South Africa has formally become a member of the African Export-Import Bank (Afreximbank), in a move aimed at boosting intra-African trade, industrial growth and financial independence across the continent. The accession follows parliamentary approval in 2025 and establishes a strategic alliance between Africa’s largest multilateral trade finance institution and one of its most industrialised economies.
As Africa’s largest contributor to regional trade, accounting for 19.1% of total intra-African trade in 2024, South Africa is expected to benefit from Afreximbank’s trade infrastructure, expertise and continent-wide network to broaden its export footprint.
President Cyril Ramaphosa described the move as a major step towards advancing Africa’s economic integration, saying it reinforces South Africa’s commitment to industrial development and expanded trade and investment across the continent. He added that once finalised, a joint country programme between South Africa and Afreximbank would roll out financing to support strategic projects in trade and industry. The initiative will also prioritise strengthening the country’s Transformation Fund to support Black-owned businesses that were historically excluded from economic participation.
Following the announcement, South Africa and Afreximbank agreed to collaborate on several trade and economic development initiatives. These include the South Africa-Africa Trade and Investment Promotion Programme (SATIPP), Afreximbank’s Guarantee Programme, financing for industrial parks and special economic zones, export trading company funding, project and asset-based finance, traditional trade financing, project preparation support, funding for creative and cultural industries, and advisory services.
South Africa becomes the 54th country to join Afreximbank’s Establishment Agreement, marking a significant milestone as both parties aim to unlock new trade opportunities amid a shifting global financial environment influenced by rising protectionism and changing trade alliances.
To support the partnership, Afreximbank plans to introduce major financing initiatives in South Africa, including an $8bn country programme designed to strengthen economic development. The programme is intended to enhance industrial expansion, strengthen regional supply chains and increase intra-African trade and investment, in line with South Africa’s economic priorities.
Afreximbank President and Chairman George Elombi described South Africa’s membership as a crucial step toward advancing the continent’s shared economic interests. He noted that the partnership brings South Africa into the centre of Afreximbank’s efforts to reshape Africa’s trade landscape. Elombi also said the $8bn programme, developed in collaboration with South Africa’s Department of Trade, Industry and Competition, aligns with the country’s National Development Plan 2030 and focuses on key strategic sectors.
He added that Afreximbank currently has a project pipeline in South Africa exceeding $6bn across sectors such as healthcare, financial services, manufacturing, energy, industrial development and mining.
Ramaphosa said the partnership would strengthen South Africa’s capacity to support exporters, industrial initiatives and regional value chains, while contributing to broader continental economic progress.
Click here for more on Banking
