South Africa has strengthened its partnership with the African Export-Import Bank (Afreximbank) after signing a US$14 billion Country Programme that will support industrial development, infrastructure investment, regional trade and economic inclusion. The agreement, signed in Alamein, Egypt, marks a major milestone in the country’s efforts to accelerate industrialisation while expanding its role in the African Continental Free Trade Area (AfCFTA).
The Memorandum of Understanding (MoU) was signed by Afreximbank President Dr. George Elombi and South Africa’s Minister of Trade, Industry and Competition, Parks Tau. It follows South Africa’s accession to the Establishment Agreement of Afreximbank in February 2026, strengthening cooperation between the country and the pan-African financial institution.
Multi-Billion Dollar Programme Targets Strategic Industries
The new Country Programme will combine financing with technical and advisory support to advance South Africa’s economic priorities. Investment will be directed towards strategic sectors including industrial infrastructure, energy generation and transmission, mineral beneficiation, agricultural processing and other projects that strengthen the country’s industrial competitiveness.
According to Afreximbank, the programme is designed to unlock investment flows into sectors that can add greater value to South Africa’s mineral and agricultural resources while expanding exports and creating new economic opportunities. The agreement also supports stronger regional integration by helping South African businesses expand into African markets under the African Continental Free Trade Area (AfCFTA). Officials believe improved access to finance and stronger industrial capacity will allow local companies to compete more effectively across the continent while contributing to regional value chains.
Speaking after the signing ceremony, Dr. George Elombi described the agreement as an important step in strengthening cooperation between Afreximbank and South Africa. He said the programme would support industrial development, increase trade with the rest of Africa, encourage South African investment across the continent and promote greater financial inclusion.
Inclusive Development Programme Backed by $3 Billion
A key feature of the partnership is the Afreximbank Inclusive Development Support Programme for South Africa, under which the bank has earmarked US$3 billion to address structural economic challenges and improve access to finance for historically disadvantaged groups.
The programme is intended to help individuals and businesses build productive assets, participate more actively in strategic industries and contribute to more inclusive economic growth. Officials said the initiative supports broader efforts to expand opportunities while reducing barriers that continue to limit participation in the economy.
Minister Parks Tau said the partnership goes beyond financing by creating practical mechanisms that strengthen regional value chains and improve cross-border trade within Africa. He noted that the agreement supports implementation of the AfCFTA by addressing obstacles that continue to affect the movement of goods, services and capital between African countries.
The Minister added that stronger regional integration will improve South Africa’s competitiveness while opening new opportunities for businesses operating across the continent.
Partnership Extends Beyond Financing
The agreement includes several additional areas of cooperation aimed at supporting South Africa’s long-term development objectives. These include the relaunch of the South Africa-Africa Trade and Investment Promotion Programme (SATIPP) 2.0, as well as technical, operational and financial support for the establishment of a South Africa Exim Bank.
Both parties will also collaborate on project preparation, industrial park development and the expansion of Special Economic Zones (SEZs). The partnership further includes co-financing for energy projects, including renewable energy initiatives, support for mineral beneficiation and the provision of institutional capacity-building, technical assistance and advisory services.
Officials said the Country Programme has been aligned with South Africa’s National Development Plan (NDP) 2030, the Medium-Term Development Plan (2024–2029), the Growth and Inclusion (GAIN) Implementation Plan, and the country’s industrial and trade strategies.
By combining large-scale financing with technical expertise and long-term institutional support, the partnership is expected to strengthen South Africa’s industrial base, encourage sustainable investment and deepen economic integration across Africa. Government believes the programme will help create new jobs, improve infrastructure, support value-added manufacturing and position South Africa as a stronger driver of regional economic growth.
