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The African Export – Import Bank (Afreximbank) has renewed its partnership with the African Association of Automotive Manufacturers (AAAM) to boost intra-African trade and investment in the continent’s automotive sector.
The formal agreement, a memorandum of understanding (MoU), was signed on the sidelines of the recent Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria.
The agreement was signed by Dr. Gainmore Zanamwe, Afreximbank’s Director of Trade Facilitation and Investment Promotion and Ms Martina Biene, President of the AAAM. This revitalised framework focuses on three key areas: regional automotive value chains, financing for the industry and policy and capacity building.
Speaking at the signing ceremony, Dr Zanamwe reaffirmed Afreximbank’s commitment to supporting the growth of Africa’s automotive sector. He noted that the partnership demonstrates how Afreximbank’s resources can transform the continent’s ambitions into tangible economic outcomes.
“This MoU underscores the commitment of Afreximbank and AAAM to strengthen Africa’s industrialisation goals through strategic partnerships,” Dr Zanamwe said. “By aligning financial innovation, policy support and value chain development, we are fostering a new era of intra-African trade and manufacturing.”
He added that the MoU is expected to catalyse industrialisation by spurring local automotive manufacturing, strengthening regional integration, improving trade flows, creating skilled jobs and reducing the reliance on imported second-hand vehicles across Africa.
Ms Biene praised Afreximbank as a “phenomenal partner” in the quest to drive industrialisation. She emphasised that while Afreximbank’s leadership is crucial, governments must also commit to investing in infrastructure to connect factories and markets.
The renewed partnership aligns with the AAAM’s strategic expansion ambitions, allowing it to leverage Afreximbank’s extensive continental reach and trade-promotion mandate. The collaboration aims to map and activate regional value chains, deploy dedicated financing solutions, and strengthen national and continental automotive policies.
The partnership also envisages cooperation with key bodies like the African Union, the African Continental Free Trade Area (AfCFTA) Secretariat, and the African Organisation for Standardisation (ARSO). This will facilitate trade, build capacity, harmonise standards and mobilise financing to foster sustainable growth in the sector.
“We must unite with key stakeholders to enable affordable mobility in Africa,” Ms Biene stated. She highlighted that with coordinated action, Africa could manufacture between 3,5 million and 5 million vehicles annually by 2035, creating jobs and strengthening local supply chains.
The signing ceremony took place during the Africa Automotive Show, a special event at IATF2025 that brought together manufacturers, subcontractors, and equipment suppliers. The show, held in collaboration with the AAAM, promoted African potential in automotive manufacturing and aimed to strengthen regional supply chains.
IATF2025, which ran from 4 to 10 September, attracted over 112 000 visitors from 132 countries. The seven-day exposition concluded on a high note, with US$48,3 billion in trade and investment deals signed and 2 148 exhibitors in attendance.
