By Bamidele Famoofo
WorldStage– African Export-Import Bank (Afreximbank) and the Government of the Republic of South Africa, through the Department of Trade, Industry and Competition have signed a memorandum of understanding (MoU) that seeks to advance South Africa’s industrial development, trade expansion and regional integration.
Signed in Alamein, Egypt, on 20 June 2026, the MoU establishes a US$14 billion country programme under which Afreximbank will deploy a combination of financing and non-financial interventions in support of the development priorities of South Africa, one of the continent’s largest economies.
The MoU was signed by Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank and Hon. Mpho Parks Tau, South Africa’s Minister of Trade, Industry and Competition.
The inking of this partnership marks a significant step toward deepening cooperation between South Africa and the Pan-African Multilateral Financial Institution, following South Africa’s accession to the Establishment Agreement of Afreximbank in February 2026. The MoU seeks to support investments in industrial infrastructure, energy generation and transmission, as well as other infrastructure that advances South Africa’s industrial competitiveness and its trade and investment connections with the rest of the continent.
The Country Programme includes the Afreximbank Inclusive Development Support Programme for South Africa, designed to address structural gaps in the economy and to expand access to finance for previously disadvantaged groups, enabling them to build assets, participate meaningfully in strategic sectors, and contribute to a more inclusive redistribution of economic opportunity across South Africa. The Bank has earmarked a total of US$3 billion to support this initiative.
Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, said: “With this memorandum of understanding, Afreximbank and the Republic of South Africa have taken a significant step to strengthen our partnership to support South Africa’s development priorities and advance Africa’s economic integration. The country programme will unlock investment flows into strategic sectors of the South African economy, including enabling processing mineral and agricultural commodities in South Africa, expanding trade between South Africa and the rest of the continent under the African Continental Free Trade Area (AfCFTA), promoting South African investment across Africa, and advancing financial and economic inclusion. The country programme also allows Afreximbank to extend its development footprint across the entire continent.”
Hon. Mpho Parks Tau, Minister of Trade, Industry and Competition of South Africa, indicated that: “The MoU also seeks to advance the implementation of the African Continental Free Trade Area (AfCFTA) by promoting stronger regional value chains (RVCs) and addressing cross-border constraints that continue to inhibit the free flow of goods, services, and capital across the continent.”
Other key areas of collaboration include re-launching and funding of the South Africa-Africa Trade and Investment Promotion Programme (SATIPP) 2.0, establishing a South Africa Exim Bank by providing technical, management, financial and operational support and/or seed funding, joint project origination and preparation activities, financing for establishment and expansion of industrial parks and Special Economic Zones (SEZs), co-financing energy projects including renewable energy, mineral beneficiation as well as institutional capacity, technical assistance, and advisory services.”
The Country Programme is aligned with South Africa’s National Development Plan (NDP) 2030, the Medium Term Development Plan (2024-2029), the Implementation Plan to drive Growth and Inclusion (GAIN), and industrial and trade strategies.
