Breaking news:South Africa joins Afreximbank, launches $8 billion Country Programme

South Africa has officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), becoming the 54th member state of the continent’s leading multilateral financial institution. 

This accession, formalised on 4th February 2026 following parliamentary approval in 2025, is a strategic milestone in the partnership between Africa’s largest economy and Afreximbank. The move is expected to enhance South Africa’s financial sovereignty and deepen its integration within Africa’s evolving trade and financial architecture.

$8 billion Country Programme to drive economic growth

To operationalise this partnership, Afreximbank will launch a comprehensive $8 billion Country Programme tailored to support South Africa’s economic ambitions. 

The programme aims to stimulate industrial development, strengthen regional supply chains, and significantly increase intra-African trade and investment flows. It aligns with South Africa’s National Development Plan 2030 and national industrial and trade priorities.

As the continent’s highest regional contributor to intra-African trade, accounting for 19.1% of total trade in 2024, South Africa is uniquely positioned to leverage Afreximbank’s trade infrastructure, expertise, and pan-African reach. This partnership is expected to expand South Africa’s export relationships across the continent and enhance its role as a regional economic leader.

Strategic sectors and project pipeline

Dr George Elombi, President and Chairman of Afreximbank’s Board, described South Africa’s membership as a decisive step towards uniting Africa’s economic interests. He noted that Afreximbank’s current pipeline of projects in South Africa, at various stages of review, exceeds US$6 billion and spans healthcare, financial services, manufacturing, energy, and the industrial and mining sectors. 

Adding to this, he quoted, “This affirmation of the membership of South Africa in Afreximbank marks a decisive step towards uniting around the continent’s economic interests, the interests of our mother continent. 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.

“I am therefore pleased that together with the South African Department of Trade, Industry and Competition (DTIC), under the leadership of Hon. Minister Parks Tau, we have put together what we consider an important package of US$8 billion for South Africa. The country programme is aligned with South Africa’s national development plan 2030 and national industrial and trade priorities, and targets key strategic areas,” he added.

President of the Republic of South Africa, H.E. Cyril Ramaphosa, said, “Today we mark a major milestone in our quest to realise what I would call the economic integration of our continent. South Africa’s accession to the African Export-Import Bank affirms our commitment to African industrial development and to deepening trade, investment and development across our continent. Once finalised, the South African-Afreximbank Country programme will be operationalised with a finance package that will initially support a range of strategic projects across the trade and industrial cluster. And one of those areas that we are going to focus on with immediate effect is to give muscle to our Transformation Fund, to support black businesses who, by the way, were held back by the apartheid system from being active participants in the economy of our country.”

“For more than 30 years, Afreximbank has demonstrated its own ability, its resilience, its innovative capability but it has more than that demonstrated that it has impact. This partnership will strengthen in more ways than one South Africa’s ability to support South African exporters, industrial projects and regional value chains while advancing our continent’s progress,” he further added.

Joint trade and development initiatives

South Africa and Afreximbank have committed to jointly pursue various trade and economic development programmes. These include the South Africa-Africa Trade and Investment Promotion Programme (SATIPP), the Afreximbank Guarantee Programme, financing for Industrial Parks and Special Economic Zones, financing for export trading companies, project- and asset-based finance, conventional trade finance, project preparation, and support for creative and cultural industries. 

Advisory services will also be provided to enhance capacity and impact. Overall, this partnership will strengthen South Africa’s economic position on the continent while contributing to broader African economic integration amid a challenging global trade environment.