Johannesburg – South Africa has officially joined the African Export Import Bank following the signing of the Establishment Agreement in Johannesburg on Tuesday, paving the way for a US$8 billion country programme aimed at strengthening the country’s economy and expanding trade across the continent.
The accession was confirmed on February 4 2026 during a signing ceremony attended by South African President Cyril Ramaphosa and Afreximbank President and Chairman of the Board of Directors Dr George Elombi. The move follows approval by the South African Parliament in 2025, allowing Africa’s most industrialised economy to formally enter the bank’s membership.
With the accession, South Africa becomes the 54th member state of Afreximbank, marking a significant step in deepening continental financial cooperation at a time when global trade is increasingly shaped by protectionist policies and shifting trade blocs.
As part of the agreement, Afreximbank announced a US$8 billion country programme for South Africa, designed to support industrial development, strengthen regional supply chains and increase intra African trade and investment. The programme is aligned with South Africa’s national development plan 2030 and its industrial and trade priorities.
South Africa is currently the largest regional contributor to intra African trade, accounting for 19.1 percent of the continent’s total trade in 2024. Afreximbank says this position places the country in a strong position to use the bank’s trade infrastructure and continental reach to grow exports across Africa, including within the Southern African region where Eswatini is a key trading partner.
Dr Elombi described South Africa’s accession as a decisive moment for the continent.
“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.”
Dr Elombi also revealed that Afreximbank’s existing pipeline of projects in South Africa exceeds US$6 billion, covering sectors such as healthcare, financial services, manufacturing, energy, industrial development and mining.
President Ramaphosa said South Africa’s accession signals a renewed drive towards economic integration across Africa.
“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 also reflected on the bank’s track record, saying, “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 announcement, South Africa and Afreximbank agreed to jointly pursue several trade and economic development initiatives. These include 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 support and financing for the creative and cultural industries, alongside advisory services.
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