KINGSTON, Jamaica — The Caribbean could soon move a step closer to establishing its own regional export-import bank, as Afreximbank pushes forward a proposal aimed at improving access to development financing across the Caribbean Community (Caricom).

Okechukwu Ihejirika, acting chief operating officer of Afreximbank’s Caribbean Office, said the proposed Caricom EXIM Bank has already been presented to the Council of Foreign Ministers and is now moving through the regional review process.

“It’s an initiative that is now undergoing review. In fact, it was presented to the Council of Foreign Ministers recently, so very soon we should get it cleared by the heads,” Ihejirika told Observer Online on Wednesday during the Climate Smart Summit in Bridgetown, Barbados.