How will the $300 million financing from EXIM aid St Kitts and Nevis

The Government of St Kitts and Nevis has signed a Memorandum of Understanding (MOU) with the Export-Import Bank of the United States (EXIM), securing about $300 million in financing.

The signing of the agreement took place on Monday in Barbados between Prime Minister, Dr. Terrance Drew and EXIM President and Chair, Reta Jo Lewis. The special ceremony was hosted by the US Embassy in Barbados & Ambassador Roger Nyhus. 

To Aid in Sustainable Island State Agenda

The partnership between the Government of St Kitts and Nevis and EXIM will play a significant role in providing crucial financial support to the country. This aims to lead the Federation towards their agenda of becoming the first Sustainable Island State in the region.

PM Terrance Drew, shedding light on the financial support by EXIM, said that this funding will support the crucial projects that aligns with the administration’s agenda. 

He said  in their thrust to diversify the economy and decrease their dependence of economy on any single sector.

The agreement will remain in effect till November, 2026, aiming to create significant growth in several sectors of the nation, be it, infrastructure, environmental sustainability, or economic diversification. 

Strengthened relations between St Kitts and Nevis and United States

Export-Import Bank of the United States known as EXIM is a government entity. The signing of the MOU will play a crucial role in the St Kitts and Nevis’ relationship with the US. 

He added that this new partnership lays the foundation for future collaboration, which is expected to play a huge role in fostering growth in both the U.S. and the Caribbean region.

“The MoU highlights our commitment to advancing sustainable development while strengthening our partnership with the United States,” said PM Drew.

The Prime Minister added that this collaboration is a testament to their commitment and dedication towards bringing immense growth and sustainability in the Federation.  

Major Milestone for St Kitts and Nevis: PM Terrance Drew

PM Drew expressed excitement on the signing of the agreement with EXIM and called it a significant milestone for the development of the country. He added that this partnership will play an instrumental role in advancing their key sectors such as renewable energy and infrastructure.

This morning, I traveled to Barbados to participate in the signing of a Memorandum of Understanding (MoU) with the Export-Import Bank of the United States (EXIM), securing access to up to $300 million in financing. This funding will support critical projects aligned with our… pic.twitter.com/ZmaFWQlGjI

— Dr. The Hon. Terrance Drew (@TerranceDrewSKN) November 25, 2024

PM Drew said that this financial support by EXIM would help them in building a sustainable and resilient economy that caters to the needs and demands of their people.

The Prime Minister reiterated his commitment to position St Kitts and Nevis as a leader in the green transition of the Caribbean region.

MOU Symbolizes EXIM’s Commitment: President Lewis

The EXIM’s President Lewis said that this MOU symbolizes their commitment to foster their relationship with St Kitts and Nevis and the Eastern Caribbean region.

He further aimed at working collaboratively with the Government of St Kitts and Nevis with a vision to create new opportunities, benefitting both the nations. 

He also expressed pride and shared their commitment to continue to make efforts with a vision to advance their collaboration and facilitate U.S. exports.

EXIM- Export-Import Bank of the United States 

The Export-Import Bank of the United States (EXIM) is the official export credit agency of the United States of America. The main motive of EXIM is to support American jobs by facilitating U.S. exports.

It is an independent federal agency which has been contributing to the economic growth of US by supporting thousands of jobs in exporting businesses.