Antigua and Barbuda is giving consideration to accessing concessionary financing for several projects from the Africa Export-Import Bank (AEIB).
Prime Minister Gaston Browne made the disclosure on Monday following a meeting which involved his cabinet, a delegation from AEIB and representatives of the OECS Secretariat and the Eastern Caribbean Central Bank (ECCB).
The AEIB delegation attended the just concluded CARICOM Heads of Government meeting in the Bahamas where they welcomed Caribbean countries to become members of the bank which would give them access to the concessionary financing it offers.
AEIB has reportedly earmarked as much as US$1.5 billion for projects in the Caribbean should nations in the region take up the offer.
The AEIB delegation visited St. Kitts and Nevis before travelling to St. John’s.
“While all of CARICOM is eager to be a part of this arrangement, the OECS Secretariat and the ECCB have a special interest in ensuring that the sub-region can have access to new capital. The OECS states are therefore doing their best to ensure that these smaller Caribbean territories succeed in drawing down the new capital as soon as possible,” Chief of Staff in the Office of the Prime Minister, Ambassador Lionel “Max” Hurst reported.
Ambassador Hurst said PM Browne is keen on accessing the financial resources being offered by the AEIB as there are several capital projects his administration wishes to advance that are in need of financing at concessionary rates.
Hurst explained that in addition to funding, AEIB is also hoping to give the region access to the expertise available on the African continent to support development.
The ambassador said it is not uncommon for large financial institutions to provide this level of support as this occurred here in Antigua and Barbuda through the Americans who built the Deep Water Harbour in the 1960s and the Chinese who built both the new terminal at the V. C. Bird International Airport and the expanded St. John’s Harbour.
Hurst disabused the misconception that Africa is a poor continent populated by indigent people. Rather, he noted that the continent is wealthy and abundant in natural resources and the raw materials necessary for development.
The OECS delegation included Secretary General, Dr. Didicus Jules and legal consultant former President of the Caribbean Court of Justice, Sir Dennis Byron.
