The African Export-Import Bank (Afreximbank) has renewed its memorandum of understanding (MoU) with the African Association of Automotive Manufacturers (AAAM) to advance intra-African trade and industrialisation in the continent’s automotive sector.
The agreement, signed on the sidelines of the Intra-African Trade Fair 2025 (IATF2025) in Algiers, focuses on regional value chains, automotive financing, and policy and capacity building. It was signed by Dr. Gainmore Zanamwe, Afreximbank’s Director of Trade Facilitation and Investment Promotion, and AAAM President Martina Biene.
“This MoU underscores the commitment of Afreximbank and AAAM to strengthen Africa’s industrialisation goals through strategic partnerships. By aligning financial innovation, policy support, and value chain development within the automotive sector, we are fostering a new era of intra-African trade and manufacturing. Our commitment to this initiative demonstrates how Afreximbank’s resources and expertise can transform continental aspirations into tangible economic outcomes,” said Dr Zanamwe.
He noted the agreement is expected to boost industrialisation by spurring local automotive manufacturing, improving trade flows, creating skilled jobs, and reducing reliance on second-hand vehicle imports.
Ms. Biene described Afreximbank as “a phenomenal partner in our quest to drive growth and industrialisation of the automotive industry on the continent.” She stressed that logistics, energy, skills development, and financing must keep pace with ambitions, adding: “Afreximbank’s leadership is critical in this regard, but so too is the commitment of our governments to invest in infrastructure that connects factories to markets.”
The revitalised framework strengthens AAAM’s expansion ambitions by leveraging Afreximbank’s pan-African reach. It also envisions collaboration with institutions such as the African Union, AfCFTA Secretariat, and ARSO to advance harmonised standards, blended financing, and trade facilitation in support of the sector.
“We must unite with key stakeholders to enable affordable mobility in Africa. The implementation of affordable vehicle and asset financing will unlock the potential the continent has. Despite challenges, the opportunities are immense. With coordinated action, Africa can manufacture at least between 3.5 and 5 million vehicles annually by 2035 – creating jobs for our youth, strengthening local supply chains, and ensuring that the benefits of industrialisation are shared across our continent,” Ms. Biene added.
The Africa Automotive Show, held as part of IATF2025, showcased the continent’s potential in vehicle manufacturing and brought together manufacturers, subcontractors, and equipment producers to strengthen supply chains.
