The African Export-Import Bank (Afreximbank) has prepared an initial financing package of US$8 billion for South Africa, the bank’s president said on Wednesday, as the country moves to deepen its engagement with the pan-African lender.
The announcement was made at a ceremony marking South Africa’s accession as a full sovereign member of Afreximbank, a step expected to unlock broader access to the bank’s trade finance, infrastructure funding and industrial development support.
Afreximbank President Benedict Oramah said the initial package would support priority sectors of the South African economy, although specific projects and disbursement timelines were not immediately disclosed.
South Africa’s move to become a sovereign member strengthens its formal relationship with Afreximbank at a time when Africa’s most industrialised economy is seeking new sources of development finance amid weak growth, infrastructure bottlenecks and pressure on public finances.
Afreximbank, headquartered in Cairo, plays a central role in financing intra-African trade, industrialisation and export development. Its interventions have expanded in recent years as African governments seek alternatives to traditional multilateral lenders and commercial markets.
The bank has been actively involved in financing energy projects, trade corridors, manufacturing capacity and balance-of-payments support across the continent. It has also been a key financier of initiatives linked to the African Continental Free Trade Area (AfCFTA).
South Africa’s membership is expected to enhance the country’s access to Afreximbank’s facilities while also strengthening the institution’s capital base and regional influence. Officials said it would also allow South African companies to benefit more directly from the bank’s trade finance instruments and project funding.
The $8 billion package comes as African economies face tighter global financial conditions, high borrowing costs and rising debt-servicing pressures, increasing the importance of development finance institutions in supporting growth and investment.
Further details on the structure and allocation of the financing are expected to be announced in the coming months.
