The head of the Export-Import Bank of the United States (EXIM) President signed two memoranda of understanding with the governments of Barbados and Saint Kitts and Nevis, securing a total of "up to $800 million in potential financing to support financing in cybersecurity, renewable energy, and critical areas for the region’s long-term growth and sustainability," according to a Bank announcement
The announced sum represents a thirty-five fold increase from the amount of business EXIM has done with the two countries over the past 35 years. No specific projects have been identified.
“These agreements are a symbol of the U.S.’s deepening partnership with Barbados and Saint Kitts and Nevis – and the entire Eastern Caribbean region,” said President and Chair Reta Jo Lewis . “The agreements send a signal to the market that EXIM is eager to finance meaningful projects that support new business opportunities in key sectors across the United States and the Eastern Caribbean. This is what strategic partnerships between the U.S. and our key allies look like.”
The MOU between EXIM and the government of Barbados, in the amount of up to $500 million in financing, was signed by Ms. Lewis and Prime Minister Mia Mottley in the Office of the Prime Minister with U.S. Ambassador to Barbados, the Eastern Caribbean and the OECS, Roger Nyhus.Areas for cooperation and procurement included renewable energy, cybersecurity, water and sanitation and maritime domain awareness.
U.S. Ambassador to Barbados, the Eastern Caribbean and the OECS, Roger Nyhus. applauded the initiative. "The MOUs signed today are tangible examples of the commitment made by the United States to economic development, security, and a shared future with the countries of the Eastern Caribbean.”
The MOU between Saint Kitts and Nevis, providing access to up to $300 million in financing was signed by Chair Lewis and Prime Minister Terrance Michael Drew at the U.S. Embassy in Bridgetown, hosted by Ambassador Nyhus. Areas for cooperation and procurement included renewable energy, cybersecurity, critical minerals and infrastructure.
Since 1991, EXIM has supported $23 million in transactions in Barbados and Saint Kitts and Nevis.
During her visit to Barbados, Chair Lewis held a business roundtable discussion with government officials, private sector leaders, trade associations and regional partners to explore new opportunities for U.S. businesses and exporters, with the goal of deepening economic ties between the United States and the Caribbean and creating American jobs.
Chair Lewis was scheduled later to meet with representatives from the Barbadian Defence Forces and the Regional Security System, both important regional security partners.
Exim announced the Country Limitation Schedule (CLS) has recently been updated and is now available. The new CLS is effective November 28, 2024.
The CLS indicates where EXIM is "open for cover" and where EXIM is "off-cover." The "open for cover" designation refers to the possibility, rather than the certainty of EXIM support in particular cases.
The new CLS may be accessed on-line on November 28, 2024 at: http://www.exim.gov/tools-for-exporters/country-limitation-schedule. The CLS and Cover Letter are also attached as PDF files below.
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