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SKN is First CARICOM nation to sign agreement with Afreximbank

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The Federation of St. Kitts and Nevis is the first member of the Caribbean Community (CARICOM) to sign an agreement with African Export-Import Bank (AFREXIMBANK).




African Export–Import Bank is a pan-African multilateral trade finance institution created in 1993, under the auspices of the African Development Bank, headquartered in Cairo, Egypt.




SKN’s Prime Minister, Dr. Terrance Drew, met with President of Afreximbank, Professor Benedict Oramah, on Friday, February 17th to sign the Memorandum of Understanding (MOU), after holding bilateral meetings with various representatives from the organization and other investors at the Forty-Fourth (44th) Meeting of the Conference of the CARICOM Heads of Government.




The agreement involved a number of initiatives to implement strategic projects in renewable energy such as: a Solar Power Plant, Grid Connectivity between Saint Kitts and Nevis in line with the nation’s shared commitment to the development of Geothermal Energy and smart metering among other energy-related initiatives.




St. Kitts-Nevis is among nine (9) CARICOM countries that will benefit from US$1.5 billion funding from Afreximbank, as its Board of Directors approved the funds to enable member states of the Caribbean Community in 2022 that have ratified the Partnership Agreement with Afreximbank to tap into the Bank’s various financial opportunities.