South Africa has formally acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), marking a historic expansion of the Bank’s continental footprint and unlocking a US$8 billion Country Programme designed to accelerate South Africa’s industrial development, trade competitiveness, and regional integration.
The accession, announced in Johannesburg, positions South Africa as the 54th member state of Afreximbank and brings Africa’s most industrialised economy fully into the Bank’s pan-African trade finance and development ecosystem. The move follows approval by the South African Parliament in 2025 and reflects a strategic recalibration as African economies seek greater financial sovereignty amid a fragmenting global trade and financial order.
A strategic alignment between Africa’s industrial powerhouse and its trade finance anchor
The partnership was formally sealed by Cyril Ramaphosa, President of the Republic of South Africa, and George Elombi, President and Chairman of Afreximbank, during an accession signing ceremony that also unveiled the scale and ambition of the new Country Programme.
Afreximbank’s US$8 billion commitment will be deployed through a suite of tailored financial instruments aimed at deepening South Africa’s economy, strengthening industrial capacity, and expanding intra-African trade flows. The programme is aligned with South Africa’s National Development Plan 2030 and national industrial and trade priorities, with a strong emphasis on manufacturing, regional value chains, export expansion, and inclusive economic participation.
South Africa currently accounts for 19.1% of intra-African trade, making it the continent’s largest contributor. Afreximbank’s leadership views the country as uniquely positioned to act as a continental production, logistics, and export hub — a role the new programme is designed to amplify.
Afreximbank: completing full continental coverage
Speaking at the ceremony, Dr. Elombi described South Africa’s accession as a decisive moment for Africa’s economic integration.
He noted that South Africa’s entry completes Afreximbank’s full continental coverage, strengthening the Bank’s mandate to reshape the structure of Africa’s trade by promoting value addition, industrialisation, and South-South commerce.
Beyond the announced Country Programme, Afreximbank disclosed that its current project pipeline in South Africa exceeds US$6 billion, spanning healthcare, financial services, manufacturing, energy, mining, and industrial infrastructure — sectors critical to both domestic growth and regional supply chains.
Financing Africa’s industrial future, from South Africa outward
President Ramaphosa framed the accession as a milestone in Africa’s long-standing quest for deeper economic integration.
He emphasised that Afreximbank’s financing will immediately support strategic projects across South Africa’s trade and industrial clusters, including targeted backing for the country’s Transformation Fund, aimed at empowering black-owned businesses historically excluded from full economic participation during apartheid.
According to President Ramaphosa, Afreximbank’s three-decade track record of resilience, innovation, and impact makes it a natural partner as South Africa seeks to expand exports, strengthen regional value chains, and play a more assertive role in shaping Africa’s economic future.
A broad suite of trade and development instruments
Following the accession, South Africa and Afreximbank have agreed to jointly pursue a wide range of trade and development initiatives, including:
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 financing Project and asset-based finance Conventional trade finance Project preparation facilities Dedicated financing for creative and cultural industries Advisory services supporting trade, industrial policy, and investment structuring
These instruments are intended not only to support South African firms, but also to catalyse cross-border trade, investment, and industrial collaboration across the continent, reinforcing the objectives of the African Continental Free Trade Area (AfCFTA).
A signal moment for African financial sovereignty
South Africa’s accession comes at a time when African institutions are increasingly asserting agency over their development financing, trade architecture, and strategic assets. By joining Afreximbank and anchoring a multibillion-dollar programme within its economy, South Africa signals confidence in African-led multilateral solutions to Africa’s development challenges.
For Afreximbank, the partnership reinforces its position as the continent’s central trade finance institution — one capable of mobilising capital at scale, supporting industrial transformation, and advancing Africa’s long-term economic sovereignty in an increasingly uncertain global environment.
