PM SUPPORTS $3B AFRICAN FUNDS TO ELITES

PRIME Minister Dr. Keith Rowley is backing a move to make US $3 billion credit from an African bank available to regional elites instead of small business people.

This shock move has angered Afro-Caribbean citizens aware of the plan to divert the funds from African Export-Import Bank (Afreximbank) to projects of Caricom big-shot entrepreneurs.

The powerful Afreximbank, which opened a Caricom office in Barbados last August, has made the money available to boost trade and investment between the region and the African continent.

The funds are also meant to develop infrastructure and improve the quality of life of average Caricom citizens.

Afreximbank, supported by 11 Caricom countries, launched the regional branch based on the African Union designating the African Disaspora as Africa’s sixth region.

Trinidad and Tobago has not signed the Afreximbank-Caricom treaty but Rowley said in Ghana on May 12 that he supports bank investments through the Caricom Private Sector Organisation (CPSO).

CPSO is an elite business group, whose Chairman Gervase Warner just retired as CEO of the billion-dollar Massy Group.

The executive team includes Andrew Sabga, Deputy Chairman of Ansa-McAl Group of Companies, which has 48 highly profitable companies and is in expansion mode.

Carib Breweries, an AnsaMcAl subsidiary, recently launched a new brand of beer, and Group CEO Anthony Sabga 111 said the conglomerate was “very acquisitive” and its balance sheet was “exceptionally strong” with capacity to take on “significantly more.”

The conglomerate is expected to access Afreximbank funds.

Local big businessman Christian Mouttet is a CPSO executive, as is Dr. Thackwray Driver, CEO of the Energy Chamber.

Other executives are P.B. Scott, Chairman and CEO of the Musson Group, Anthony Ali, CEO of Goddard Enterprises of Barbados, William Mahfood, Chairman of Wisynco Group, John Williams, CEO of Cave Shepherd and Co., Dereck Foster, CEO of Automotive Arts, and Suresh Beharry.

Dr. Patrick Antoine is CEO of CPSO.

At the opening of the branch in Barbados, Afreximbank’s President Professor Benedict Oramah said he wanted the financial systems of Caricom and Africa to “become better integrated for the benefit of our people.”

Barbados’ Prime Minister Mia Mottley spoke of the bank’s “will to take risks that would allow our people to move and grow to the next level.”

Mottley termed the bank’s launch “a proud moment historically.”

People who are knowledgeable about Afreximbank expected that credit would have been given to aspiring small and medium-sized enterprises.

They had anticipated that support for the homegrown people’s sector.

But they say Afreximbank’s funds will now serve entrenched big business, thus expanding the wealth gap and denying small investors the opportunity to obtain credit and grow their operations.

One activist said: “This goes against the agenda of Afreximbank, which is an institution committed to assisting the African Diaspora.”

He added: “It once more shows that Rowley was just mamaguying the nation when he recently added ‘African’ to Emancipation Day.

“He is not taking progressive steps to help people of African ancestry.”

The 31-year-old Afreximbank has provided financing to the African continent and the Diaspora.

At the end of 2022, the bank’s total assets and guarantees were more than US $31 billion.

Oramah spoke of Caricom and the bank promoting “mutually identified priorities.”

But Rowley, who once said there is nothing wrong with the rich getting richer, is clearly intent on backing the privileged and commanding big business elites.