Moves to establish export-import bank as Afreximbank commits R128bn to SA

Annnouncement means that South Africa has transitioned to a Class A Shareholder

- SIPHELELE DLUDLA

AFREXIMBANK president and chairman, Dr George Elombi, with President Cyril Ramaphosa at the the signing ceremony of the Instrument of Accession by South Africa to the Establishment Agreement of the African Export–Import Bank (Afreximbank). I SUPPLIED

(I SUPPLIED)

THE South African government has unveiled plans to establish a domestic export-import bank focused exclusively on supporting exporters, industrial projects and regional value chains, as the country seeks to shield itself from rising global protectionism and escalating trade wars.

The announcement coincided with South Africa's official accession on Wednesday to the Establishment Agreement of the African Export-Import Bank (Afreximbank), formally bringing one of Africa’s largest economies into the membership of the Pan-African multilateral lender.

South Africa has thus transitioned to Class A Shareholder status in the Afreximbank, which elevates its relationship with the bank from that of a participating member to a sovereign shareholder, strengthening its influence within Afreximbank’s governance structures and strategic direction.

To operationalise this partnership, the Afreximbank committed an initial $8 billion (about R128 billion) country package for South Africa, aimed at accelerating industrialisation, expanding infrastructure investment and strengthening integration into regional and continental markets.

Afreximbank president and chairman, Dr George Elombi, said the country programme was aligned with South Africa’s National Development Plan 2030 as well as its industrial and trade policy priorities, and would target key strategic sectors.