefit generations to come.

This is Jamaica's moment to lead, innovate, and prosper alongside its African brothers and sisters. The future is being written today, and Jamaica has secured its place as a co-author of that extraordinary story.

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