Connect with us

Caribbean News

Afreximbank CARICOM office opened in Barbados

Published

on

Rashaed Esson

Staff Writer

 

#Barbados, August 14, 2023 – The African Export-Import Bank (Afreximbank), CARICOM office was officially opened in Bridgetown Barbaods cementing the Bank’s efforts to promote and develop trade between Africa and the Caribbean, in line with its diaspora strategy and the African Union’s designation of the African diaspora as Africa’s sixth region.

Benedict Oramah, president and chairman of the board of directors of Afreximbank, was speaking at the official opening event on August 4th, 2023 and he referred to this move as an aiding factor critical to facilitating operations of the bank in the Caribbean Community.

The office will make sure that Afreximbank’s products and initiatives are closer to the business community, as well as gaurantee faster  operations  to create fortified relations with the Governments in the region towards the pursuit of mutually identified priorities.

He also said, “With the launch of the CARICOM office, we  look forward to a smooth implementation” of trade and access to finance initiatives, “broader business origination across the CARICOM, and more impactful results from our partnership….We also look forward to Afreximbank subsidiaries [finding] homes in CARICOM, especially the Fund for Export Development in Africa (FEDA), PAPSS and AfrexInsure. Over time, CARICOM and African financial systems will become better integrated for the benefit of our people.”

Mia Mottley, Barbados prime minister also spoke at the event and she said, “This is not just a proud moment historically, but it is also a move that makes sense,” that will “benefit our regional private sector and our regional state-owned corporations who need access to a more empathetic, reasonable [bank] and one willing to take risks…that would allow our people to move and grow to the next level.”

Additonally, she pointed out that the establishment of the office is in line with promises made by the bank during the first AfriCaribbean Trade and Investment Forum held in Barbados in 2022.

Furthermore, Mottley highlighted the strong relationship between Africa and the Caribbean referring to the loyalty Africa has displayed towards the region. She referred to the assistance through the African Medical Supplies Platform during the COVID-19 pandemic. She expressed that Africa welcomed the Caribbean Community and facilitated access to equipment, therapeutics and vaccines, with the payment mechanism facilitated through Afreximbank.

The office wasn’t the only new development under Afreximbank. In December of 2022, Afreximbank approved a US$1.5-billion funding to allow member states of CARICOM that had ratified the Partnership Agreement with Afreximbank, to have access to the bank’s various financial instruments.

However, since July 11, 2023, 11 of the 15 CARICOM member states signed the partnership with Afreximbank, and now the financing will be put towards supporting critical economic sectors aimed at boosting the development of trade-enabling infrastructure, as well as improving trade and investments between Africa and the CARICOM member states, while supporting small and medium enterprises. Additionally, the bank also made a commitment to increase the credit limit to US$3 billion.

The bank will support the implementation of the Partnership Agreement between Afreximbank and CARICOM member states, aimed at expanding Africa-Caribbean trade and investment relations.

Caribbean News

Fighting the fungus foe of the beloved banana

Published

on

How Venezuelan farmers are learning to grow and live with a devastating plant disease

 

In the fields of Venezuela, where the banana has been for generations a symbol of sustenance and tradition, a shadow fell across the land. In 2023, Venezuela’s National Institute of Integral Agricultural Health (INSAI) declared a phytosanitary emergency: the fungus Fusarium Tropical Race 4 (TR4) (Fusarium oxysporum f. sp. cubense tropical race 4; syn. Fusarium odoratissimum) had arrived in producing areas in the states of Aragua, Carabobo and Cojedes.

This fungus, considered a devastating disease of banana and plantain (Musaceae) trees, can remain in the soil for more than two decades, threatening production and the lives of those who depend on it.

In the state of Aragua in the north of the country, the Renacer community had been growing bananas and plantains on 20 hectares since 2018. Then Fusarium arrived.

“When the disease hit, the entire plantation began to deteriorate. We refused to ‘die’ with the trees because that was our livelihood. The visits of INSAI confirmed that we had to chop down the banana trees. I cried a lot because I had worked with my banana trees for years,” recalls woman farmer, Lesbia Margarita García, with a broken voice.

In response, INSAI implemented measures to eliminate the affected plantations and improve the soil health by changing to other crops that allow agricultural production to recover. The Food and Agriculture Organization of the United Nations (FAO) offered assistance by providing corn seeds, tools, biosecurity inputs and training, with teams of experts helping farmers to start again.

“Planting corn, thanks to the INSAI-FAO programme, gave us a harvest that benefited everyone. We have been improving the soil,” says Lesbia Margarita with a smile. “Now we rotate crops, observe soil health and have learned how to use natural fertilizers. Expert assistance has been key.”

The pilot project works directly with affected producers in high-risk areas, promoting alternative crops such as cereals and vegetables, delivering inputs and tools to mitigate damage and applying biosecurity measures for safe and effective containment.

