Barbados stand to reap significant economic and other benefits from the establishment of the Afreximbank African Trade Centre in Barbados.
Prime Minister Mia Amor Mottley says the 360 million Barbados dollar investment will create jobs for Barbadians and create significant trade opportunities for the island.
She was speaking during the groundbreaking ceremony at Jemmott’s Lane, St Michael.
And Prime Minister Mottley says one of the major wins for Barbados is that the bank plans to inject 3.5 million US dollars into the government’s Urban Transformation Fund, specifically to be used in urban renewal in the immediate vicinity of the centre.
President of the Board and Chairman of the Board of Directors, Afreximbank, Professor Benedict Oramah, says the project will create 1,000 direct and indirect jobs during construction.
In addition, nearly 50 SMEs will be subcontractors and suppliers of construction materials, services, labour, and other services.
The project is also expected to create about 300 direct jobs during its operational phase.
It is estimated the construction phase of the project will be completed by 2027.
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