BARBADOS (West Indies)-African Export-Import Bank (Afreximbank or the Bank) announced on April 19,2024 that it has extended a USD 25 Million term loan facility to Kensington Oval Management Inc.
(KOMI), a major sports facility in Bridgetown, Barbados, ahead of the 2024 Cricket World Cup which is set to take place from June 4th to 30th in Bridgetown.The term loan facility is backed by a guarantee from the Government of Barbados given the importance of cricket to the country’s heritage.
The Kensington Oval Cricket Ground in Barbados is one of the iconic centers for cricket around the world and has regularly hosted test matches between the months of January and April, with teams drawn from the West Indies, England, Australia, New Zealand, India, Pakistan and South Africa.
The facility will go towards renovation and refurbishing works; upgrading of the Garfield Sobers Players’ Pavilion; upgrading A/V and electrical systems as well as procurement of temporary stands.
Speaking at the facility signing ceremony, the Chairman of KOMI, Mr. Damien Gaskin said: “I would like to thank both Afreximbank for the support and partnership to help with the renovation of the sports complex, and the Government of Barbados under the Ministry of Finance for the provision of an interim bridge loan facility.
"With the renovated sports facility, we envisage increased utilization of Kensington Oval not only as a destination of choice to host world class events but also as a tourist attraction offering specialty tours leaning on the legacy of this historic venue. This will be a boost to sports and heritage tourism in Barbados.”
Prof. Oramah, President and Chairman of the Board of Directors at Afreximbank said: “We are delighted to be signing this historic agreement in Ilaro Court, the Residence of the Prime Minister of Barbados, named after a village in Western Nigeria.
"It is remarkable that we are consummating the first Afreximbank loan transaction in Barbados in this building, where less than 3 years ago, we signed the Memorandum of Understanding that set the stage for the partnership Afreximbank has formed with Caricom member states.
"With USD 2.4 billion in implementable pipeline deals in the Caribbean, I see this as the first of many deal signings to follow.”
He added: “The relationship between Africa and the Caribbean is growing as is evident in the fast-paced progress we have witnessed in just two years.
"And today Kensington Oval will form part of the legacy in the history of our partnership, which can see Cricketers from the region play a role in developing the sport in Africa.”
Prime Minister Mia Mottley said: “World Cup Cricket is the 3rd most important sport in the world after the football Olympics.
"Barbados is home to some of the greatest cricketers of all time, and once this sport picks up in the rest of Africa, jointly we can elevate it to become the world’s second sports.
"Barbados has a central role to play in the evolution of cricket, as it has the full potential of flattening the annual tourist curve to an all year-round sports tourism attraction.”
She added: “I salute President Oramah for his vision and commitment to the region. The Caribbean is in a unique position to work with Africa through trade and investment.
"Our regions have a demographic dividend that can drive and sustain a vibrant tourism economy.”
About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance, facilitate and promote intra and extra-African trade.
For over 30 years, the Bank has been deploying innovative instruments to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.
A stalwart supporter of the AfCFTA, Afreximbank has in partnership with the African Union Commission and AFCFTA Secretariat launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the Free Trade Agreement.
The AFCFTA Secretariat and the Bank have created a USD 10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA.
At the end of December 2023, Afreximbank’s total assets and guarantees stood at US$ 37.3 billion, and its shareholder funds amounted to US$ 6.1 billion.
The Bank disbursed more than US$ 104 billion between 2016 and 2023 through various interventions for the advancement of the continent.
Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB).
Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).