“Beyond the corn received, we have already planted cassava, chili peppers, beans and pumpkin. We hope that by the end of the year [2025] we will be diversified and that each season we will have something to sell. These lands do not give up,” says Lesbia Margarita with conviction.

The Renacer community is beginning to see fruits. Their products are reaching local markets, generating income and rebuilding their livelihoods.

Key actions to manage Fusarium TR4 are ongoing, including regular monitoring, continuous training, inter‑institutional coordination, updates to the national plan, information campaigns and producer impact assessments. INSAI is sustaining regulatory, surveillance measures and training —with FAO support—as part of a comprehensive long‑term strategy.

At the global level, FAO supports awareness raising, capacity building and international collaboration in the fight against Fusarium TR4 by facilitating the World Banana Forum and its Global Network on TR4.

“The objective is for countries to strengthen their operational and technical capacity, articulating actions between the public sector, the private sector and family farmers,” says Raixa Llauger, FAO Agriculture Officer in Mesoamerica. “FAO and local partners have promoted this approach in Venezuela.”

As an essential part of the activities, a comprehensive training programme was developed with activities that taught farmers how to identify the disease contain it and protect crops. In addition, FAO has distributed laboratory equipment, biosecurity tools and a multispectral drone to INSAI. Drones are an efficient and cost‑effective tool for phytosanitary surveillance, offering rapid, high‑resolution monitoring and early detection of plant pests and diseases.

Overall, the project strengthened biosecurity measures against the Fusarium fungus through the adoption of the National Action Plan and the establishment of partnerships with national and international institutions. In addition, the pilot initiative supporting smallholder farmers in key production areas and a nationwide awareness campaign with broad outreach improved surveillance, diagnosis and phytosanitary response capacities across the country.

Continue Reading

Caribbean News

Widow’s Testimony Recounts Night Haiti President Was Killed

Published

on

MIAMI, Florida — Emotional testimony from Martine Moïse, the widow of assassinated Haitian President Jovenel Moïse, has given jurors in a U.S. federal courtroom a chilling account of the night gunmen stormed the presidential residence and killed the country’s leader.

Martine Moïse took the stand this week in Miami as part of the ongoing trial of several men accused of helping plan and finance the July 7, 2021 assassination, a crime that plunged Haiti into political crisis and remains only partially solved.

She told the court that armed men forced their way into the president’s private home in the hills above Port-au-Prince during the early morning hours, firing multiple shots at her husband while she lay beside him. She testified that she was also wounded in the attack and survived by pretending to be dead until the gunmen left the room.

According to prosecutors, the plot involved a group of foreign mercenaries, including former Colombian soldiers, along with Haitian and Haitian-American suspects. Investigators say some of the men believed the mission was to detain the president, but the operation turned into an assassination.

The Miami trial is focusing on the alleged role of South Florida businessmen and others accused of organizing or financing the plan, part of a wider international investigation that has stretched across several countries.

More than four years after the killing, the question of who ultimately ordered the assassination remains unanswered, with suspects still in custody in both Haiti and the United States as the case continues to unfold.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

Caribbean News

Jamaica Joins Afreximbank Agreement, Strengthening Africa–Caribbean Partnership

Published

on

CARIBBEAN — Jamaica has become the 13th CARICOM member state to accede to the African Export-Import Bank Establishment Agreement, further strengthening economic ties between Africa and the Caribbean.

The development was confirmed during the 50th CARICOM Heads of Government Meeting, where an Afreximbank delegation led by George Elombi and Kanayo Awani met with Jamaica’s Prime Minister Andrew Holness to advance cooperation.

Prime Minister Holness thanked the bank for its support following Jamaica’s recent hurricane, noting that Afreximbank financing helped restore critical infrastructure including water, electricity, sewage systems and roads, while also assisting reconstruction efforts aimed at building stronger resilience to future disasters.

The meeting also focused on broader development opportunities tied to Jamaica’s membership in the agreement. Discussions included rebuilding and modernising infrastructure such as railways, hospitals and other public facilities, while strengthening regional transportation and trade networks to improve the movement of people and goods across the Caribbean.

Afreximbank has been expanding its presence in the Caribbean as part of its strategy to connect Africa with the region often referred to as “Global Africa.” The bank has already committed billions of dollars in financing and trade support to Caribbean economies in recent years, including funding for infrastructure, trade facilitation and private sector investment.

By joining the agreement, Jamaica gains expanded access to Afreximbank’s financial instruments, technical support and trade networks designed to promote commerce between Africa and CARICOM states.

Regional leaders say the growing partnership could unlock new opportunities in areas such as trade, logistics, tourism, manufacturing and cultural exchange, strengthening economic cooperation between the two regions with deep historical and diaspora ties.

Angle by Deandrea Hamilton. Built with ChatGPT (AI). Magnetic Media — CAPTURING LIFE.

Continue Reading

FIND US ON FACEBOOK

TRENDING