Afreximbank Announces $8 Billion Funding Package for South Africa to Boost Economic Development
South Africa has officially joined the African Export-Import Bank (Afreximbank) as a sovereign shareholder, following the signing of the establishment agreement by Trade, Industry and Competition Minister Parks Tau, witnessed by President Cyril Ramaphosa. This move allows South Africa to have direct voting rights and influence over the bank's strategy. Afreximbank President George Elombi announced an initial $8 billion funding package aimed at supporting South Africa's National Development Plan and National Industrial Policy Framework. The funding will focus on local processing of natural resources, automotive manufacturing, industrial parks, and critical infrastructure, including energy generation and transmission.