Georgetown, Grenada – 28th July 2025 – The Caribbean Telecommunications Union (CTU) and the African Export-Import Bank (Afreximbank) have signed a landmark Memorandum of Understanding (MoU) to foster cooperation on digital transformation, trade facilitation and sustainable development between Africa and the Caribbean.
Signed by Mr. Rodney Taylor, Secretary General of the CTU, and Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, this strategic partnership establishes a framework for mutual collaboration aimed at accelerating regional digital transformation, enabling financial inclusion and expanding cross-border digital trade.
The MoU outlines several key areas of cooperation, including:
- Accelerating Regional Digital Transformation through coordination between CARICOM’s Single ICT Space initiatives and the African Union’s Digital Transformation Strategy;
- Enhancing Financial Inclusion and Digital Payments by exploring the integration of Afreximbank’s Pan-African Payment and Settlement System (PAPSS) with Caribbean financial institutions to enable efficient cross-border transactions;
- Facilitating Digital Trade and Investment by leveraging ICT platforms to foster bilateral trade, including the development of digital marketplaces and e-commerce infrastructure;
- Promoting Knowledge Exchange and Capacity Building through joint training programmes, workshops, and research in areas such as digital finance, cybersecurity and ICT entrepreneurship;
- Supporting Innovation and Sustainable Development by deploying ICT solutions to address challenges related to climate resilience, financial access and equitable digital inclusion.
“This MoU reflects our shared commitment to building a digitally empowered and economically resilient Afro-Caribbean community,” stated Mr. Rodney Taylor. “Through this partnership, the CTU aims to facilitate meaningful linkages that harness the power of technology to transform trade, services, and governance across our regions.”
To ensure the effective execution of this agreement, the CTU and Afreximbank will establish a joint implementation team to oversee the activities outlined in the MoU’s accompanying work plan. The agreement will remain in effect for an initial period of three years, with provisions for renewal based on mutual consent.
This MoU marks a significant step toward strengthening transatlantic digital cooperation, unlocking new opportunities for economic growth and innovation across both regions.
