Basseterre, St. Kitts and Nevis, February 17, 2023 [Press Secretary’s Office]: Saint Kitts and Nevis is the first member of the Caribbean Community (CARICOM) to sign an agreement with African Export-Import Bank (AFREXIMBANK).
The Prime Minister of Saint Kitts and Nevis, Hon. Dr. Terrance Drew met Professor Benedict Oramah, President of Afreximbank today (February 17, 2023) to sign the memorandum of understanding (MOU), after holding bilateral meetings with various representatives from the organization and other investors at the Forty-Fourth (44th) Meeting of the Conference of the CARICOM Heads of Government.
The agreement entailed collaboration on initiatives to implement strategic projects in renewable energy such as a solar power plant, grid connectivity between Saint Kitts and Nevis in line with the nation’s shared commitment to the development of geothermal energy, and smart metering among other energy-related initiatives.
Present at the signing ceremony were Mr. Ayman Elzoghby, Head of Intra-African Trade and Corporate Finance; Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade; Ms. Christine Beblawy, Regional Commercial Director – Africa, Elsewedy Electric; Mr. Moataz Samy, Corporate Treasury Manager, Elsewedy Electric; Mr. Temwa Gondwe, Senior Manager, Intra-African Trade Bank; and Mr. Vitalis Ekene Uzor, Special Assistant to the President of Afreximbank, along with the delegation led by Prime Minister of Saint Kitts and Nevis, Hon. Dr. Terrance Drew.
Prime Minister Drew at the signing ceremony expressed his satisfaction in reaching an agreement and outlined that “It is quite coincidental that the first trip as Prime Minister of Saint Kitts and Nevis was to Barbados where we met and the first signing that I did in any agreement was also with Afreximbank. Today I am pleased that we reached the point of signing this agreement. This is in fact our second MOU, but this is in relation to solar and geothermal energy. This will be groundbreaking. It will be historic for our nation. There are lots of possibilities and that is why today’s signing is so critical.”
In November 2022 Saint Kitts and Nevis’ Cabinet of Ministers welcomed members of the Afreximbank on their first official visit to the nation, following the successful Afro-Caribbean Trade and Investment Forum held in Barbados in September 2022.
In 2016, Afreximbank conceptualized its Intra-African Trade Strategy to support continental efforts at increasing the level of intra-regional trade. The Bank also established the Intra-African Trade Initiative as a specialized division to support the implementation of the strategy as well as the African Continental Free Trade Agreement (AfCFTA).
Afreximbank is working to introduce CARICOM investors and financial institutions to opportunities in all sectors across Africa as part of its twinning initiatives and investment promotion activities. At the same time, it is exposing African investors to investment opportunities in key sectors identified in CARICOM countries.
The Caribbean Community (CARICOM) represents one of the largest African Diaspora regions.
A delegation from Afreximbank will be returning to Saint Kitts and Nevis on Monday 20th February 2023, to further discussions with the Government of Saint Kitts and Nevis on the proposed initiatives.
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