The Republic of South Africa has officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), marking a historic step for one of Africa’s largest economies and deepening the country’s financial sovereignty.
South Africa becomes the 54th member of Afreximbank following parliamentary approval in 2025, strengthening the partnership between Africa’s industrial powerhouse and the continent’s leading multilateral financial institution.
As part of the accession, Afreximbank will launch a US$8 billion Country Programme designed to support South Africa’s economic ambitions, enhance industrial development, expand regional supply chains, and boost intra-African trade and investment. The program aligns with South Africa’s National Development Plan 2030 and its industrial and trade priorities.
Dr. George Elombi, President and Chairman of Afreximbank, described South Africa’s membership as a “decisive step toward uniting around the continent’s economic interests,” adding that the bank’s current project pipeline in South Africa exceeds US$6 billion across healthcare, manufacturing, energy, industrial, financial services, and mining sectors.
South African President Cyril Ramaphosa welcomed the accession, emphasizing its role in advancing African economic integration and supporting black-owned businesses through the Transformation Fund. He stated that the partnership would enhance South Africa’s ability to support exporters, industrial projects, and regional value chains while contributing to continental development.
The accession also paves the way for collaborative initiatives, including the South Africa-Africa Trade and Investment Promotion Programme (SATIPP), Afreximbank Guarantee Programme, industrial park and special economic zone financing, project and asset-based finance, and support for creative and cultural industries.
South Africa, responsible for 19.1% of Africa’s total trade in 2024, is expected to leverage Afreximbank’s expertise and pan-African reach to strengthen export relationships across the continent, reinforcing the bank’s mission to advance intra-African trade and economic development.
