On a site in Barbados steeped in historical significance, Afreximbank has broken ground for a US$180 million trade centre which will become its ‘home’ in the region.
The groundbreaking for the ‘Afreximbank African Trade Centre (AATC)’ took place on Monday at Jemmotts Lane, St Michael in Barbados, at the former Ministry of Health headquarters—the location of the first hospital built for emancipated slaves in 1844.
The ceremony brought together key regional leaders, including Afreximbank’s President and Chairman Benedict Oramah, Barbadian Prime Minister Mia Mottley, Grenadian Prime Minister Dickon Mitchell, and CARICOM Secretary General Carla Barnett.
Mottley articulated the symbolism of the occasion, declaring, “My government stands proud here today to be able to bring into the pantheon of financial institutions in this country, Afreximbank, not simply as an entity that is leasing a building from somebody for an office, but as an institution ready to lay roots and foundations in this country – the first AATC outside of Africa, just like Barbados was the first hub (for slaves) outside of the continent of Africa, and in so doing, we send the signal that we intend to be able to reclaim our Atlantic Destiny.”
In addition to the groundbreaking, the land license was also handed over. The land for the project is being given to the bank at no cost, a move that was generated public criticism.
Mottley responded saying, “There can be no better use for this site to ensure that in the same way people came to tend to sick bodies in 1844, we come today to tend to those who need prosperity in the Americas.”
The Prime Minister also shared the broader vision of cooperation, stating, “In today’s world without our relationships with Africa, we will not achieve much. We have a responsibility, therefore, to ensure that the citizens of the region see this as their ground and the place from which they can garner opportunities for themselves and for their families through the building up of relationships that might otherwise be out of their reach.”
Afreximbank President Benedict Oramah spoke about the deeper meaning of the project. “For the first time in Africa’s relationship with its Diaspora, we are matching our words with concrete action,” he stated.
He said that the centre’s vision is to become the definitive gateway for Africa-Caribbean trade and investments, creating opportunities for businesses on both continents.
Oramah referenced the painful history of the “Triangular Trade,” noting that Africans torn from their homeland have long yearned to reconnect with their roots.
“The deep roots we are establishing here send notice to the world that we are here to stay, in good and bad times, and that never again will Africa and CARICOM succumb to the strategy of ‘divide-and-conquer’ of slavery and colonialism,” he declared.
The centre is expected to preserve historical elements, with plans to incorporate original stone blocks to maintain “an ancestral link to those who would have wished to have been here to live as we live as free persons with the opportunity for prosperity,” as Mottley noted.
The complex will be a business and cultural hub, featuring a CARICOM office, conference facilities, a technology and SME incubator, a Digital Trade Gateway, a 100-room hotel, a trade and exhibition centre, and office spaces for local, regional, and international financial and policy organizations.
Construction is projected to take approximately 30 months and is expected to generate around 1,000 direct and indirect jobs during the building phase, with an additional 50 SMEs benefiting from subcontracting opportunities.
Upon completion, the facility is expected to create hundreds of permanent jobs.
As of March 2025, 12 of the 15 CARICOM member states have joined the Afreximbank partnership, with 9 completing full ratification.
