Afreximbank, KOMI sign US$25 million
loan agreement for rehabilitation of 2024
Cricket World Cup facility.
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Prof. Benedict
Oramah, President and Chairman of the Board of Directors of Afreximbank, and
the Honourable Mia Amor Mottley, Prime Minister of Barbados, signed the
agreement on behalf of their two organisations on the sidelines of the Second
AfriCaribbean Trade and Investment Forum (ACTIF23). Under the terms of the
agreement, KOMI will use the proceeds of the loan, which carries a seven-year
tenure, to rehabilitate the infrastructure, namely Kensington Oval, ahead of
the Cricket World Cup scheduled to take place from June 4 to 30, 2024. The loan
is being provided under Afreximbank’s Sports Financing Programme.
Speaking during the signing, Prof. Oramah said the rehabilitation and maintenance
of the sports infrastructure will foster economic growth, cultural exchange,
and community development by ensuring the effective hosting of the Cricket
World Cup.According to President Oramah, the World Cup will increase tourism income and stimulate growth
among various service providers in the tourism industry, while the newly
renovated and fully functional infrastructure at Kensington Oval will also
continue to host a wide range of sporting events in the future, attracting
athletes and enthusiasts from around the world. Reflecting on the agreement, Prime Minister Mottley stated
that the loan would contribute to the further development of cricket in the
region. The Barbados Prime Minister said the funds will facilitate the
establishment of indoor cricket facilities, which will enable Caribbean
cricketers to closely analyse and improve their skills to compete on the field.
“This region must give our cricketers the best available coaching and
technology if they are to be able to resume their global position in cricket”,
she said, while expressing gratitude to Afreximbank for providing the funds, at
concessionary interest rates, to make it possible.
About the AfriCaribbean Trade and Investment Forum.
The idea for ACTIF2022 resulted from an official Afreximbank
visit to Barbados in September 2021, which followed that month’s inaugural
Africa/CARICOM Summit. During the visit, the Government of Barbados and
Afreximbank identified the AfriCaribbean Trade and Investment Forum as a key strategic
activity towards institutionalising the engagement between both regions’
private sectors to advance trade and investment relations. The inaugural
edition of the AfriCaribbean Trade and Investment Forum was held in Bridgetown,
Barbados from 1 to 3 September 2022, and the second edition is being held in
Georgetown, Guyana, from 30 – 31 October 2023.
About Afreximbank.
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