Rating agency, S&P, assigns Afreximbank BBB+, cites growing role in African trade

African Export-Import Bank (Afreximbank) said on Monday that S&P Global Ratings had assigned it a ‘BBB+’ long-term issuer credit rating and an ‘A-2’ short-term issuer credit rating, both with a stable outlook, underscoring the lender’s growing role in supporting trade and economic development across Africa.

The ratings agency cited Afreximbank’s increasing strategic importance, strong enterprise risk profile and expanding role as a countercyclical institution helping African economies navigate periods of global and regional uncertainty.

S&P said the rating reflected the bank’s strong policy relevance and shareholder backing, highlighting its role in promoting intra-African trade, supporting implementation of the African Continental Free Trade Area (AfCFTA), and developing platforms aimed at strengthening regional integration and economic resilience.

“Afreximbank’s policy relevance has improved in recent years, as demonstrated by significant lending growth and shareholder support through a growing capital base supported by capital injections,” S&P said.

The agency noted that Afreximbank’s total assets rose to $42.3 billion in 2025 from $7.1 billion in 2015, while shareholders’ equity increased to $8.4 billion from $1.3 billion over the same period.

The lender has emerged as a key source of financing for African economies during periods of market stress, including the global financial crisis, commodity price downturns, the COVID-19 pandemic and disruptions linked to the Russia-Ukraine conflict, S&P said.

More recently, Afreximbank launched a $10 billion Gulf Crisis Response Programme aimed at cushioning African and Caribbean economies from the economic impact of tensions in the Middle East.

Afreximbank President and Chairman of the Board of Directors, George Elombi, said the rating reflected confidence in the institution’s financial strength and development mandate.

“This rating is a strong endorsement of Afreximbank’s financial strength, stability and international credibility, and a clear affirmation of its strategic importance to, and impact across, Global Africa,” Elombi said in a statement.

He added that the rating reflected the bank’s solid capital base, strong liquidity position and asset quality, as well as continued support from African governments and shareholders.

Afreximbank has in recent years expanded initiatives aimed at facilitating trade and investment across the continent, including the Pan-African Payment and Settlement System, the Africa Trade Gateway and the AfCFTA Adjustment Fund.

S&P said the stable outlook reflected its expectation that Afreximbank would continue to benefit from strong shareholder support, periodic capital increases and its strengthened role as a countercyclical lender across Africa.

The Cairo-based lender said it remained focused on supporting industrialisation, expanding intra-African trade, strengthening regional value chains and increasing Africa’s participation in global trade.

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