South Africa has formally acceded to the African Export–Import Bank (Afreximbank), a move President Cyril Ramaphosa described as a historic milestone in the country’s push to deepen African economic integration, industrial development and intra‑continental trade.
The accession, signed on Wednesday in Johannesburg, makes South Africa the 54th country to accede to Afreximbank’s Establishment Agreement and cements a strategic partnership aimed at strengthening regional value chains and expanding Africa‑wide industrial capacity.
“South Africa’s accession to the Africa Export Import Bank affirms our commitment to African industrial development and to deepening trade, investment and development across the continent,” President Cyril Ramaphosa said.
The agreement follows parliament’s approval in 2025 and elevates South Africa to Class A Shareholder status.
Afreximbank will now roll out an US$8‑billion country programme designed to support industrialisation, export diversification, infrastructure development and transformation initiatives.
The bank’s current project pipeline in South Africa already exceeds US$6 billion across sectors such as healthcare, manufacturing, mining, energy and financial services.
Afreximbank president George Elombi hailed South Africa’s entry as a “decisive step” towards aligning the continent around shared economic interests, saying the new financing package is tailored to national development priorities and the country’s 2030 industrial strategy.
“South Africa’s membership of the Bank, while providing Afreximbank a full continental coverage, brings the country into the heart of Afreximbank’s vision and its aspirations to promote the change so much desired in the structure of Africa’s trade,” Elombi said.
South Africa, which accounted for 19.1 percent of intra‑African trade in 2024, is expected to leverage Afreximbank’s trade‑finance instruments to expand its continental export footprint.
The partnership will also support small businesses, black industrialists, and women‑ and youth‑owned firms through the Inclusive Development Support Programme.
Both parties will jointly pursue a suite of initiatives, including the South Africa–Africa Trade and Investment Promotion Programme, financing for industrial parks and special economic zones, project preparation, export‑trading support and advisory services.
The accession also brings South Africa closer to establishing its own Export–Import Bank in collaboration with Afreximbank.
JN/APA
