Barbados breaks ground on $180M Afreximbank Trade Hub

The Afreximbank African Trade Centre, to be erected on prime land at Jemmotts Lane, St. Michael, will be constructed to the tune of US$180 million, according to President of the African Export-Import Bank, Professor Benedict Oramah.

Speaking during the groundbreaking ceremony on Monday, Oramah said the project is expected to create approximately 1,000 jobs during construction and 300 permanent jobs once operational. Nearly 50 local small and medium-sized businesses are also expected to benefit as subcontractors and suppliers.

The development will include two 12-storey towers housing the bank’s Caribbean headquarters, a hotel, office space, conference and exhibition facilities, and a digital trade platform linking Africa, the Caribbean, and the wider world.

Officials, including Prime Minister Mia Amor Mottley, have welcomed the investment, calling the centre a strategic move to position Barbados as a hub for trade and economic collaboration between Africa and the Caribbean.

Construction is expected to be completed in 30 months. It will be the first Africa Trade Centre established by Afreximbank outside of the African continent. (SM)