Minister of Foreign Affairs Kerrie Symmonds says the economic and strategic benefits Barbados stands to reap from hosting the African Export-Import Bank (Afreximbank) far outweigh the $17 million valuation of the state lands granted for its Caribbean headquarters.
In defending the Government’s decision during a press conference at Parliament yesterday, he called the partnership with Afreximbank a generational opportunity that will transform Bridgetown into a regional centre for trade, business and innovation.
Last week Monday saw a groundbreaking ceremony for construction of the Afreximbank African Trade Centre on 2.037 hectares at Jemmotts Lane, St Michael.
“This is not just a patch of idle land. This is a platform for economic rebirth,” Symmonds declared. “We are getting a $300 million investment that brings jobs, foreign exchange, a trade centre and a hotel, all of it built and staffed by Barbadians. That is real value.”
He told reporters the decision to host Afreximbank was one which required swift action, as there were many suitors in line.
“Yes, consultation is always welcome, but at some point a government must act in the best interest of the nation. If we had hesitated, the bank could have easily gone to The Bahamas. We would have lost a once-in-alifetime opportunity.”
The African financial institution has committed to injecting up to US$3 billion into CARICOM economies once all member states are on board – a move Symmonds said no other global entity was currently offering.
“There is no equivalent deal on the table – not from the North Atlantic, not from the West. The African continent is treating us as part of its sixth region – its diaspora – and extending a hand of partnership. We would be fools to slap it away,” he said.
The minister described the land – previous site of the old General Hospital, Ministry of Health and other agencies – as a “sleeping asset” that was finally being awakened to serve national development.
He also pushed back on claims that the deal set a dangerous precedent, pointing out the long history of Barbados offering land and tax concessions to attract international organisations.
“The UN (United Nations) House was built and maintained at our expense. CXC (Caribbean Examinations Council) sits on leased land, with Government paying the
rent. CDEMA (Caribbean Disaster Emergency Management Agency) pays $100 a year under a 50-year lease. Interpol was given permanent use of Government land. Where was the outrage then?” he asked.
No different
“What we are doing with Afreximbank is no different, except this time, the pay-off is bigger.”
The headquarters project includes a trade and enterprise centre, which Symmonds said will help incubate small businesses, particularly in digital services and technology, giving young entrepreneurs the space and support to enter global markets.
“We need to stop thinking only in terms of tourism and beach chairs. The future is in code, content and creativity. This trade centre will help Barbadians – especially young Barbadians – tap into the global economy in ways we’ve never done before.”
He added that while Barbados has historically relied heavily on partners from Europe and North America, shifting global politics demands diversification – and bold action.
“In a world where the old powers are turning inward, we must turn outward. We must build new bridges with Africa, Latin America and the Global South if we want to survive and thrive.”
In response to concerns that the deal may interfere with Barbados’ UNESCO World Heritage designation, Symmonds said no final building plans have been approved and that the Town Planning Department would still play a role in ensuring appropriate development.
“But let’s be honest. Bridgetown’s coastline is dominated by empty warehouses and abandoned buildings. We cannot preserve decline. Development does not have to mean destruction; it can mean renewal.”
He warned that those who oppose the project risk missing the bigger picture.
“This is not about politics. It is about prosperity. The world is moving and Barbados cannot afford to stand still.” (CLM)
