The African Export-Import Bank has agreed to lend South Africa an initial $11 billion (R175.6 billion) to ease funding pressures, support infrastructure projects and Black-owned businesses.
As much as $8 billion will be directed to priority areas including energy, minerals processing and critical infrastructure, Afreximbank President George Elombi said at the signing of the support package in Johannesburg on Wednesday.
The lender also plans to invest in the expansion of automotive manufacturing and the development of industrial parks to broaden South Africa’s revenue base, he added.
South Africa has made infrastructure a cornerstone of its economic policy as it seeks to revive growth and create jobs after more than a decade of stagnation.
The signing follows lawmakers’ approval last October for South Africa to join Afreximbank as a Class A shareholder, granting it full sovereign membership and a greater role in the lender’s governance.
It’s also expected to improve access to competitive trade finance for the country’s companies, banks and state-owned firms. The move will further expand funding for trade under the African Continental Free Trade Area.
“For South Africa, the decision to accede to Afreximbank represents a strategic alignment: we seek to contribute to an Africa that prioritises intra-continental trade and builds its own industrial base and capacity,” President Cyril Ramaphosa said.
The programme will also inject capital into South Africa’s transformation initiatives, Ramaphosa said, adding that one immediate priority would be “to give muscle” to a Transformation Fund that’s been created to support Black-owned and managed businesses.
As much as $3 billion will go toward supporting the R100-billion ($6.3 billion) fund, Ramaphosa said.
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