JOHANNESBURG, Feb. 4 (Xinhua) -- South Africa on Wednesday officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), a move President Cyril Ramaphosa described as a major milestone in advancing Africa's economic integration, industrial development and intra-continental trade.
Speaking at the accession signing ceremony held in Johannesburg, Ramaphosa said that South Africa's accession to Afreximbank affirms the country's commitment to African industrial development and to deeper trade, investment and development across the continent.
The ceremony marked South Africa's formal transition to Class A shareholder status in Afreximbank and the launch of a strategic partnership aimed at promoting industrial development, export-led growth and deeper intra-African trade integration.
"We seek to contribute to an Africa that prioritizes intra-continental trade, that builds its own industrial base, and that mobilizes African financial institutions to support development," Ramaphosa said.
He said the focus is on translating the partnership into practical instruments to expand productive capacity, diversify exports and integrate more South Africans into regional and global value chains.
Afreximbank is a pan-African multilateral trade finance institution established in 1993, with an aim to the expansion and diversification of African trade and increasing the continent's share of global trade. ■