South Africa has officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), becoming the 54th African state to join the multilateral financial institution and marking a major milestone in the country’s push for deeper continental trade and financial integration.
The accession follows approval by the South African Parliament in 2025 and formalises a strategic partnership between Afreximbank and one of Africa’s largest and most industrialised economies. The move comes amid growing global trade fragmentation, with both parties aiming to unlock new trade and investment opportunities within Africa and strengthen regional economic sovereignty.
US$8 billion Country Programme
To operationalise the partnership, Afreximbank announced the launch of a US$8 billion Country Programme for South Africa, designed to support industrial development, strengthen regional supply chains and significantly boost intra-African trade and investment flows. The programme is aligned with South Africa’s National Development Plan 2030 and national industrial and trade priorities.
Afreximbank President and Chairman of the Board, Dr George Elombi, described South Africa’s accession as a “decisive step” toward advancing Africa’s economic interests, noting that the Bank’s current project pipeline in South Africa already exceeds US$6 billion, spanning healthcare, financial services, manufacturing, energy, mining and industrial sectors.
South Africa is currently the largest contributor to intra-African trade, accounting for 19.1 per cent of the continent’s total trade in 2024, positioning it to leverage Afreximbank’s trade infrastructure, financing tools and pan-African reach to expand exports across the continent.
President Cyril Ramaphosa, welcoming the development, said South Africa’s membership of Afreximbank reinforces its commitment to African industrialisation, trade integration and inclusive growth. He added that the Country Programme would initially support strategic projects across the trade and industrial sectors, with a strong focus on strengthening the Transformation Fund to support black-owned businesses.
Following the accession, both parties said they would jointly pursue a range of trade and development initiatives, including the South Africa-Africa Trade and Investment Promotion Programme (SATIPP), financing for industrial parks and special economic zones, export trading company support, project and asset-based finance, and tailored funding for the creative and cultural industries.
