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The Export Credit Insurance Corporation of South Africa (ECIC) welcomes Cabinet’s decision to approve the country’s accession to the Establishment Agreement of the African Export-Import Bank (Afreximbank), marking a significant step in deepening South Africa’s role in advancing intra-African trade and regional economic integration. Cabinet’s approval of South Africa’s accession to the Afreximbank Establishment Agreement to attain full membership, unlock the full suite of Afreximbank’s trade and investment instruments, financing facilities, and strategic partnership offerings in support of national and continental developmental priorities showcases inclusive growth in a positive trajectory.
Afreximbank plays a pivotal role in promoting and financing cross-border trade within Africa, with the African Continental Free Trade Area (AfCFTA) as a key driver of its mission. By attaining Class A status, South Africa will be better positioned to leverage Afreximbank’s network, resources, and financing instruments to support local businesses in accessing broader African markets.
Through this decision, South Africa, represented by the ECIC, will transition to Class A shareholding in Afreximbank. This elevated status grants the country a stronger voice in the institution’s governance, including greater influence over its strategic direction, institutional structure, and leadership appointments.
In addition, sovereign membership provides access to the bank’s intervention facilities, often used to assist African member states and their private institutions whenever there is market failure, global financial, economic and geopolitical crises.
This strategic move is expected to enhance the ECIC’s capacity to deliver on its mandate of facilitating South African exports, particularly in high-value sectors, while contributing to the broader continental agenda of economic integration and development.
“This development underscores South Africa’s commitment to shaping the future of African trade finance and unlocking new opportunities for our exporters,” said Ntshengedzeni Gilbert Maphula, ACEO of ECIC. “Class A shareholding will not only strengthen our position within Afreximbank but also enable us to contribute more directly to initiatives that drive sustainable, inclusive economic growth across the continent.”
The Chairperson of the ECIC Delia Ndlovu said: "South Africa’s accession to the Afreximbank Establishment Agreement is not just a milestone, it is a bold affirmation of our commitment to Africa’s shared prosperity. This strategic move unlocks unprecedented opportunities for our exporters, industrialists, and innovators to expand their footprint across the continent, backed by robust financial instruments and partnerships. As the ECIC, we stand ready to harness the full potential of Afreximbank’s offerings to catalyse inclusive growth, deepen intra-African trade, and accelerate the realization of the African Continental Free Trade Area.”
