South Africa, Africa’s leading economic power, will sign the instrument of accession to the Constitutive Agreement of the African Export-Import Bank (Afreximbank) on 4 February. Membership in Afreximbank provides South African companies, commercial banks and state-owned enterprises (SOEs) with more competitive trade finance and increased financing for trade activities within the African Continental Free Trade Area.
On 4th February, Afreximbank announced that South Africa had become a shareholder in the African trade finance bank. The signing ceremony for South Africa’s accession to the African Export-Import Bank’s Articles of Association will be attended by Afreximbank President George Elombi and Head of State Cyril Ramaphosa, who will present South Africa’s vision for industrialisation, export diversification, decarbonisation and digitalisation, as well as the country’s role in promoting Africa’s economic integration.
Sovereign membership offers South African companies, commercial banks as well as State Owned Enterprises (SOEs), more competitive trade finance; expanded funding for trade activities under the AfCFTA; greater participation in cross-border projects and investments; increased partnerships and cooperation with other African financial institutions, and access to various risk mitigation tools.
Press release, Afreximbank
With South Africa, Africa’s leading economic power with a GDP exceeding $410 billion in 2025, Afreximbank now has 54 member states, representing the entire African continent, a sign of its credibility and importance in financing development and trade in Africa. Since its creation in 1993, the multilateral institution has already granted loans worth $27.95 billion for $37.59 billion in assets. In addition, the pan-African payment and settlement system set up by Afreximbank also reduces dependence on the dollar and lowers transaction costs, a key issue for economies.
When we add value, we create wealth. And when we create wealth, we expand our capacity to reinvest. The growing bands of retained earnings from reinvestment will enable us to strengthen the balance sheet of our institution. It will enable us to get more funds for higher impact projects which in turn generates wealth and funds that will drive growth.
George ElombiPresident of Afreximbank
At a time when Africa is seeking to develop trade between countries on the continent, transform value chains and strengthen financial autonomy, membership of Afreximbank is increasingly becoming a strategic choice, both economically and politically. This is a path that South Africa has chosen to follow.
