By Ayomide Otitoju
The Republic of South Africa has officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), marking the formal entry of one of Africa’s largest economies into the membership of the continent’s leading multilateral financial institution.
The accession follows the South African Parliament’s approval of the move in 2025, sealing a strategic partnership between Afreximbank and Africa’s most industrialised economy. With the development, South Africa becomes the 54th African state to join the Bank, a milestone seen as critical to strengthening financial sovereignty and expanding intra-African trade amid a rapidly fragmenting global financial system.
To operationalise the partnership, Afreximbank announced plans to roll out major financial interventions in South Africa, including a new $8 billion Country Programme aimed at deepening economic development. The programme is designed to boost industrialisation, strengthen regional supply chains, and significantly increase intra-African trade and investment, in line with South Africa’s economic priorities.
South Africa, which accounted for 19.1 per cent of Africa’s total intra-African trade in 2024, is expected to leverage Afreximbank’s trade finance infrastructure, expertise and pan-African reach to expand its export footprint across the continent.
President and Chairman of the Board of Directors of Afreximbank, Dr. George Elombi, described South Africa’s accession as a decisive step towards consolidating Africa’s economic interests.
“This affirmation of South Africa’s membership marks a decisive step towards uniting around the economic interests of our continent,” Elombi said. “While providing Afreximbank with full continental coverage, South Africa’s membership brings the country into the heart of the Bank’s vision to transform the structure of Africa’s trade.”
He disclosed that, in collaboration with South Africa’s Department of Trade, Industry and Competition (DTIC), Afreximbank has developed an $8 billion country package aligned with South Africa’s National Development Plan 2030 and its industrial and trade priorities. According to him, Afreximbank’s current project pipeline in South Africa exceeds $6 billion, spanning sectors such as healthcare, financial services, manufacturing, energy, industrial development and mining.
Commenting on the development, President of South Africa, Cyril Ramaphosa, described the accession as a major milestone in advancing 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,” Ramaphosa said.
He noted that the forthcoming South Africa-Afreximbank Country Programme would initially support strategic projects within the trade and industrial sectors, with particular emphasis on strengthening the country’s Transformation Fund to support black-owned businesses historically excluded from economic participation.
President Ramaphosa also praised Afreximbank’s track record over the past three decades, citing its resilience, innovation and impact, and expressed confidence that the partnership would enhance South Africa’s capacity to support exporters, industrial projects and regional value chains.
Following the accession, South Africa and Afreximbank agreed to jointly pursue a range of trade and development initiatives, including 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, project preparation support, and funding for the creative and cultural industries, alongside advisory services.
