Bridgetown, Barbados, November 25th (PMO) The Export-Import Bank of the United States (EXIM) has signed a Memorandum of Understanding (MOU) with the Government of St. Kitts and Nevis, unlocking up to $300 million in financing to support critical projects that will drive long-term economic growth and sustainability in the Federation.
The agreement, signed on November 25, 2024, is a significant step toward enhancing the strategic partnership between the U.S. and St. Kitts and Nevis, particularly in sectors such as renewable energy, cybersecurity, infrastructure, and critical minerals. EXIM President and Chair, Reta Jo Lewis, and Hon. Dr. Terrance Michael Drew, Prime Minister of St. Kitts and Nevis, formalized the agreement in a ceremony hosted by U.S. Ambassador to Barbados and the Eastern Caribbean, Roger Nyhus, at the U.S. Embassy in Bridgetown, Barbados.
This collaboration will focus on identifying and financing high-impact projects that benefit from U.S. exports of goods and services, providing critical support for the Federation’s Sustainable Island State Agenda. The MOU highlights several priority sectors, including climate resilience, energy security, technology and digital connectivity, and social development. These areas align with St. Kitts and Nevis’ goals to modernize infrastructure, enhance technological capabilities, and strengthen its resilience to climate change. EXIM’s financing, available through medium- and long-term guarantees and direct loans, aims to provide the necessary funding to support these ambitious projects.
EXIM’s President Lewis, in highlighting the agreement’s importance, stated, “This MOU is a symbol of the United States’ deepening commitment to St. Kitts and Nevis and the broader Eastern Caribbean region. By working together, we can help create new business opportunities and support sustainable development, ultimately benefiting both nations and fostering regional growth. EXIM is proud to play a role in advancing this partnership and facilitating U.S. exports to the region.”
Prime Minister Dr. Terrance Drew also expressed his satisfaction with the partnership, emphasizing that the agreement represents a major milestone in the country’s efforts to modernize and diversify its economy. “This partnership will be instrumental in advancing our key strategic sectors, including renewable energy and infrastructure. It supports our efforts to build a sustainable and resilient economy that meets the needs of our people while positioning St. Kitts and Nevis as a leader in the Caribbean’s green transition,” said Prime Minister Drew.
The MOU marks a major expansion of the longstanding relationship between EXIM and St. Kitts and Nevis, which has already seen over $23 million in transactions since 1991. This new agreement lays the foundation for future collaboration, not only strengthening economic ties but also creating jobs and promoting growth in both the U.S. and the Caribbean.
With the agreement set to remain in effect until November 2026, the partnership between EXIM and the Government of St. Kitts and Nevis is expected to bring lasting benefits for the country’s infrastructure development, environmental sustainability, and economic diversification. By leveraging U.S. exports and financing, this collaboration is poised to enhance the quality of life for citizens while supporting broader regional development goals.
About EXIM – The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States.
–End–
Discover more from SKN PULSE
Subscribe to get the latest posts sent to your email.
