Afreximbank and South Africa sign a $14 billion program to boost regional manufacturing and trade.
The African Export-Import Bank (Afreximbank) and the Government of the Republic of South Africa signed a US$14 billion country program aimed at accelerating industrial development, expanding trade, and promoting regional integration.
Boosting manufacturing
The agreement was signed by Dr. George Elombe, Chairman and President of Afreximbank, and South Africa’s Minister of Trade, Industry and Competition, Mpho Parks-Taw, to establish a strategic framework that supports investments in industrial infrastructure, the energy sector, and trade-enabled infrastructure, along with priority sectors that will enhance South Africa’s competitiveness and expand its trade and investment links with the rest of the African continent.
The program also includes Afreximbank’s Inclusive Development Support Programme in South Africa, which has been allocated US$3 billion with the aim of expanding access to finance for previously disadvantaged groups, promoting broader economic participation, and supporting inclusive and sustainable economic growth.
Drive the manufacturing process
This collaboration represents a significant milestone following South Africa's accession to the Afreximbank agreement, and embodies a shared commitment to driving industrialization, promoting intra-African trade, and supporting economic transformation across the continent.
