South Africa joins Afreximbank, unveils $8bn financing programme

South Africa has formally joined the African Export-Import Bank (Afreximbank), marking a significant step in the country’s engagement with continental trade finance and economic integration, while unveiling an $8 billion financing programme tied to the accession.

The move was announced in Johannesburg on February 4 after the country acceded to the bank’s Establishment Agreement, becoming the 54th member state. 

The decision follows approval by South Africa’s parliament in 2025, paving the way for participation in the multilateral lender focused on supporting intra-African trade and industrialisation.

Afreximbank said the membership extends its coverage across the continent and positions South Africa, one of Africa’s largest economies, to deepen trade and investment links within a global trading system increasingly shaped by shifting alliances and protectionist policies.

As part of the partnership, the bank plans to launch a country programme worth $8 billion aimed at strengthening industrial development, regional supply chains and trade flows. 

The initiative aligns with South Africa’s national development and trade priorities and is intended to expand the institution’s developmental footprint in the country.

South Africa already plays a major role in continental commerce, accounting for 19.1% of intra-African trade in 2024, according to the announcement. 

Afreximbank officials said this position could allow the country to leverage the bank’s financial infrastructure to widen export relationships across Africa.

Afreximbank President George Elombi described the accession as a “decisive step” toward advancing continental economic interests and noted that the bank has a project pipeline in South Africa exceeding $6 billion across sectors, including healthcare, manufacturing, energy and mining.

South African President Cyril Ramaphosa framed the development as part of broader regional integration efforts, saying the financing package would support strategic trade and industrial initiatives and bolster programmes such as the country’s Transformation Fund targeting historically disadvantaged businesses.

Both sides also indicated they would pursue joint initiatives, including trade and investment promotion programmes, financing for industrial parks and special economic zones, project and asset-based lending, and support for creative industries and advisory services.

Afreximbank, headquartered in Cairo, is a pan-African multilateral institution established to finance and promote trade within and beyond the continent. 

By the end of 2024, it reported total assets and contingencies exceeding $40 billion.