The Republic of South Africa has officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), marking a major milestone in the country’s integration into Africa’s leading multilateral financial institution and reinforcing efforts toward greater continental financial sovereignty.
The accession follows the South African Parliament’s approval in 2025, formalising a strategic partnership between Afreximbank and one of Africa’s largest and most industrialised economies.
With the move, South Africa becomes the 54th state to join the Bank, a development seen as critical as African economies navigate a rapidly shifting global financial and trade landscape marked by protectionism and realigned trade blocs.
To operationalise the partnership, Afreximbank announced a new US$8 billion Country Programme for South Africa aimed at deepening economic growth, strengthening industrial development, supporting regional supply chains, and significantly boosting intra-African trade and investment. The programme is aligned with South Africa’s national development priorities and long-term economic ambitions.
South Africa is currently the continent’s largest regional contributor to intra-African trade, accounting for 19.1 per cent of total trade in 2024. This position places the country in a strong position to leverage Afreximbank’s trade finance infrastructure, technical 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 toward advancing Africa’s shared economic interests.
“This affirmation of the membership of South Africa in Afreximbank marks a decisive step towards uniting around the continent’s economic interests,” Dr Elombi said. “South Africa’s membership provides Afreximbank with full continental coverage while bringing the country into the heart of our vision to transform the structure of Africa’s trade.”
Dr Elombi noted that the US$8 billion country programme, developed in collaboration with the Department of Trade, Industry and Competition under the leadership of Minister Parks Tau, is aligned with South Africa’s National Development Plan 2030 and targets key strategic sectors.
He added that Afreximbank’s current project pipeline in South Africa exceeds US$6 billion, covering healthcare, financial services, manufacturing, energy, industrial development, and mining.
President Cyril Ramaphosa welcomed the accession, describing it as a significant step toward deeper continental 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 added that the country programme will initially support a range of strategic projects within the trade and industrial cluster, including strengthening the Transformation Fund to support black-owned businesses historically excluded from meaningful economic participation.
The President further highlighted Afreximbank’s track record over more than three decades, citing its resilience, innovation, and measurable impact across the continent.
He said the partnership would enhance South Africa’s ability to support exporters, industrial projects, and regional value chains while advancing Africa’s broader development agenda.
Following the accession, South Africa and Afreximbank agreed to jointly pursue a range of trade and economic development initiatives. These include the South Africa–Africa Trade and Investment Promotion Programme, 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 targeted financing for the creative and cultural industries, alongside a broad suite of advisory services.