African Export-Import Bank (Afreximbank) has renewed its memorandum of understanding (MoU) with the African Association of Automotive Manufacturers (AAAM), strengthening collaborative efforts to advance intra-African trade and investment in the continent’s automotive sector.
The partnership agreement was signed during the recently concluded Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria, by Dr. Gainmore Zanamwe, Afreximbank’s Director of Trade Facilitation and Investment Promotion, and Ms. Martina Biene, President of AAAM.
Key Partnership Pillars
The renewed MoU focuses on three strategic areas:
– Regional automotive value chains development
– Automotive financing solutions
– Policy frameworks and capacity building initiatives
Leadership Statements
Speaking during the signing ceremony, Dr. Zanamwe emphasized Afreximbank’s dedication to supporting automotive sector development across Africa.
“This MoU underscores the commitment of Afreximbank and AAAM to strengthen Africa’s industrialisation goals through strategic partnerships. By aligning financial innovation, policy support, and value chain development within the automotive sector, we are fostering a new era of intra-African trade and manufacturing. Our commitment to this initiative demonstrates how Afreximbank’s resources and expertise can transform continental aspirations into tangible economic outcomes,” he stated.
Dr. Zanamwe highlighted that the partnership is expected to catalyze industrialization by promoting local automotive manufacturing, strengthening regional integration, improving trade flows, creating skilled employment opportunities, and reducing Africa’s reliance on second-hand vehicle imports.
Ms. Biene praised the renewed collaboration, stating: “Afreximbank has been a phenomenal partner in our quest to drive growth and industrialisation of the automotive industry on the continent. We are pleased with the renewal of the MoU. Logistics, energy, skills development and financing mechanisms must keep pace with our ambitions. Afreximbank’s leadership is critical in this regard, but so too is the commitment of our governments to invest in infrastructure that connects factories to markets.”
Strategic Framework and Collaborations
The enhanced partnership framework positions AAAM to leverage Afreximbank’s continental reach and trade-promotion expertise. The collaboration will focus on mapping and activating regional value chains, implementing automotive-specific financing solutions, and strengthening national and continental automotive policy environments.
The partnership also envisions collaboration with key continental institutions, including the African Union, the African Continental Free Trade Area (AfCFTA) Secretariat, and the African Organisation for Standardisation (ARSO), to enhance trade facilitation, capacity building, harmonized standards, and mobilization of blended financing.
Looking ahead, Ms. Biene outlined ambitious growth targets: “We must unite with key stakeholders to enable affordable mobility in Africa. The implementation of affordable vehicle and asset financing will unlock the potential the continent has. Despite challenges, the opportunities are immense. With coordinated action, Africa can manufacture at least between 3.5 and 5 million vehicles annually by 2035 – creating jobs for our youth, strengthening local supply chains, and ensuring that the benefits of industrialisation are shared across our continent.”
Africa Automotive Show Highlights
The partnership renewal took place alongside the Africa Automotive Show at IATF2025, which brought together automotive manufacturers, subcontractors, and equipment manufacturers. The event, hosted in collaboration with AAAM, focused on developing regional automotive supply chains across the continent and promoting Africa’s automotive manufacturing potential.
IATF2025, which ran from September 4-10, concluded with remarkable success, attracting over 112,000 visitors from 132 countries and facilitating US$48.3 billion in trade and investment deals. The continental exposition welcomed 2,148 exhibitors.
The Intra-African Trade Fair, organized by Afreximbank, the African Union Commission, and the AfCFTA Secretariat, serves as a unique platform for facilitating trade and investment information exchange to boost intra-African commerce, particularly in support of the African Continental Free Trade Agreement implementation.