The Caribbean may be inching closer to creating its own regional export-import bank, in a move that could reshape how governments and businesses access financing for trade, infrastructure and climate-resilient development.

The proposed Caricom EXIM Bank, now under review by regional policymakers, is being positioned as a vehicle to help close what development financiers describe as one of the Caribbean’s biggest constraints — limited access to affordable, long-term capital.

Okechukwu Ihejirika, acting chief operating officer of Afreximbank’s Caribbean Office, said the initiative was recently presented to Caricom’s Council of Foreign Ministers and is expected to move next to heads of government for consideration.