The African Export Import (Afrexim) Bank is keen on supporting a Caribbean private sector proposal for an intra-regional system that could allow the cheaper transportation of goods and people via the sea.
So says Guyana’s President Dr. Irfaan Ali who addressed the opening ceremony of the second AfriCaribbean Trade and Investment Forum on Monday. This forum is being hosted in Kingston, Georgetown this year. Last year, the inaugural forum was held in Bridgetown, Barbados.
And as he spoke about the need for the Caribbean’s private sector to capitalise on the opportunities unfolding because of the Caribbean’s deepening partnership with the Afrexim Bank, Dr. Ali said solving regional transportation woes should be a high priority.
“It would be a missed opportunity if [the Caribbean Private Sector Organisation] didn’t use this opportunity to end the maritime transport infrastructure woes,” Dr. Ali said.
He added, “…Afrexim bank has assured us that they are ready to support a proposal for the regional transport sector.”
According to him, countries can grow more food but those food security efforts would be futile unless there is an easier, cheaper way of transporting goods throughout the region. And he emphasised that there is significant political will behind this venture, since all regional governments committed the necessary resources to support the venture.
Though the Bank is eager to review a proposal, the Guyanese Head of State also pointed out that such a venture would be costly and risky for a single investor. As such, he urged regional private sector players to form a consortium for this venture.
Solving intra-regional transportation woes has been a huge focus on the Caribbean Community (CARICOM) for years now. With the current revitalised focus on guaranteeing the region’s food security, solving this problem is also in focus.
Earlier this year, the Caribbean Development Bank (CDB) announced it would finance the consultancy services for a study on the options available to establish a new shipping service across Barbados, Grenada, Guyana, and Trinidad and Tobago.
This shipping service, the Bank said in a press release, focuses primarily on the movement of agricultural products.
This move came as all CARICOM countries have committed to the Guyana-led goal of slashing costly regional food imports by 25 per cent by 2025.
