Beijing, February 14, 2025 – The Africa Finance Corporation (AFC) and the Export-Import Bank of China (CEXIM) have signed a Memorandum of Understanding (MoU) to expand their partnership, aiming to finance critical infrastructure and trade projects across Africa. Announced on February 14, 2025, the agreement builds on a relationship established in 2018 and targets sectors such as clean energy, transportation, telecommunications, and climate change mitigation. The deal, which also emphasizes knowledge exchange and risk management collaboration, follows AFC’s receipt of $700 million in loans from CEXIM since 2018, including $300 million in 2018 and $400 million in 2023.
The MoU reflects a shared ambition to drive sustainable economic growth in Africa amid deepening trade ties with China. AFC, a pan-African infrastructure financier, will leverage CEXIM’s support to mobilize capital for projects that enhance industrialisation and resilience.
Samaila Zubairu, President & CEO of AFC, highlighted the partnership’s significance: “Our partnership with CEXIM strengthens Africa’s trade and investment ties with China, creating new pathways for infrastructure development and industrial growth. Strategic collaborations like this are key to accelerating Africa’s industrialisation and with CEXIM’s support, we are unlocking opportunities to build more resilient economies, mobilise capital at scale, and drive long-term prosperity across the continent.”
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AFC’s growing clout in Chinese financial markets underpins this collaboration. The corporation recently secured an AAA domestic credit rating from China Chengxin International Credit Rating Co. Ltd (CCXI) and an AAAspc issuer credit rating from S&P Ratings (China) Co., Ltd., affirming its robust financial health and disciplined capital management. These ratings bolster AFC’s ability to tap diversified funding sources, evidenced by its $1.16 billion syndicated loan in 2024, co-led by the Bank of China and the Industrial and Commercial Bank of China (ICBC) London Branch.
The partnership aligns with broader efforts to integrate African economies into global trade networks while addressing pressing infrastructure gaps. By focusing on trade finance and private sector growth, AFC and CEXIM aim to deliver high-impact projects that support sustainable development. Since its inception, AFC has positioned itself as a conduit for large-scale investments, and this renewed alliance with CEXIM enhances its capacity to deliver on that mandate. The collaboration also signals China’s continued commitment to Africa’s economic ascent, with CEXIM playing a pivotal role as a financier of cross-border initiatives.
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For AFC, the MoU is a strategic step toward scaling its operations and influence. With Africa facing a projected infrastructure financing gap of $100 billion annually, partnerships like this are vital to closing the divide. The focus on clean energy and climate mitigation further aligns with global sustainability goals, while investments in transportation and telecommunications promise to bolster connectivity and economic activity. As both institutions deepen their cooperation, the pact is poised to catalyze tangible progress in Africa’s industrial and trade landscape, reinforcing the continent’s position in the global economy.
