LOCALS CAN’T ACCESS LOANS FROM AFRICAN BANK

PRIME Minister Dr. Keith Rowley donned his most attractive dashiki on Emancipation Day even as locals were unable to access funds from a major African bank.

Afro-Trinidadians and Tobagonians are not being permitted to obtain loans from US $1.5 billion provided by African Export-Import Bank (Afreximbank), a Pan-African financial agency.

 Entrepreneurs in most other Caricom countries can secure loans from Afreximbank, which opened its regional office a year ago in Barbados.

Readers would recall it was first reported here that there was outrage among leaders of the Afro-T&T community about loans being made available to large Caribbean business operators.

This, the activists said, was against the philosophy of the bank, which is seeking to assist the African Diaspora, especially emerging business investors.

Rowley reportedly said that the bank does not have an office in T&T because of a request for employees to be paid tax-free salaries.

Activists have stressed, however, that there is no need for a physical bank and that loans could be provided from the Barbados regional headquarters.

Dr. David Muhammad, head of the Bank Agenda Project, is distressed that financial support is not being made available to Afro-T&T nationals.

Afreximbank is assisting several Caricom countries, including The Bahamas, where an agreement was recently signed to develop and implement an Afro-Caribbean Marketplace.

Professor Benedict Oramah, President of the bank, described the project as “a strategic investment that allows us to realise our vision of positioning the Caribbean as a transshipment hub for Africa’s trade in the Caribbean.”

In March, St. Lucia was given a loan of US $6 million for an education project that includes repairing 25 schools that were damaged by a tropical storm.

Prime Minister Phillip Pierre said the funds would allow the country to ensure continued education and capacity building.

Prof. Oramah said at the launch that the loan underscored the bank’s commitment to the region.

Afreximbank is also seeking to spur African investments in the Caribbean.

Okechukwu Ihejirika, Chief Operating Officer for Caricom, said there were expressions of investments to the value of US $3 billion.

The second Africa-Caribbean Trade and Investment Forum was recently held.

Afreximbank has also signed a memorandum of agreement with the Caribbean Export Development Agency, aimed at boosting trade and investments between both regions.

The regional agency said it was “excited to collaborate” with Afreximbank.

There is a general movement toward greater economic bonds between the Caribbean and Africa, with several Caricom nations actively on board.

There are reports of African nationals exploring the setting up of businesses in some regional countries.

But T&T has not moved to benefit from Africa’s expressed interest in providing financial support.

Apart from the tax-free salaries issue, the Rowley Government has been accused by knowledgeable people of being lethargic in tapping into the resources provided by Afreximbank.

The institution said its assets and guarantees are worth more than US $30 billion, and its shareholder funds total US $5.2 billion.

The bank enjoys A high credit rating.