Prime Highlights
- South Africa has officially become a member of Afreximbank, securing an $8 billion financing package to support trade and industrial growth across Africa.
- The partnership strengthens South Africa’s role in driving regional trade, investment, and economic integration on the continent.
Key Facts
- The $8bn funding will support sectors such as manufacturing, energy, mining, and financial services, aligned with South Africa’s development goals.
- South Africa’s exports to other African countries grew 7.5% to $42.1 billion in 2024, making it one of the continent’s leading intra-African traders.
Background:
South Africa has joined Afreximbank, signing an $8 billion deal to grow trade in Africa and support industry. The agreement was signed on Wednesday, February 4.
The funding will help grow industries, strengthen supply chains, and attract investment across the continent. Through this programme, South Africa will get customized support from Afreximbank, including different financing options for key projects in financial services, manufacturing, energy, and mining.
The programme is fully aligned with South Africa’s National Development Plan 2030, which emphasizes inclusive economic growth and industrial expansion.
George Elombi, President and Chairman of Afreximbank, said South Africa’s joining the bank is an important move that brings African countries closer together around shared economic goals.” He added that the country’s inclusion allows Afreximbank to achieve full continental coverage while integrating South Africa into the bank’s vision of promoting a transformative trade structure across Africa. Currently, Afreximbank has over $6 billion worth of projects in South Africa at different stages of review.
South African President Cyril Ramaphosa highlighted that the country’s accession demonstrates its commitment to deepening trade, investment, and industrial development across Africa. A key focus will be South Africa’s transformation fund, which supports Black-owned businesses affected by Apartheid.
The deal also includes programmes that support trade, exports, and project financing across the continent.
The agreement strengthens South Africa’s role as a key economy driving growth in Africa.
