The nation, which is made up of bigger than 700 islands and cays, depends heavily on tourism and inter-island commerce
Bridgetown, Barbados | THE INDEPENDENT | Africa’s multilateral lender, African Export-Import Bank, has accredited a $100million financing facility to enhance the rehabilitation and development of bigger than 200 miles of roads across The Bahamas, in a switch geared toward strengthening the nation’s transport infrastructure and boosting financial process.
The funding has been extended to Bahamas Striping Neighborhood of Firms Ltd (BSGC), a local infrastructure firm, under a receivables discounting map tied to authorities-accredited motorway contracts. The agreement became as soon as formalised under a broader framework deal signed with the Authorities of The Bahamas on the sidelines of the forty eighth Convention of Heads of Authorities of the Caribbean Community (Caricom), held in Bridgetown, Barbados, in 2025.
Below the map, Afreximbank will provide advance financing towards certified works completed by BSGC. These consist of asphalt paving, motorway striping, security upgrades and routine upkeep across just a few islands within the archipelago.
The Bahamas, which is made up of bigger than 700 islands and cays, depends heavily on tourism and inter-island commerce. Avenue networks play a key purpose in connecting airports, ports, hotels and residential communities. Officers exclaim modernising this infrastructure is a must-beget to bettering security and affirming the nation’s competitiveness as a regional tourism and substitute hub.
Okechukwu Ihejirika, Acting Chief Operating Officer of Afreximbank’s Caricom spot of job, talked about the capability reflects the financial institution’s dedication to supporting infrastructure projects in what it describes because the “Global Africa” partnership — an initiative geared toward strengthening financial ties between Africa and the Caribbean.
“This facility represents an revolutionary capability to structured finance in unsafe-regional partnerships,” Ihejirika talked about. “By enabling these intensive motorway rehabilitation works, we’re contributing to sustainable pattern and enhanced financial alternatives.”
He added that the transaction builds on discussions held all over the financial institution’s 2024 Annual Conferences and the AfriCaribbean Trade and Investment Discussion board in Nassau, where deeper cooperation between African and Caribbean economies became as soon as encouraged.
Receivables discounting
Receivables discounting, normally most regularly called factoring, permits corporations to entry funds according to payments due from clients — in this case, the authorities — slightly than expecting the fat fee cycle to pause. Supporters exclaim such preparations can abet contractors address money drift, pay workers on time and relieve away from delays in mission offer.
Dominic Sturrup, Govt Chairman of BSGC, welcomed the financing, describing it as a necessary step for the firm and its partners.
“We’re grateful to Afreximbank for standing with us thru every stage of the route of,” he talked about. “This transaction strengthens our capability to enact most necessary projects, enhance our subcontractors and distributors, and scale alternatives.”
Faster mission execution
Atario Mitchell, President of BSGC, talked about the capability would enable the firm to meet financial responsibilities, along side paying workers and shopping materials, whereas rising operations across a pair of islands.
“This affords us the capability to switch sooner, conception better and enact with increased reliability,” he talked about.
BSGC, founded in 2010, is an indigenous Bahamian-owned firm. It has completed bigger than 200 projects across Nassau, Exuma and Eleuthera and employs over 300 folks, along side subcontractors.
The motorway works financed under the agreement are expected to enhance security, ease transport and enhance local businesses that rely on first-fee infrastructure. Authorities officials exclaim improved connectivity can additionally give a decide to entry to schools, healthcare companies and business centres, in particular in additional far off communities.
Whereas Afreximbank’s core mandate has historically alive to about substitute finance inside of Africa, the financial institution has in recent years expanded its activities within the Caribbean. The Bahamas transaction is section of a broader effort to deepen financial and investment links between the two regions.
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