The proposed Export-Import (Exim) Bank of Barbados is to be established within a year, Prime Minister Mia Mottley has announced.
And although not giving details, she said it will complement a “restructured” Enterprise Growth Fund Limited (EGFL).
“We hope to establish an Exim Bank of Barbados in response to the export needs and capacity building of our business community. The Exim Bank of Barbados will be established by the end of this fiscal year to deliver a suite of trade financing and insurance solutions,” said Mottley, as she delivered her 2023 Budget on Tuesday.
It was during the inaugural AfriCaribbean Trade and Investment Forum (ACTIF 2022) in September last year that plans for an Exim Bank of Barbados were announced.
At that time, Export Barbados (BIDC) signed a memorandum of understanding with the Africa Export-Import (Afrexim) Bank to facilitate the establishment of the financial institution.
“This export credit agency will facilitate further growth of our export sector by providing critical access to finance and risk management,” Mottley said during her Budget presentation.
She further disclosed that the EGFL will be overhauled to better serve the small and medium enterprises (SME) sector.
The EGFL, a private/public sector financial institution set up in 1998, provides technical assistance and risk capital for the expansion of SMEs in the productive sectors.
It generated a surplus of $1.24 million for the financial year ending March 2022, according to its financial report. Disbursements from the EGFL and funds under management during the year totalled $60.27 million.
(MM)
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