Guyana’s SME Development Bank key to prosperity of nation – Afreximbank

The African Export-Import Bank (Afreximbank), which has already extended over $US1.5 billion in financing to Guyana, has lauded the Government’s small and medium business development bank (SME Development Bank) establishment and says it also stands ready to further partner with Guyana for the success of the entity. “It is great news, and that entity will readily fall into the category that we’ll be happy to work with. I think it’s a right step in the right direction because creating a platform that can support SMEs unconditionally will lead to more economic prosperity in the country, given that the traditional banking sector has a few limitations as to what they’re able to do directly, “ Acting Chief Operating Officer (COO) Okechukwu Ihejirika told the Guyana Times in a recent interview.
“So, such a development bank will be key to providing capital to the budding entrepreneurs in the country and also help create employment, create wealth, and improve the well-being of the people. We will be open to work with that entity once it’s fully established. Our financing commitment to small businesses is just as critical as the fact that we recognise how important they are and it is something that we take very seriously,” he added. As the bank prepares for its annual AfriCaribbean Trade and Investment Forum (ACTIF) aimed at strengthening economic ties between Africa and the Caribbean, where SMEs take a strong focus, Ihejirika reasoned that sometimes SMEs are small because of scale, and the forum can be a catalyst for entrepreneurs to expand, as there are numerous investors and opportunities for networking. “Now, sometimes SMEs are small because of scale. They’re just producing for a specific jurisdiction, a specific region, which, of course, we know the constraints of the consumer space in the region because of the number of people in the region. So that’s a factor. The fact that we could potentially be opened up to the African market, to talk about the highest-growing consumer market space in the world with over 1.4 billion people, will present a huge opportunity for these SMEs when they come in to participate. It doesn’t matter what they’re producing or which space they work in. The mere fact that one good contact could turn the whole equation around is a valid one,” he said. Further, he added, “What we’ve done previously in those instances where we see SMEs go into big spaces and sign new deals is that, yes, we realise that there could be the next gap, which is the ability to finance these new mega-opportunities that will come up. And that’s also where Afreximbank will come in to provide backup and support to them.” Ihejirika also stressed the importance of mobilising diaspora capital. “You have people who have their deep pockets who are looking for investment opportunities. They are the ones that we expect will be coming in to also look for opportunities to invest. We’re also seeing possibilities where joint funds can be created to address specific areas of need.” He said that for this country, it could mean leveraging its diaspora networks to attract investment into SMEs, infrastructure and climate-resilient projects.
And as the countdown begins to ACTIF2026, the COO highlighted that anticipation is building across Africa and the Caribbean, while the bank’s mandate has widened to now include Brazil, Panama, Colombia and the Dominican Republic, reflecting a broader vision. Scheduled for July 29-31 in St Kitts and Nevis, this year’s forum promises to be more than just another gathering of policymakers and investors. He said that the event is being framed as a pivotal moment in the pursuit of a unified vision of Global Africa – a concept that seeks to transform centuries of cultural and historical ties into a modern economic powerhouse.
“Global Africa does not end only within the Caricom region. There are still members of Global Africa, as we define them, living beyond the Caricom member states. That’s why the name changed to Caricom Caribbean Office and I’m happy that ambition is now being realised,” he said while noting that this expansion signals Afreximbank’s intent to consolidate a South-South trade corridor linking Africa, the Caribbean and Latin America. He said that attendees can expect high-level sessions, site visits and networking opportunities across sectors including tourism, renewable energy, financial services, creative industries, construction, health, digital innovation and agriculture. Food security and agribusiness collaboration are highlighted as particularly important areas for Africa and the Caribbean to strengthen resilience and reduce import dependency.
Since opening its Caribbean Representative Office in Barbados in 2023, Afreximbank has signed partnership agreements with 13 Caribbean nations, extended a US$1.5 billion credit facility, and introduced the Pan-African Payment and Settlement System (PAPSS) in the region.
Other notable initiatives include financing facilities in Grenada, Barbados, Suriname and The Bahamas, support for the COVID-19 Africa Vaccine Acquisition Task Team (AVATT), and the groundbreaking of the Afreximbank African Trade Centre in Barbados – the first outside Africa. Afreximbank’s COO said that the bank’s initiatives demonstrate its commitment to strengthening Africa-Caribbean ties beyond rhetoric and noted the strides made in just three years of operation here in the region. “This is happening just within three years of operation. That’s a massive step made on our part to show that we’re not just talking; we’re doing. We talked about important projects within the group of projects that have been approved,” he said.