JOHANNESBURG, June 29 – The African Export-Import Bank (Afreximbank) and the Government of South Africa have signed a memorandum of understanding (MoU) establishing a US$14 billion Country Programme aimed at accelerating industrialisation, expanding trade and strengthening regional economic integration.
The agreement, signed in Alamein, Egypt, on 20 June 2026, will see Afreximbank combine financing with technical and advisory support to advance South Africa’s economic development priorities. The programme follows South Africa’s accession to the Establishment Agreement of Afreximbank in February 2026, marking a new phase in cooperation between the continent’s largest multilateral trade finance institution and one of Africa’s biggest economies.
The MoU was signed by Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, and Mpho Parks Tau, South Africa’s Minister of Trade, Industry and Competition.
The initiative will support investment across strategic sectors, including industrial infrastructure, energy generation and transmission, manufacturing, mineral beneficiation and trade-enabling infrastructure designed to strengthen South Africa’s competitiveness and deepen commercial links with the rest of Africa.
A key component of the programme is the Afreximbank Inclusive Development Support Programme for South Africa, under which the Bank has committed US$3 billion to improve access to finance for previously disadvantaged communities. The initiative is intended to address structural inequalities by enabling broader participation in strategic industries, asset creation and more inclusive economic growth.
Commenting on the agreement, Dr. George Elombi said, “With this memorandum of understanding, Afreximbank and the Republic of South Africa have taken a significant step to strengthen our partnership to support South Africa’s development priorities and advance Africa’s economic integration.”
He added that “The country programme will unlock investment flows into strategic sectors of the South African economy, including enabling processing mineral and agricultural commodities in South Africa, expanding trade between South Africa and the rest of the continent under the African Continental Free Trade Area (AfCFTA), promoting South African investment across Africa, and advancing financial and economic inclusion. The country programme also allows Afreximbank to extend its development footprint across the entire continent.”
South Africa’s Minister of Trade, Industry and Competition, Mpho Parks Tau, said the partnership is also intended to strengthen implementation of the African Continental Free Trade Area (AfCFTA).
According to the minister, “The MoU also seeks to advance the implementation of the African Continental Free Trade Area (AfCFTA) by promoting stronger regional value chains (RVCs) and addressing cross-border constraints that continue to inhibit the free flow of goods, services, and capital across the continent.”
Beyond financing, the agreement provides for collaboration on several strategic initiatives, including the relaunch of the South Africa-Africa Trade and Investment Promotion Programme (SATIPP) 2.0, support for the establishment of a South Africa Exim Bank, financing for industrial parks and Special Economic Zones (SEZs), co-financing renewable and conventional energy projects, expanding mineral beneficiation and providing technical assistance, advisory services and institutional capacity building.
The Country Programme aligns with South Africa’s National Development Plan 2030, the Medium Term Development Plan (2024 to 2029), the Growth and Inclusion (GAIN) Implementation Plan, and the country’s broader industrial and trade policy framework.
The agreement reinforces Afreximbank’s expanding role in financing Africa’s industrial transformation while supporting South Africa’s ambition to strengthen manufacturing capacity, increase intra-African trade and position itself as a leading hub for regional value chains under the AfCFTA.
