South Africa has secured a US$14 billion investment programme from the African Export Import Bank (Afreximbank) to boost industrial growth, expand trade and strengthen economic ties across Africa, as renewed xenophobic attacks raise concerns about the country’s standing as a regional business hub.
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The memorandum of understanding, signed in Alamein, Egypt, marks a major step in the partnership between South Africa and Afreximbank following the country’s accession to the bank’s Establishment Agreement earlier this year. The programme combines financing with technical and advisory support to help drive the country’s economic priorities while deepening regional integration under the African Continental Free Trade Area (AfCFTA).
The agreement was signed by George Elombi, Afreximbank president and chairman of its board of directors, and Mpho Parks Tau, South Africa’s minister of trade, industry and competition.
The funding will support projects in industrial infrastructure, energy generation and transmission, manufacturing, mineral processing and transport infrastructure needed to improve trade within Africa.
