South Africa has officially joined the African Export-Import Bank (Afreximbank), marking a significant milestone in strengthening intra-African trade, industrial development and financial sovereignty across the continent.
Source: African Export-Import Bank.
Following parliamentary approval in 2025, the accession formalises a strategic partnership between Africa’s largest multilateral trade finance institution and one of its most industrialised economies.
As the continent’s highest regional contributor to intra-African trade, accounting for 19.1% of the continent’s total trade in 2024, South Africa is uniquely positioned to leverage Afreximbank’s trade infrastructure, expertise and pan-African reach to extend its export relationships across the continent.
“Today we mark a major milestone in our quest to realise what I would call the economic integration of our continent," commented president of South Africa, Cyril Ramaphosa.
"South Africa’s accession to the African Export-Import Bank affirms our commitment to African industrial development and to deepening trade, investment and development across our continent.
"Once finalised, the South African-Afreximbank country programme will be operationalised with a finance package that will initially support a range of strategic projects across the trade and industrial cluster.
"And one of those areas that we are going to focus on with immediate effect is to give muscle to our Transformation Fund, to support black businesses that, by the way, were held back by the apartheid system from being active participants in the economy of our country.”
Following the announcement, both South Africa and Afreximbank resolved to jointly pursue trade and economic development programmes, key among them the South Africa-Africa Trade and Investment Promotion Programme (SATIPP), the Afreximbank Guarantee Programme, the financing of Industrial Parks and Special Economic Zones – not to mention export trading company financing – Project and Asset Based Finance, conventional trade finance, Afreximbank Project Preparation, and financing devised to support the creative and cultural industries, as well as a broad range of advisory services.
Deepening trade partnerships
South Africa becomes the 54th state to accede to the Bank’s Establishment Agreement, which constitutes a historic milestone as the two partners seek to unlock trade opportunities within a global financial architecture that is rapidly fragmenting due to protectionist policies and shifting trade blocks.
To operationalise this partnership, Afreximbank will launch major financial interventions in the country. This includes a new $8bn country programme designed to deepen the South African economy.
These programmes are tailored to expand the Bank’s developmental impact; enhance industrial development and regional supply chains and significantly boost intra-African trade and investment flows. This support is strategically aligned with South Africa’s economic ambitions.
Powering industrial growth
George Elombi, president and chairman of the Board of Directors of Afreximbank hailed South Africa’s membership as a ‘decisive step’ noting: “This affirmation of the membership of South Africa in Afreximbank marks a decisive step towards uniting around the continent’s economic interests, the interests of our mother continent.
South Africa's membership of the Bank, while providing Afreximbank a full continental coverage, brings the country into the heart of Afreximbank's vision and its aspirations to promote the change so much desired in the structure of Africa’s trade.
“I am therefore pleased that together with the South African Department of Trade, Industry and Competition (DTIC), under the leadership of Minister Parks Tau, we have put together what we consider an important package of $8bn for South Africa. The country programme is aligned with South Africa's national development plan 2030 and national industrial and trade priorities, and targets key strategic areas.”
Elombi added that Afreximbank’s current pipeline of projects in South Africa, at different stages of review, exceeds $6bn, spanning healthcare, financial services, manufacturing, energy, industrial and mining sectors.
“For more than 30 years, Afreximbank has demonstrated its own ability, its resilience, its innovative capability but it has more than demonstrated that it has impact," said Ramaphosa.
"This partnership will strengthen in more ways than one South Africa’s ability to support South African exporters, industrial projects and regional value chains while advancing our continent’s progress.”
