In a transformative boost to the Caribbean’s transport network, African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has announced the disbursement of a US$100 million Receivables Discounting Facility to Bahamas Striping Group of Companies Ltd (BSGC). This funding is to assist with the financing of the rehabilitation and construction of over 200 miles of critical road infrastructure across The Bahamas.
Disbursed under a Framework Agreement signed with the Government of The Bahamas on the sidelines of the 48th Conference of Heads of Governments of Caricom held in Bridgetown, Barbados in 2025, the funds are expected to allow BSGC to advance extensive national infrastructure overhaul designed to ensure safer, more durable road networks that boost commerce, tourism and logistics across the archipelago.
Afreximbank acted as the lender for the transaction, providing the facility arising from government contracts and enabling BSGC to accelerate project execution and receive advance funding for completed and certified works which include asphalt paving, road striping, safety enhancements and maintenance across multiple islands in The Bahamas.
Commenting on the transaction, Okechukwu Ihejirika, Acting COO Afreximbank, CARICOM said that the funding reflected Afreximbank’s “steadfast commitment to supporting Global Africa partners in developing trade-enabling infrastructure.”
“This facility represents an innovative approach to structured finance in cross-regional partnerships and aligns with our mandate to foster a connected Global Africa that encompasses CARICOM. By enabling these extensive road rehabilitation works, we are driving sustainable development and enhanced economic opportunities,” he said.
Mr. Ihejirika reiterated Afreximbank’s commitment to building on the partnerships forged at the Bank’s 2024 Annual Meetings and the AfriCaribbean Trade and Investment Forum, held in Nassau, The Bahamas, noting that the transaction followed the signing of a Framework Agreement with the Government of The Bahamas.
“We are grateful to Afreximbank for standing with us through every stage of the process, and we are proud that this transaction strengthens our ability to execute major projects, support our subcontractors and vendors, and scale opportunities,” said Dominic Sturrup, Executive Chairman of BSGC.
According to Atario Mitchell, President of BSGC, the US$100 million receivables factoring facility will enable these local companies to meet their financial obligations, such as paying employees, purchasing materials, and expanding operations.
“This facility gives BSGC the ability to move faster, plan better, and execute with even greater reliability across multiple islands,” said Mr. Mitchell.
The facility tied to government approved contracts directly contributes to improving road networks including paving, striping and maintenance essential for tourism, trade and community access, while creating employment and promoting local community empowerment. It is expected to contribute to sustainable economic growth, including greater competitiveness of The Bahamas as a trade and tourism hub.
BSGC is an indigenous Bahamian-owned entity founded in 2010 and has completed over 200 projects across Nassau, Exuma and Eleuthera regions, employing over 300 persons, including subcontractors.
Distributed by APO Group on behalf of Afreximbank.Media Contact:
Vincent Musumba
Communications and Events Manager (Media Relations)
Email: press@afreximbank.com
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has 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 AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), and Japan Credit Rating Agency (JCR) (A-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.Afreximbank.com
