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Afreximbank Seals $8bn Deal With South Africa On Trade, Investment

BY CHIKA OKEKE, Abuja

African Export-Import Bank, Afreximbank, has sealed a $8 billion deal with South Africa’s Industrial and Development Funding Institution to finance trade, industrial development and investment across Africa.

The three-year strategic Memorandum of Understanding, MoU, will combine Afreximbank’s continental trade finance and development capabilities with the Industrial Development Corporations, IDC, local expertise in supporting South African businesses operating in priority productive sectors. 

In addition, the collaboration will support the implementation of an US$8-billion financing envelope targeting industrial development, stronger regional value chains and increased intra-African trade and investment flows.

This followed the recent $14-billion Country Programme agreement between Afreximbank and the Government of the Republic of South Africa whose objective is to support the country’s industrial, trade and development priorities.

Under the renewable framework, Afreximbank and the IDC will jointly identify, originate, develop and monitor a pipeline of eligible trade and investment transactions. The institutions will also mobilise co-financing and advisory solutions to unlock commercially viable projects and maximise their development impact.

The partnership will support projects across more than 13 priority sectors, including manufacturing, agriculture and agro-processing, mining, renewable energy and infrastructure, aligned to South Africa’s industrial development and regional trade objectives.

President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi stated that the strategic partnership with IDC reinforces Afreximbank’s commitment to advancing Africa’s industrialisation and trade agenda.

“By combining our expertise, resources, and networks, Afreximbank and the IDC will unlock new opportunities for financing, investment, and capacity building across the continent.

“Through this collaboration, we aim to support critical sectors and drive sustainable economic growth. Ultimately, this partnership represents a major step toward achieving the objectives of the AfCFTA. Together, we are building a more resilient and competitive African economy,” he said.

Chief Executive Officer of the IDC, Ms Mmakgoshi Lekhethe disclosed that the MoU created a practical framework for the IDC and Afreximbank to combine their respective strengths to identify and finance high-impact projects.

Through the collaboration, Afreximbank and the IDC will support South Africa’s industrial competitiveness while strengthening the country’s trade and investment connections with other countries under the AfCFTA.

 

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