St. Kitts and Nevis Signs $300 Million Agreement with EXIM Bank to Propel Strategic Development

In a landmark move to bolster economic growth and sustainability, the Export-Import Bank of the United States (EXIM) has signed a $300 million Memorandum of Understanding (MOU) with the Government of St. Kitts and Nevis. The agreement, formalised on 25th November 2024, aims to finance critical development projects in sectors such as renewable energy, infrastructure, cybersecurity, and critical minerals.

The signing ceremony took place at the U.S. Embassy in Bridgetown, Barbados, with EXIM President and Chair, Reta Jo Lewis, and St. Kitts and Nevis Prime Minister, Dr. Terrance Drew, leading the occasion. U.S. Ambassador to Barbados and the Eastern Caribbean, Roger Nyhus, hosted the event, underscoring the United States’ commitment to fostering regional partnerships.

The MOU identifies priority sectors aligned with St. Kitts and Nevis’ Sustainable Island State Agenda, focusing on climate resilience, energy security, digital connectivity, and social development. Through medium- and long-term financing options, EXIM seeks to empower St. Kitts and Nevis to modernise infrastructure, enhance technological capacity, and strengthen resilience to climate change.

EXIM President Reta Jo Lewis remarked on the agreement’s significance, stating, “This MOU underscores the United States’ deepening partnership with St. Kitts and Nevis and the Eastern Caribbean. Together, we aim to create new business opportunities and foster sustainable development, benefiting both nations.”

Prime Minister Dr. Drew highlighted the transformative potential of the collaboration, calling it a milestone in the nation’s economic evolution. “This agreement supports our vision of building a resilient, sustainable economy while advancing key sectors such as renewable energy and infrastructure,” he said.

The MOU extends until November 2026 and represents an expansion of the long-standing relationship between EXIM and St. Kitts and Nevis, which has facilitated over $23 million in transactions since 1991. It is expected to drive job creation, economic diversification, and improved infrastructure while strengthening ties between the U.S. and the Caribbean.

By leveraging U.S. exports and financing, the partnership is set to enhance the quality of life for citizens of St. Kitts and Nevis while contributing to broader regional development goals.