The Government of The Bahamas has signed a memorandum of understanding with the African Export Import Bank. The signing event was held at the Office of the Prime Minister. The partnership paves the way for funding to become available for investment in the country.

Prime Minister, the Hon. Philip Davis said, “…it will fill the gap in the region for private sector businesses seeking international funding which is presently not readily available to through the Caribbean Development Bank. This partnership holds much promise. It provides for the promotion and financing of south-south trade between African countries and Caribbean member states. Provision is also made for financing exports and imports of non traditional African goods and services, provision of insurance and guaranteeing service coverage for commercial and non commercial risk associated with African exports and imports.”

Also on hand was the Head of Trade and Corporate Finance, Ayman El Zoghby, who said that the bank is starting immediately on representation in the Caribbean and that the bank has started the Africa-Caribbean Trade and Investments Promotion Program with $250 million funding that is also being launched immediately.