The African Export-Import Bank (Afreximbank) has renewed its memorandum of understanding (MoU) with the African Association of Automotive Manufacturers (AAAM), reaffirming its commitment to advancing Africa’s automotive sector and promoting intra-African trade and investment.
The agreement was signed during the Intra-African Trade Fair 2025 (IATF2025) in Algiers by Dr. Gainmore Zanamwe, Afreximbank’s Director of Trade Facilitation and Investment Promotion, and Ms. Martina Biene, President of AAAM. The renewed partnership will focus on strengthening regional automotive value chains, developing financing solutions, and enhancing policy and capacity building across the continent.
Speaking at the signing, Dr. Zanamwe highlighted Afreximbank’s role in accelerating industrialisation through the automotive sector. “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. Our commitment to this initiative demonstrates how Afreximbank’s resources and expertise can transform continental aspirations into tangible economic outcomes,” he said.
He noted that the framework is expected to catalyse local manufacturing, improve regional integration, boost trade flows, create skilled jobs, and reduce dependence on second-hand vehicle imports across Africa.
Ms. Biene welcomed the renewal, emphasising its importance for the continent’s industrial growth. “Afreximbank has been a phenomenal partner in our quest to drive growth and industrialisation of the automotive industry on the continent. We are pleased with the renewal of the MoU. 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 revitalised partnership positions AAAM to leverage Afreximbank’s continental reach and trade-promotion mandate. It seeks to map and activate regional value chains, introduce auto-specific financing, and strengthen both national and continental policy environments. Collaboration with institutions such as the African Union, the African Continental Free Trade Area (AfCFTA) Secretariat and the African Organisation for Standardisation (ARSO) will further enhance trade facilitation, harmonise standards, and mobilise blended financing for sustainable industry growth.
Ms. Biene stressed the need for collective action to make mobility affordable and accessible. “We must unite with key stakeholders to enable affordable mobility in Africa. The implementation of affordable vehicle and asset financing will unlock the potential the continent has. Despite challenges, the opportunities are immense. With coordinated action, Africa can manufacture at least between 3.5 and 5 million vehicles annually by 2035 – creating jobs for our youth, strengthening local supply chains, and ensuring that the benefits of industrialisation are shared across our continent,” she added.
The partnership renewal took place alongside the Africa Automotive Show, hosted at IATF2025 in collaboration with AAAM. The event showcased Africa’s potential in automotive manufacturing and brought together industry players, including manufacturers, subcontractors, and equipment producers, with a strong focus on building regional supply chains.
IATF2025 itself concluded on a high note, attracting more than 112,000 visitors from 132 countries, with 2,148 exhibitors participating. The seven-day event, held from 4 to 10 September, saw trade and investment deals worth US$48.3 billion signed, further underscoring Africa’s growing role as a hub for trade, innovation, and industrial development.
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