The African Export-Import Bank (Afreximbank) has renewed its memorandum of understanding (MoU) with the African Association of Automotive Manufacturers (AAAM), aimed at strengthening Africa’s automotive value chains, supporting local manufacturing, and expanding job opportunities across the continent.
The MoU was signed on the sidelines of the Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria, by Afreximbank’s Director of Trade Facilitation and Investment Promotion, Dr. Gainmore Zanamwe, and AAAM President, Ms. Martina Biene.
According to Afreximbank, the agreement will drive industrialisation through three core areas: regional automotive value chains, auto financing, and policy and capacity building.
Dr. Zanamwe noted that the pact reflects a joint commitment to Africa’s industrial growth and economic integration. “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. This collaboration is about turning aspirations into tangible economic outcomes for the continent,” he said.
He added that the renewed framework is expected to reduce reliance on imported second-hand vehicles, improve trade flows, and create skilled jobs in local economies.
AAAM President, Ms. Biene, described the renewal as timely, stressing the need for financing, logistics, and infrastructure to keep pace with Africa’s ambitions. “Afreximbank has been a phenomenal partner in our quest to drive growth and industrialisation of the automotive industry. With coordinated action, Africa can manufacture between 3.5 and 5 million vehicles annually by 2035, creating jobs for our youth and strengthening local supply chains,” she said.
The partnership also seeks to expand opportunities for small and medium enterprises (SMEs) in the automotive value chain, enabling suppliers, subcontractors, and service providers to participate in the industry. Collaboration with institutions such as the African Union, AfCFTA Secretariat, and the African Organisation for Standardisation is also planned to ensure harmonised standards and sustainable growth.
The Africa Automotive Show at IATF2025, hosted in partnership with AAAM, brought together manufacturers, subcontractors, and equipment producers to showcase Africa’s potential in automotive manufacturing. IATF2025 itself attracted over 112,000 visitors from 132 countries, with trade and investment deals worth US$48.3 billion signed during the seven-day expo.
