The African Export-Import Bank (Afreximbank) renewed its memorandum of understanding (MoU) with the African Association of Automotive Manufacturers (AAAM), to promote Intra-African trade and investment in the continent’s automotive sector.
The MoU was signed at the Intra-African Trade Fair 2025 (IATF2025) in Algiers, by Dr. Gainmore Zanamwe, the Director of Trade Facilitation and Investment Promotion at Afreximbank, and Martina Biene, President of AAAM.
Together the organisations have promised to improve regional automotive value chains, automotive financing, and policy and capacity building.
About 3.5 and 5 million vehicles, are to be manufactured in Africa, annually by 2035 – creating jobs for the youth.
Speaking during the signing ceremony, Dr Zanamwe of Afreximbank, said “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 also said the MoU will catalyse industrialisation, by spurring local automotive manufacturing, strengthen regional integration, improve trade flows, create skilled jobs and reduce reliance on the import of second-hand vehicles across Africa.
Martina Biene, President of AAAM, said “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.”
The two hope to work with other organisations, such as the African Union, the African Continental Free Trade Area (AfCFTA) Secretariat and African Organisation for Standardisation (ARSO), to enhance trade facilitation, capacity building, harmonised standards and mobilisation of blended financing to catalyse industrialisation and sustainable growth in Africa’s automotive sector.