Parliament, Wednesday, 4 February 2026 – The Portfolio Committee on Trade, Industry and Competition welcomes the signing of the Instrument of Accession of South Africa to become a full sovereign member (Class A shareholder) of the African Export-Import Bank’s (AFREXIMBANK).
South Africa’s full membership in AFREXIMBANK marks an important moment for the country’s economic future and its trade with Africa through the African Continental Free Trade Agreement (AfCFTA).
The signing of the Instrument of Accession by President Cyril Ramaphosa and AFREXIMBANK’s president, Dr George Elombi, will allow South Africa to leverage the Bank’s stronger investment grade rating and Preferred Creditor Status. This offers more protection than standard commercial debt. It enables more competitive financing and risk coverage for South African exporters, state-owned enterprises and private companies.
The accession process followed legal and constitutional steps which included Cabinet endorsement and parliamentary approval in terms of section 231(2) of the Constitution.
The committee is encouraged by the Bank’s US$11 billion financing commitment to South Africa that is at the centre of its strategic partnership with the AFREXIMBANK. The funding has the potential to directly address some of the country’s most pressing economic challenges and open new opportunities for growth and trade.
The US$11 billion commitment includes an US$8 billion country programme focused on energy, mineral processing and infrastructure. The remaining US$3 billion is for an inclusive financing programme aimed at supporting Small and Medium Enterprises (SMEs) and economic transformation.
Chairperson of the committee, Mr Mzwandile Masina, said “This balance between large-scale industrial investment and inclusive growth is important for South Africa”.
The committee welcomes the accession, as it would consolidate South Africa’s position as a strategic industrial and investment hub of the continent and facilitate trade under the AfCFTA. Due to its advanced industrial base, South Africa is expected to play a central role in linking African producers, manufacturers and markets. This partnership will facilitate economic growth, transformation and opportunities for South Africa and the continent.
Mr Masina said this partnership demonstrates strong confidence in South Africa’s economic potential. "We affirm our support as a committee for initiatives that promote industrialisation, regional trade and inclusive economic growth”, he said.
The committee emphasised that effective implementation and oversight will be important in ensuring that the partnership delivers real benefits for South Africans, in the form of jobs, investment and sustainable development.
ISSUED BY THE PARLIAMENTARY COMMUNICATION SERVICES ON BEHALF OF THE CHAIRPERSON OF THE PORTFOLIO COMMITTEE ON TRADE, INDUSTRY AND COMPETITION, MR MZWANDILE MASINA.
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