South Africa officially signed its membership agreement with the African Export-Import Bank (Afreximbank) on Wednesday, marking a major step in integrating the country into this pan-African financial institution. The move allows the continent’s largest economy to access financing and support mechanisms aimed at boosting trade within Africa.

The ceremony, held in Johannesburg, was attended by President Cyril Ramaphosa and George Elombi, chairman of Afreximbank, alongside ministers, government officials, business leaders, and diplomatic representatives. South Africa becomes the 54th member state of the bank and holds Class A shareholder status, giving it a stronger voice in strategic decisions and access to an expanded range of financial instruments.

Afreximbank announced a country program of 8 billion USD to support projects aligned with South Africa’s economic priorities. The funding will target industrialization, local value addition, regional value chain development, and critical infrastructure projects such as energy and transport. The goal is to increase domestic economic impact, create jobs, and promote inclusive growth.

Membership also provides South African businesses, commercial banks, and public enterprises with access to more competitive trade finance, guarantees, and risk management solutions, particularly within the framework of the African Continental Free Trade Area (AfCFTA).

The initiative aligns with South Africa’s broader strategy to strengthen its position as a regional industrial and trade hub, leveraging its dominant role in intra-African commerce. In 2024, South Africa accounted for nearly 19.1 percent of intra-continental trade, according to recent estimates.

President Ramaphosa emphasized that joining Afreximbank demonstrates South Africa’s commitment to African economic integration, while enhancing the competitiveness of local businesses in regional and global markets. Authorities also expect the partnership to support export diversification and structural transformation of the national economy.

By becoming a full member of Afreximbank, South Africa takes a decisive step in expanding trade finance capabilities and investment opportunities across the continent.