South Africa has officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), becoming the 54th member state of Africa’s leading multilateral financial institution.
The accession, formalised in Johannesburg this week, means South Africa now gains full sovereign membership, including Class A shareholder status with direct voting rights and board representation.
Afreximbank President and Chairman of the Board, George Elombi, described the move as a milestone for pan-African economic unity.
“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.”
Elombi highlighted South Africa’s strategic importance.
“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.”
He announced a tailored US$8 billion country programme to support South Africa’s economic priorities.
“I am therefore pleased that, together with the South African Department of Trade, Industry and Competition (DTIC), under the leadership of 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.”
The programme aims to deepen industrial development, enhance regional supply chains, and boost intra-Africa trade and investment.
Afreximbank’s existing project pipeline in South Africa exceeds US$6 billion, covering the healthcare, financial services, manufacturing, energy, industrial and mining sectors.
Ramaphosa welcomed the partnership as a boost for continental economic integration.
“South Africa’s accession … affirms our commitment to African industrial development and to deepening trade, investment and development across our continent,” he said.
Ramaphosa emphasised immediate priorities.
“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.”
Ramaphosa said the partnership would strengthen the country’s ability to support exporters, industrial projects and regional value chains.
The accession positions both parties to counter global trade fragmentation through enhanced intra-Africa flows and industrial collaboration.
