By Mucahithan Avcioglu
ISTANBUL (AA) - South Africa has become the 54th member state of the African Export-Import Bank (Afreximbank) with a new $8 billion financing program to deepen the country’s economy, the bank announced Wednesday.
"South Africa becomes the 54th state to accede to the Bank’s Establishment Agreement, which constitutes a historic milestone as the two partners seek to unlock trade opportunities within a global financial architecture that is rapidly fragmenting due to protectionist policies and shifting trade blocs," Afreximbank said in a statement.
- $8B financing program
Afreximbank announced it will launch major financial interventions in South Africa, including a new $8 billion "Country Programme" to deepen the South African economy.
"These programmes are tailored to expand the Bank’s developmental impact; enhance industrial development and regional supply chains and significantly boost intra-African trade and investment flows. This support is strategically aligned with South Africa’s economic ambitions," it noted.
As the continent’s highest regional contributor to intra African trade, accounting for 19.1% of the continent’s total trade in 2024, South Africa is uniquely positioned to leverage Afreximbank’s trade infrastructure, expertise and pan African reach to extend its export relationships across the continent, according to the statement.
“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," said Afreximbank President George Elombi.
South African President Cyril Ramaphosa stated the accession to the Afreximbank affirms its commitment to African industrial development and to deepening trade, investment and development across Africa.