Prime Minister Browne Seeks Afreximbank Funding for Public and Private Sector Projects in Antigua and Barbuda

Prime Minister Gaston Browne has signalled the Government’s intention to pursue financing from the African Export-Import Bank (Afreximbank), with plans to present viable public and private sector projects for consideration.

During bilateral talks with a senior Afreximbank delegation on Thursday, Browne said Antigua and Barbuda wanted to turn its existing partnership agreement with the institution into tangible development benefits.

Although the country was among the first to sign such an agreement with the bank, he noted that the Government had not yet accessed financing under the arrangement.

The discussions followed the Commonwealth Heads of Government Meeting (CHOGM), which Antigua and Barbuda hosted earlier in the week. Browne pointed to projects presented at an investment forum during the summit as potential opportunities for further engagement with the bank.

He also stressed the importance of competitive interest rates, arguing that more favourable terms would make financing more accessible and encourage greater use of the institution’s facilities.

The Afreximbank delegation outlined several options beyond conventional lending, including concessional financing, equity investment and assistance to prepare projects for funding.

According to the delegation, the bank’s shareholders had approved a concessional financing window that had received US$250 million at the time of the meeting. The facility is intended to blend financing sources and lower the overall cost of funding for eligible projects.

The bank was recruiting staff and seeking additional contributions to support the facility’s operations, the delegation said.

Officials also highlighted the Fund for Export Development in Africa (FEDA), which provides patient equity capital for development-oriented investments. Separately, the bank’s project preparation facility helps develop proposals, address risks and move projects from initial concepts towards readiness for financing.

Infrastructure and the creative industries were among the areas discussed. The delegation outlined support for seaports, airports and industrial parks, alongside opportunities in film, fashion and gastronomy, particularly for young people.

Afreximbank representatives said the institution also works with other development finance organisations to structure major investments and mobilise funding in ways that can ease the fiscal burden on governments.

Browne welcomed the range of financing options and reiterated the Government’s intention to identify suitable projects for the bank’s consideration.

The Prime Minister also linked the discussions to the Commonwealth’s ambition to increase trade among member countries to approximately US$2 trillion by 2030. He said stronger commercial ties between Africa and the Caribbean would create further opportunities for investment and cooperation.

Both sides expressed a commitment to advancing the relationship, with a focus on trade, investment, infrastructure and other development priorities.