South Africa Joins Afreximbank, Unlocks $8 Billion Trade and Industry Boost

The Republic of South Africa has officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), marking a major milestone in Africa's journey towards deeper financial sovereignty and economic integration. With this move, South Africa becomes the 54th African state to join Afreximbank, bringing one of the continent's largest and most industrialised economies into the Bank's membership.

The accession follows the historic approval by the South African Parliament in 2025 and cements a strategic partnership between Africa's leading multilateral financial institution and its industrial powerhouse. The development comes at a time when global trade is increasingly shaped by protectionism and shifting economic blocs, underscoring the importance of strong African-led financial architecture.

$8 Billion Country Programme for South Africa

To operationalise the partnership, Afreximbank will roll out a new US$8 billion Country Programme for South Africa. The programme is designed to deepen the country's economic capacity, expand industrial development, strengthen regional supply chains and significantly boost intra-African trade and investment flows.

The interventions are aligned with South Africa's National Development Plan 2030 and national industrial and trade priorities, targeting strategic sectors that can drive inclusive growth and regional value chain integration.

In addition, Afreximbank's current pipeline of projects in South Africa exceeds US$6 billion, spanning healthcare, financial services, manufacturing, energy, industrial development and mining.

Strengthening Intra-African Trade

South Africa is the continent's highest regional contributor to intra-African trade, accounting for 19.1% of Africa's total intra-African trade in 2024. Membership of Afreximbank positions the country to leverage the Bank's trade finance instruments, infrastructure and pan-African reach to expand export relationships across the continent.

The partnership is expected to further enhance South Africa's role as a gateway for trade, investment and industrial collaboration across Africa.

Afreximbank: A Decisive Step for Continental Unity

Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, described South Africa's accession as a "decisive step" towards uniting Africa around its shared economic interests.

"This affirmation of South Africa's membership marks a decisive step towards bringing the country into the heart of Afreximbank's vision to transform the structure of Africa's trade," Dr. Elombi said.He added that the US$8 billion Country Programme, developed in partnership with South Africa's Department of Trade, Industry and Competition (DTIC) under the leadership of Minister Parks Tau, targets key strategic areas to drive industrialisation and trade-led growth.

President Ramaphosa Hails Milestone for African Integration

Welcoming the development, President of the Republic of South Africa, H.E. Cyril Ramaphosa, said the accession represents a major milestone in Africa's economic integration.

"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," President Ramaphosa said.

He noted that the Country Programme would initially support strategic projects across trade and industrial clusters, with a special focus on strengthening South Africa's Transformation Fund to support black-owned businesses that were historically excluded from economic participation.

"For more than 30 years, Afreximbank has demonstrated resilience, innovation and impact. This partnership will strengthen South Africa's ability to support exporters, industrial projects and regional value chains while advancing Africa's progress," he added.

Wide-Ranging Trade and Development Initiatives

Following the accession, South Africa and Afreximbank have agreed to jointly pursue a range of trade and economic development initiatives. These include the South Africa–Africa Trade and Investment Promotion Programme (SATIPP), the Afreximbank Guarantee Programme, financing for Industrial Parks and Special Economic Zones, export trading company finance, project and asset-based finance, conventional trade finance, project preparation support, and targeted financing for the creative and cultural industries.

The partnership also includes a broad suite of advisory services aimed at strengthening South Africa's integration into Africa's evolving trade and investment landscape.