Ground has been broken in Barbados for the first African Trade Centre established by Afreximbank outside of the African continent.

At a ceremony yesterday, Prime Minister Mia Mottley welcomed the investment, noting the move strategically positions Barbados as a trade hub for economic collaboration between Africa and the Caribbean.

The African Export-Import Bank President, Professor Benedict Oramah says construction cost is estimated to be US$180 million and completion is expected in 30 months.

He added that the project is expected to create approximately 1,000 jobs during construction and 300 permanent jobs once operational.

The facility will  include two 12-storey towers housing the bank’s CARICOM headquarters, a hotel, office space, conference and exhibition facilities and a digital trade gateway.