South Africa has acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), becoming the multilateral lender's 54th member state.
- •Among the financial plans to operationalise partnership is a new US$8 billion Country Programme designed to deepen the South African economy.
- •Afreximbank’s current pipeline of projects in South Africa, exceeds US$6 billion, spanning healthcare, financial services, manufacturing, energy, industrial and mining sectors.
- •At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion.
"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,” Cyril Ramaphosa, President of the Republic of South Africa, said.
South Africa and Afreximbank have resolved to pursue trade and economic development programmes, key among them the South Africa-Africa Trade and Investment Promotion Programme (SATIPP), the Afreximbank Guarantee Programme, the financing of Industrial Parks and Special Economic Zones, Project and Asset Based Finance, conventional trade finance, Afreximbank Project Preparation, and financing devised to support the creative and cultural industries, as well as a broad range of advisory services.
"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," Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank.
