South Africa Joins Afreximbank, Announces US$8bn Support Programme
South Africa has formally acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), becoming the 54th African state to join the continent’s leading multilateral financial institution in a move described as a major milestone for Africa’s economic integration and financial sovereignty.
The accession follows approval by the South African Parliament in 2025 and cements a strategic partnership between Afreximbank and one of Africa’s largest and most industrialised economies. The development comes at a time when global trade is increasingly shaped by protectionism and shifting economic blocs, placing renewed emphasis on strengthening intra-African trade and cooperation.
To operationalise the partnership, Afreximbank has announced a new US$8 billion South Africa Country Programme aimed at deepening industrial development, strengthening regional supply chains and significantly expanding intra-African trade and investment flows. The programme is aligned with South Africa’s National Development Plan 2030 and its industrial and trade priorities.
South Africa is currently Africa’s largest regional contributor to intra-African trade, accounting for 19.1 per cent of the continent’s total trade in 2024. Membership of Afreximbank is expected to enable the country to further leverage the Bank’s trade finance instruments, development expertise and pan-African reach to expand its export footprint across the continent.
Afreximbank President and Chairman of the Board of Directors, Dr George Elombi, described South Africa’s accession as a “decisive step” towards advancing the continent’s shared economic interests.
“This affirmation of South Africa’s membership marks a decisive step towards uniting around the economic interests of our mother continent,” Dr Elombi said. “South Africa’s membership provides Afreximbank with full continental coverage while bringing the country into the heart of the Bank’s vision to transform the structure of Africa’s trade.”
He noted that the US$8 billion country programme, developed in collaboration with South Africa’s Department of Trade, Industry and Competition (DTIC) under the leadership of Minister Parks Tau, targets key strategic sectors. Dr Elombi added that Afreximbank’s current project pipeline in South Africa exceeds US$6 billion, spanning healthcare, financial services, manufacturing, energy, industrial development and mining.
Welcoming the development, President of the Republic of South Africa, H.E. Cyril Ramaphosa, said the accession marked a major milestone in Africa’s integration agenda.
“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 a range of strategic projects in the trade and industrial sectors, including strengthening South Africa’s Transformation Fund to support black-owned businesses historically excluded from full participation in the economy.
President Ramaphosa also praised Afreximbank’s track record, saying the institution had demonstrated resilience, innovation and tangible impact over more than three decades. He said the partnership would strengthen South Africa’s capacity to support exporters, industrial projects and regional value chains, while contributing to Africa’s broader development objectives.
Following the announcement, South Africa and Afreximbank committed to jointly pursuing 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 financing, project and asset-based finance, conventional trade finance, and project preparation facilities.
The partnership will also extend support to the creative and cultural industries, alongside a suite of advisory services designed to enhance competitiveness, industrialisation and sustainable growth across the continent.
South Africa’s entry into Afreximbank is widely seen as a significant boost to Africa’s efforts to build resilient, integrated and self-sustaining trade and financial systems under the African Continental Free Trade Area (AfCFTA) framework.
