South Africa Joins Afreximbank, Unveils US$8bn Country Programme
Johannesburg | 09 February 2026 — South Africa has formally joined the African Export-Import Bank (Afreximbank), marking a major new chapter in the country’s continental trade and development strategy — and triggering the launch of an ambitious US$8 billion Country Programme designed to deepen industrial growth, strengthen regional supply chains and expand intra-African trade.
The accession was signed in Johannesburg by H.E. Cyril Ramaphosa, President of the Republic of South Africa, and Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, formally bringing one of Africa’s largest and most industrialised economies into the Bank’s membership.
South Africa becomes the 54th country to accede to Afreximbank’s Establishment Agreement, following parliamentary approval in 2025. The move cements a strategic partnership between Africa’s leading multilateral financial institution and one of the continent’s most important trade and manufacturing hubs — at a time when global trade patterns are increasingly shaped by protectionism and shifting geopolitical blocs.
To operationalise the partnership, Afreximbank will roll out a US$8 billion Country Programme tailored to South Africa’s economic ambitions. The programme is designed to expand the Bank’s developmental impact, enhance industrial development and regional value chains, and significantly boost intra-African trade and investment flows. It is aligned with South Africa’s National Development Plan 2030 and national industrial and trade priorities.
South Africa is already the continent’s largest regional contributor to intra-African trade, accounting for 19.1% of total continental trade in 2024, positioning it to leverage Afreximbank’s trade infrastructure, financial instruments and pan-African reach to further expand its export footprint across Africa.
Announcing the accession, Dr George Elombi described South Africa’s membership as a decisive moment for the continent’s economic integration.
“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.”
Dr Elombi confirmed that the Country Programme has been developed in close collaboration with South Africa’s Department of Trade, Industry and Competition (DTIC), under the leadership of Minister Parks Tau.
“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.”
Beyond the announced programme, Afreximbank’s existing project pipeline in South Africa already exceeds US$6 billion, with initiatives spanning healthcare, financial services, manufacturing, energy, industrial development and mining.
President Cyril Ramaphosa framed the accession as a milestone for Africa’s broader integration agenda.
“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.”
He added that once finalised, the Country Programme would be rapidly operationalised, with early focus on strategic national 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.”
Reflecting on Afreximbank’s track record, President Ramaphosa highlighted the institution’s long-term impact across the continent.
“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 confirmed plans to jointly pursue a suite of trade and economic development initiatives. These include the South Africa–Africa Trade and Investment Promotion Programme (SATIPP), 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 facilities, and targeted financing to support the creative and cultural industries, alongside a broad range of advisory services. Together, the accession and the US$8 billion Country Programme signal a deepening of South Africa’s role at the centre of Africa’s trade, industrialisation and economic integration agenda — with Afreximbank positioning itself as a key financial partner in delivering that ambition.
