{"id":64006,"date":"2026-02-04T18:30:09","date_gmt":"2026-02-04T18:30:09","guid":{"rendered":"https:\/\/www.europesays.com\/africa\/64006\/"},"modified":"2026-02-04T18:30:09","modified_gmt":"2026-02-04T18:30:09","slug":"south-africa-joins-afreximbank-announces-8-billion-country-programme","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/africa\/64006\/","title":{"rendered":"South Africa joins Afreximbank, announces $8 billion country programme"},"content":{"rendered":"

The Republic of South Africa, on Tuesday,officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), Africa\u2019s leading multilateral financial institution, heralding deeper financial sovereignty.<\/p>\n

A statement by Vincent Musumba, communications and events manager, Afreximbank, said the accession followed the South African Parliament\u2019s historic approval of the accession in 2025.<\/p>\n

Mr Musumba said the accession would cement a strategic partnership between Africa\u2019s leading multilateral bank and the continent\u2019s industrial powerhouse.<\/p>\n

He said South Africa became the 54th state to accede to the bank\u2019s Establishment Agreement.<\/p>\n

\u201cThis constitutes a historic milestone as the two partners seek to unlock trade opportunities within a global financial architecture that is rapidly fragmenting due to protectionist policies and shifting trade blocks,\u201d he said.<\/p>\n

Mr Musumba said to operationalise the partnership, Afreximbank would unveil major financial interventions in the country.<\/p>\n

He said the intervention included a new $8 billion country programme designed to deepen the South African economy.<\/p>\n

Mr Musumba said these programmes were tailored to expand the bank\u2019s developmental impact, enhance industrial development and regional supply chains and significantly boost intra-African trade and investment flows.<\/p>\n

\u201cThis support is strategically aligned with South Africa\u2019s economic ambitions.<\/p>\n

\u201cAs the continent\u2019s highest regional contributor to intra-African trade, accounting for 19.1 per cent of the continent\u2019s total trade in 2024, South Africa is uniquely positioned to leverage Afreximbank\u2019s trade infrastructure.<\/p>\n

\u201cSouth Africa will also leverage the bank\u2019s expertise and pan-African reach to extend its export relationships across the continent,\u201d he added.<\/p>\n

Meanwhile, George Elombi, president and chairman of the Board of Directors of Afreximbank, hailed South Africa\u2019s membership as a \u2018decisive step\u2019.<\/p>\n

\u201cThis affirmation of the membership of South Africa in Afreximbank marks a decisive step towards uniting around the continent\u2019s economic interests, the interests of our mother continent.<\/p>\n

\u201cSouth Africa\u2019s membership of the bank, while providing Afreximbank a full continental coverage, brings the country into the heart of Afreximbank\u2019s vision and its aspirations to promote the change so much desired in the structure of Africa\u2019s trade.<\/p>\n

\u201cI 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 $8 billion for South Africa.<\/p>\n

\u201cThe country programme is aligned with South Africa\u2019s National Development Plan 2030 and national industrial and trade priorities and targets key strategic areas,\u201d he said.<\/p>\n

Mr Elombi added that Afreximbank\u2019s current pipeline of projects in South Africa, at different stages of review, exceeded $6 billion, spanning the healthcare, financial services, manufacturing, energy, industrial and mining sectors.<\/p>\n

Also, President Cyril Ramaphosa of South Africa was quoted saying: \u201cToday we mark a major milestone in our quest to realise what I would call the economic integration of our continent.<\/p>\n

\u201cSouth Africa\u2019s accession to the African Afreximbank affirms our commitment to African industrial development and to deepening trade, investment and development across our continent.<\/p>\n

\u201cOnce 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.\u201d<\/p>\n

Mr Ramaphosa said one of the areas that would be focused on immediately was to give muscle to the country\u2019s transformation fund.<\/p>\n

\u201cThis is 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,\u201d he noted.<\/p>\n

He said for more than 30 years, Afreximbank has demonstrated ability, resilience, and innovative capability, but it has more than that; it has demonstrated that it has had an impact.<\/p>\n

\u201cThis partnership will strengthen in more ways than one South Africa\u2019s ability to support South African exporters, industrial projects and regional value chains while advancing our continent\u2019s progress,\u201d he added.<\/p>\n

Mr Musumba said following the announcement, both South Africa and Afreximbank had resolved to jointly pursue trade and economic development programmes.<\/p>\n

He said key among them were the South Africa-Africa Trade and Investment Promotion Programme (SATIPP), the Afreximbank Guarantee Programme, and the financing of industrial parks and special economic zones.<\/p>\n

Others are export trading company financing \u2013 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.<\/p>\n

(NAN)<\/p>\n


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