Algiers, Algeria — In a decisive move to strengthen Africa’s industrial base and reduce reliance on imported vehicles, the African Export-Import Bank (Afreximbank) has renewed its memorandum of understanding (MoU) with the African Association of Automotive Manufacturers (AAAM). The agreement, signed during the Intra-African Trade Fair 2025, outlines a strategic framework to develop regional automotive value chains, harmonize policy environments, and deploy targeted financing solutions.
Gainmore Zanamwe, