The African Export-Import Bank (Afreximbank) and the African Association of Automotive Manufacturers (AAAM) have renewed their memorandum of understanding (MoU), solidifying their joint commitment to advancing the continent's automotive sector. The signing ceremony took place on the sidelines of the recently concluded Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria.
The renewed partnership is a strategic alignment of two key players in African economic development. The MoU, signed by Afreximbank’s Director of Trade Facilitation and Investment Promotion, Gainmore Zanamwe, and AAAM’s President, Martina Biene, focuses on three core pillars: regional automotive value chains, automotive financing, and policy and capacity building.
Speaking at the signing ceremony, Gainmore Zanamwe emphasized Afreximbank’s commitment to supporting the automotive sector as a key driver of industrialization. "This MoU underscores the commitment of Afreximbank and AAAM to strengthen Africa’s industrialisation goals through strategic partnerships," he said. The collaboration aims to spur local manufacturing, create skilled jobs, and reduce the continent’s reliance on importing second-hand vehicles, thereby transforming continental aspirations into tangible economic outcomes.
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AAAM President Martina Biene praised Afreximbank as a "phenomenal partner," highlighting the bank’s critical role in providing the necessary financing and leadership to drive growth. She noted that for the industry to reach its full potential, logistics, energy, skills development, and financing must keep pace with the continent's ambitions.
The revitalized framework will leverage Afreximbank's extensive continental reach and trade-promotion mandate to map and activate regional value chains. It also aims to strengthen national and continental automotive policies through collaboration with key stakeholders, including the African Union, the AfCFTA Secretariat, and the African Organisation for Standardisation.
Biene expressed immense optimism about the future, envisioning that with coordinated action, Africa could manufacture between 3.5 and 5 million vehicles annually by 2035. Such a feat would not only create jobs for the continent's youth and strengthen local supply chains but also ensure that the benefits of industrialization are shared across the continent. She stressed the importance of making mobility affordable in Africa through the implementation of accessible vehicle and asset financing.
The signing of the MoU was a highlight of the Africa Automotive Show at IATF2025, an event that brought together manufacturers, subcontractors, and equipment providers to promote Africa’s potential in automotive manufacturing. The trade fair itself concluded on a high note, with US$48.3 billion in trade and investment deals signed over seven days.
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