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The African Export-Import Bank (Afreximbank) has renewed its memorandum of understanding (MoU) with the African Association of Automotive Manufacturers (AAAM), reinforcing efforts to boost intra-African trade and investment in the continent’s automotive sector.
The MoU, signed on the sidelines of the Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria, focuses on regional automotive value chains, automotive financing, and policy and capacity building.
It was formalised by Afreximbank’s Director of Trade Facilitation and Investment Promotion, Dr. Gainmore Zanamwe, and AAAM President,
Martina Biene.
Zanamwe said the renewed partnership reflected Afreximbank’s determination to accelerate Africa’s industrialisation.
“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,” he said.
He noted that the agreement was expected to stimulate local automotive manufacturing, strengthen regional integration, improve trade flows, create skilled jobs, and reduce Africa’s reliance on imported second-hand vehicles.
Biene welcomed the renewal, stressing the need for logistics, energy, skills development and financing to match Africa’s industrial ambitions.
“Afreximbank has been a phenomenal partner in our quest to drive growth and industrialisation of the automotive industry on the continent. Logistics, energy, skills development and financing mechanisms must keep pace with our ambitions. 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,” she said.
The framework aligns AAAM’s strategy with Afreximbank’s continental mandate, focusing on mapping regional value chains, deploying auto-specific financing, and strengthening national and continental policy environments. It also envisages collaboration with the African Union, AfCFTA Secretariat, and African Organisation for Standardisation (ARSO) to harmonise standards, facilitate trade, and mobilise blended financing.
Biene added that coordinated action could enable Africa to produce between 3.5 and 5 million vehicles annually by 2035, creating jobs for young people and deepening supply chains.
The renewal came alongside the Africa Automotive Show at IATF2025, which showcased African potential in automotive manufacturing and regional supply chains.
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