BRIDGETOWN, Barbados (BG) — In a landmark move to deepen Africa-Caribbean relations, the African Export-Import Bank (Afreximbank) on Monday laid the foundation for its first trade center outside the continent.

The Afreximbank African Trade Center (AATC), to be constructed in Bridgetown, Barbados, marks a historic milestone in trade, investment and economic collaboration between Africa and the Caribbean.

With a project value of $180 million, the Barbados AATC will serve as a gateway for Afri-Caribbean trade and investment, the bank said in a statement Monday.

The government of Barbados has allocated 6.4 acres of land at Jemmotts Lane, formerly the site of the island’s Ministry of Health headquarters, for the construction of Afreximbank’s CARICOM office.

Speaking at the ceremony, Barbados Prime Minister Mia Amor Mottley called the moment a symbol of reclaiming “Atlantic destiny” and strengthening ties between Africa and the Caribbean.

She emphasized the historical significance of the site, once home to the island’s first hospital for emancipated slaves, and the AATC’s potential to bring investment, foreign exchange and job opportunities to the region.

Afreximbank President Prof. Benedict Oramah thanked Mottley and reaffirmed the bank’s commitment to facilitating trade, removing barriers and reshaping business narratives in the Caribbean.

He said the center would deliver tangible economic and social benefits to Barbados and the wider region.

Construction will take about 30 months, generating around 1,000 jobs during the build phase and 300 permanent roles upon completion.

About 50 local small and medium-sized enterprises are expected to benefit through subcontracts and service provision.

The AATC is part of Afreximbank’s broader Global Africa initiative, which aims to link Africa with countries across the Global South. Nine cities were selected to host AATCs: Abuja, Harare, Kampala, Cairo, Abidjan, Yaoundé, Kigali, Tunis and Bridgetown.

Afreximbank has committed $2.5 billion in credit lines to CARICOM and actively supports regional development, including a $25 million investment in Barbados’ Cricket World Cup preparations and a $500 million pipeline of future deals.