BONI, Afreximbank forge partnership to promote renewables, hospitality development on Nevis, Caribbean

BONI, a leading financial intermediary, has inked a significant heads of terms agreement with the African Export-Import Bank (Afreximbank), unveiling a transformative initiative aimed at bolstering sustainable energy access and fostering economic growth in Nevis.

The agreement, totaling US$11 million across two tranches, is poised to empower small and medium-sized enterprises (SMEs) and domestic consumers to embrace renewable energy solutions while catalyzing the development of a landmark hotel project in the Caribbean paradise.

At the heart of this strategic collaboration lies a dual-pronged approach. The first tier of the agreement champions a pioneering ‘Solar-as-a-Service’ model, envisioned to democratize access to solar energy, drive down energy costs for businesses and households, stimulate entrepreneurial endeavors, generate employment opportunities, and contribute to carbon emission reduction targets. This innovative model underscores a concerted effort to make sustainable energy both financially viable and readily available.

In the second phase, the partnership will spearhead the realization of a groundbreaking hotel project along Nevis’s illustrious golden mile, envisaging the creation of approximately 100 jobs and the cultivation of a vibrant hospitality landscape in the region.

Michael J. Prest, Founder of BONI, expressed enthusiasm regarding the collaboration with Afreximbank, emphasizing its potential to unlock a myriad of opportunities and advance shared objectives centered around sustainable development, job creation, and accessible financing in the Caribbean. Prest underscored the critical role of affordable energy and finance in propelling the growth trajectory of small island states, affirming BONI and Afreximbank’s unwavering commitment to empowering businesses and consumers alike through innovative financing solutions and renewable energy initiatives.

The partnership between BONI and Afreximbank not only signals a transformative leap forward for Nevis’s energy landscape and hospitality sector but also serves as a beacon of hope for small island nations worldwide, highlighting the importance of collaborative efforts in fostering resilient and sustainable economies.