Afreximbank renews MoU with African Association of Automotive Manufacturers at IATF2025
The African Export-Import Bank (Afreximbank) has renewed its memorandum of understanding (MoU) with the African Association of Automotive Manufacturers (AAAM), strengthening collaboration to expand intra-African trade and investment in the automotive sector.
The MoU was signed during the Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria, by Dr. Gainmore Zanamwe, Afreximbank’s Director of Trade Facilitation and Investment Promotion, and Ms. Martina Biene, President of AAAM. Its focus includes regional value chains, automotive financing, and policy and capacity building to advance industrialisation across Africa.
Driving industrialisation and trade in Africa
Dr. Zanamwe said the MoU reflects Afreximbank’s commitment to Africa’s industrialisation goals. “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 noted.
He added that the agreement is designed to boost local automotive manufacturing, improve regional integration, and create skilled jobs. It also aims to reduce the continent’s reliance on imported second-hand vehicles.
Ms. Biene of AAAM welcomed the renewed partnership, stressing the need for aligned logistics, skills, energy solutions, and financing to match Africa’s ambitions. “Despite challenges, the opportunities are immense. With coordinated action, Africa can manufacture at least 3.5 to 5 million vehicles annually by 2035,” she said.
Expanding Africa’s automotive sector
The revitalised framework positions AAAM to benefit from Afreximbank’s continental reach, including trade promotion and financing. It supports efforts to activate regional value chains, roll out auto-specific financing, and strengthen policy environments. Partnerships with institutions such as the African Union, AfCFTA Secretariat, and ARSO are also envisioned to harmonise standards and mobilise blended financing.
The Africa Automotive Show, held as part of IATF2025, showcased the potential of African automotive manufacturing and supply chain development. The event attracted manufacturers, subcontractors, and equipment providers, highlighting collaboration opportunities across the sector.
IATF2025 drew over 112,000 visitors from 132 countries, with 2,148 exhibitors participating. The fair concluded with a record US$48.3 billion in trade and investment deals signed over seven days, reinforcing its status as a key platform for continental business growth.
