The African Export-Import Bank (Afreximbank) is calling on African leaders to prioritise industrialisation and intra-African trade as the continent prepares for the 33rd Afreximbank Annual Meetings (AAM 2026) in Egypt. Scheduled from June 21 to 24, the event is expected to attract over 4,000 delegates, including presidents, central bank governors, and business leaders, amid rising geopolitical tensions that threaten African economies.
Shift Towards Self-Reliance
Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, emphasised that Africa must reduce its dependence on external markets and raw commodity exports. He stated that sustainable growth hinges on stronger trade ties among African nations, expanded industrial processing, and deeper economic integration. "The message is simple: Africa's next phase of growth must be driven by intra-African trade, by industrial processing and by greater economic integration amongst our countries," Elombi said.
He highlighted existing frameworks like the African Continental Free Trade Area (AfCFTA) and the Pan-African Payment and Settlement System (PAPSS) as foundations for integration, but stressed the need to translate these into tangible economic gains.
Central Bank Partnerships
Elombi revealed that Afreximbank is strengthening collaboration with African central banks to enhance trade financing, industrialisation, and financial system resilience. These partnerships are crucial as African economies face external shocks and tighter global financial conditions. The bank is broadening its cooperation to include regional central banking institutions, aiming to deepen liquidity support.
Notably, Afreximbank has a $5 billion programme with the Central Bank of West African States (BCEAO) to support commercial banks and improve trade financing. It is also working with the Bank of Central African States (BEAC) to build stronger regional financial institutions.
Addressing Trade Barriers
Afreximbank is driving initiatives to ease cross-border trade, such as the Collaborative Transit Guarantee Scheme, which aims to reduce customs bottlenecks and improve goods movement. Elombi stressed that discussions at AAM 2026 will focus on redirecting trade patterns towards the continent, strengthening industrial capacity, and unlocking investments. "When the world closes itself to us, we cannot close ourselves off from one another," he said.
He noted that expanding intra-African trade requires major investments in logistics, transportation, and energy infrastructure. Opportunities in mineral processing were also highlighted, as Africa lacks sufficient processing capacity outside South Africa and Morocco.
Financial Resilience
Despite global headwinds, Afreximbank remains financially strong, with total assets of $49.4 billion and shareholders' funds of $8.6 billion. The bank maintains a capital adequacy ratio of 23% and a non-performing loans ratio of 2.4%. "Investor confidence has remained very strong in Afreximbank," Elombi assured.
Egypt's Strategic Role
Governor of the Central Bank of Egypt, Hassan Abdalla, described the partnership with Afreximbank as strategic for Africa's economic transformation. He said Afreximbank has become a key driver for trade, industrialisation, and regional cooperation. Abdalla added that the annual meetings are a strategic milestone towards building a more integrated, industrialised, and resilient African continent.
