Afreximbank and South Africa’s Industrial Development Corporation (IDC) have signed a three-year partnership to jointly deploy up to $8 billion into industrial and trade projects, marking a major step in the lender’s expanding investment push in Africa’s largest economy.
The Memorandum of Understanding (MoU), signed in Cairo, will see the two institutions jointly originate, finance, and monitor projects aimed at strengthening the country’s industrial base, deepening regional value chains and accelerating trade under the African Continental Free Trade Area (AfCFTA).
The agreement combines Afreximbank’s continental trade finance expertise with the IDC’s local project development and underwriting capabilities to build a pipeline of bankable investments across strategic sectors.
Under the renewable framework, the institutions will establish a preferred financing partnership, prioritising one another on eligible transactions while collaborating on trade finance, project finance, co-financing, advisory services, research, capacity building and staff exchanges.
“This strategic partnership with IDC reinforces the bank’s commitment to advancing Africa’s industrialisation and trade agenda,” said George Elombi, president and chairman of the board of directors of Afreximbank.
