President Cyril Ramaphosa has described South Africa’s accession to the African Export–Import Bank (Afreximbank) Establishment Agreement as a major milestone in strengthening trade, industrial development and economic integration across the African continent.
Speaking at the accession signing ceremony held at the Westcliff Hotel in Johannesburg on Wednesday, Ramaphosa said the partnership will unlock a finance programme expected to initially support strategic industrial projects, export diversification, infrastructure development and transformation initiatives.
The President welcomed the more than R200 billion commitment expected to flow through the South Africa-Afreximbank Country Programme, noting that the funding will largely take the form of investments rather than loans.
Ramaphosa said the move reflects South Africa’s commitment to building a resilient African economy driven by intra-continental trade and strong financial institutions.
“Today’s signing signals a deliberate, ambitious and more impactful phase in South Africa’s economic engagement with Africa and the world,” Ramaphosa said.
He praised Afreximbank for its more than three decades of supporting African economies through trade finance, industrial projects and regional value chains, adding that the partnership would strengthen South Africa’s exporters and boost industrial growth.
The President noted that South Africa’s industrial strategy is anchored on three pillars — decarbonisation, diversification and digitisation — with a strong focus on renewable energy, green hydrogen, sustainable fuels and critical minerals beneficiation.
“These are sectors where African countries hold a competitive advantage and where long-term project finance is essential,” he said.
Ramaphosa also highlighted the role of the African Continental Free Trade Area (AfCFTA) in building regional value chains and promoting economic sovereignty across the continent.
He said Afreximbank’s financing instruments will help lower trade barriers, reduce transaction costs and support South African businesses expanding into African markets.
As part of the partnership, a dedicated Inclusive Development Support Programme for South Africa has been established to assist small and medium enterprises, black industrialists, and women- and youth-owned businesses that have historically been excluded from trade and industrialisation.
“This programme will enable black businesses and entrepreneurs to access finance, build assets and participate in strategic sectors,” Ramaphosa said.
The President added that South Africa’s accession also brings the country closer to establishing a national Export–Import Bank, aimed at supporting exporters and crowding in investment aligned to the country’s industrial priorities.
He commended Afreximbank President Dr George Elombi and former president Professor Benedict Oramah for their leadership in strengthening the institution and advancing South Africa’s membership.
