South Africa joins Afreximbank, unveils $8bn 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 pan-African multilateral financial institution. The accession was formalised on 4 February 2026 in Johannesburg and was accompanied by the announcement of an $8 billion Country Programme aimed at supporting South Africa’s economy.

The accession follows approval by the South African Parliament in 2025 and marks the formal entry of one of Africa’s largest economies into Afreximbank’s membership. The move is intended to deepen cooperation between South Africa and the Bank at a time of shifting global trade dynamics and increasing focus on regional integration.

To operationalise the partnership, Afreximbank announced a new $8 billion Country Programme designed to enhance industrial development, strengthen regional supply chains and boost intra-African trade and investment flows. The programme is aligned with South Africa’s national development priorities and trade objectives.

South Africa is currently the continent’s largest contributor to intra-African trade, accounting for 19.1% of Africa’s total trade in 2024. Afreximbank said the country is well positioned to leverage the Bank’s trade finance instruments, infrastructure and pan-African reach to expand export relationships across the continent.

Commenting on South Africa’s accession, Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, said, “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.”

Elombi added, “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 $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 further mentiond that Afreximbank’s current pipeline of projects in South Africa exceeds $6 billion and spans healthcare, financial services, manufacturing, energy, industrial and mining sectors.

President of the Republic of South Africa, H.E. Cyril Ramaphosa, said the accession marked an important milestone for the continent’s economic integration, “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.”

President Ramaphosa added “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.”

Following the accession, South Africa and Afreximbank said they would jointly pursue trade and economic development initiatives, including the South Africa-Africa Trade and Investment Promotion Programme, the Afreximbank Guarantee Programme, financing for industrial parks and special economic zones, export trading company financing, project and asset-based finance, conventional trade finance, project preparation services, and financing to support the creative and cultural industries.