The Republic of South Africa has formally acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), marking a landmark moment in the country’s integration into Africa’s leading multilateral financial institution and strengthening continental economic unity.
The accession, which follows the historic approval by the South African Parliament in 2025, makes South Africa the 54th member state of Afreximbank. The move is widely regarded as a major step toward deeper financial sovereignty and enhanced intra-African trade, particularly at a time when global trade is increasingly fragmented by protectionism and shifting geopolitical alignments.
To operationalise the new partnership, Afreximbank has committed to launching a US$8 billion Country Programme specifically tailored for South Africa. The initiative is designed to deepen industrial development, strengthen regional supply chains, boost intra-African trade and investment flows, and align closely with South Africa’s national development priorities, including the National Development Plan 2030 and key industrial and trade objectives.
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South Africa, already the continent’s largest contributor to intra-African trade (accounting for 19.1% of total continental trade in 2024), is expected to leverage Afreximbank’s extensive trade infrastructure, financing expertise, and pan-African network to expand its export footprint across the continent.
Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, described the accession as a “decisive step” toward uniting the continent around shared economic interests.
“South Africa’s membership brings the country into the heart of Afreximbank’s vision to fundamentally transform the structure of Africa’s trade,” Dr Elombi said. He confirmed that the US$8 billion Country Programme has been developed in close collaboration with South Africa’s Department of Trade, Industry and Competition (DTIC), led by Minister Parks Tau, and targets strategic sectors including healthcare, financial services, manufacturing, energy, industrial development, and mining. He added that Afreximbank’s current pipeline of projects in South Africa already exceeds US$6 billion across various stages of review.
President Cyril Ramaphosa of South Africa hailed the partnership as a major milestone in the continent’s journey toward economic integration.
“South Africa’s accession to Afreximbank affirms our commitment to African industrial development and to deepening trade, investment and development across our continent,” President Ramaphosa stated. He highlighted that the Country Programme will provide immediate support to strategic projects across the trade and industrial cluster, with a particular focus on strengthening the Transformation Fund to empower black-owned businesses historically disadvantaged by apartheid.
“For more than 30 years, Afreximbank has demonstrated resilience, innovation, and real impact,” President Ramaphosa added. “This partnership will significantly enhance South Africa’s ability to support our exporters, industrial projects, and regional value chains while advancing the progress of our continent.”
Both parties have agreed to collaborate on a suite of high-impact initiatives designed to accelerate trade, investment, and industrial development across Africa. Central to the partnership is the joint pursuit of the South Africa-Africa Trade and Investment Promotion Programme (SATIPP), alongside the Afreximbank Guarantee Programme, which will help de-risk transactions and unlock greater capital flows.
The cooperation will also prioritise financing for industrial parks and Special Economic Zones, support for export trading companies, and the deployment of project- and asset-based financing structures. In addition, the partnership will extend to the provision of conventional trade finance instruments, project preparation facilities, and tailored financial solutions to strengthen bankable projects across key sectors. Notably, the collaboration will include targeted support for the creative and cultural industries, recognising their growing contribution to economic diversification and employment.
Complementing these financial interventions, both parties will offer a broad range of advisory services aimed at strengthening institutional capacity, improving project viability, and accelerating execution. Together, the accession and its accompanying financial package are expected to significantly strengthen South Africa’s position as a catalyst for continental industrialisation and intra-African trade, while advancing Afreximbank’s strategic objective of achieving full continental coverage and delivering measurable development impact across Africa.
