PM Gonsalves participates in high-level discussions on international financing reform

Prime Minister Dr Ralph Gonsalves is expected to return to St Vincent and the Grenadines on June 25 after a week of meetings on two continents that focused on reforming global financial architecture in order to make it easier for vulnerable countries to access international finance.

Gonsalves attended the 30th annual meeting of the African Export-Import Bank (Afreximbank) in Accra, Ghana, where president of the bank and chair of its board of directors, Professor Benedict Oramah disclosed that  Afreximbank had approved US$1.5 billion to support CARICOM, with plans to double the amount.

“We do these not because it is merely a nice thing to do but because a united Africa and the Caribbean represent a more potent force that can confront the exigencies of now and the challenges of tomorrow. A new middle passage is emerging, one underpinned by trade, investment and socio-cultural exchange, correcting the ills of slavery and fragmentation.

“We are supporting African investors to build ports, roads and power plants in the Caribbean. We are promoting cross-acquisition of banks. Afreximbank is proud to be home to numerous interns from the Caribbean since 2021,” Oramah stated.

Eleven CARICOM member states have joined membership of the bank through signatures of the Partnership Treaty with a formal launch of the bank’s Caribbean office in Barbados scheduled for next month.

Barbados will be the seventh branch of the bank headquartered in Cairo, Egypt, and the only one outside of the continent.

“Today we celebrate the first gathering of Global Africa. Collectively, we have converted decades of continental aspiration – to reunite the African diaspora to the continent – into reality. Sitting among us here are prime ministers and officials from both public and private sectors, from the Caribbean and the wider Africa diaspora, who share in this Pan-African vision. They have travelled thousands of miles to celebrate an institution to which they now belong,” Oramah said.

On June 19, Prime Minister Gonsalves was a panelist with other heads of state and government on the topic: “Delivering the Vision: The benefits of strong Continental Financial Institutions”. He was also engaged in plenary session: “Shape the future on the platform of lessons from history – reflections from Africa and the Caribbean.”

From Ghana, Gonsalves travelled to Paris for the June 22 to 23 World Leaders’ Summit for a new Global Financing Pact, whose objective was to build a new contract between the countries of the North and the South to address climate change and the global crisis.

On Saturday, June 24, the Prime Minister will hold a Town Hall meeting with Vincentians living in London.

His delegation to the meetings in Accra, Paris and London includes I. Rhonda King, Permanent Representative of SVG to the United Nations and Sgt. Kendal Horne, Security Officer.