HISTORIC SIGNING OF PROJECT PREPARATION FACILITY WITH AFREXIMBANK AND THE GOVERNMENT OF THE BAHAMAS FOR THE DEVELOPMENT OF AFRO-CARIBBEAN MARKETPLACE AND LOGISTICS CENTER ON GRAND BAHAMA ISLAND

Grand Bahama Island, June 13, 2024 – A landmark agreement was signed today at the 31st Afreximbank Annual Meeting and AfriCaribbean Trade and Investment Forum 2024, marking a significant step towards the development of the Afro-Caribbean Marketplace and Logistics Center on Grand Bahama Island. The signing of the Project Preparation Facility between Afreximbank and the Government of The Bahamas heralds a new era of economic growth and cultural exchange for the region..

The 1.86 million dollar agreement was signed by Reginald Saunders, Acting Permanent Secretary in the Ministry for Grand Bahama, and Kanayo Awani, Executive Vice President of Afreximbank. The momentous occasion was witnessed by Prime Minister Hon. Philip Davis, K.C., M.P., Afreximbank President Prof. Benedict Oramah, and Minister for Grand Bahama, Hon. Ginger M. Moxey, M.P. Also standing with them were Deputy Prime Minister Hon. I. Chester Cooper, M.P., Minister of Economic Affairs Hon. Michael Halkitis, M.P., and Parliamentary Secretary in the Ministry for Grand Bahama Kingsley Smith, M.P.

Minister for Grand Bahama, Hon. Ginger M. Moxey, M.P., expressed her excitement about the transformative potential of this project. "Today, we are not just signing an agreement; we are opening a new chapter of opportunities for Grand Bahama Island. The Afro-Caribbean Marketplace and Logistics Center will serve as a magnificent hub for tourism, commerce, and trade between African Countries, The Bahamas and the Caribbean. This project will boost economic growth, empower our entrepreneurs, and strengthen the cultural ties that unite us," said Minister Moxey.

The Afro-Caribbean Marketplace and Logistics Center aims to create a vibrant trading hub, featuring exhibition pavilions that will host African countries and The Bahamas, showcasing artifacts, wares, food, and culture. This initiative will facilitate the seamless flow of goods and services, creating linkages across continents and fostering mutual exchanges in areas of culture, education, and investment.

Prime Minister Philip Davis highlighted the strategic importance of this development, stating, "This agreement is a testament to our commitment to fostering strong economic and cultural partnerships. The Afro-Caribbean Marketplace and Logistics Center will position Grand Bahama as a beacon of international trade, creating a dynamic environment for growth and collaboration."

The signing of the Project Preparation Facility marks the beginning of a significant journey towards realizing the vision of an interconnected and prosperous Afro-Caribbean trading network. Grand Bahama Island is poised to become a leading center for economic and cultural exchange, driving innovation and sustainability in the region.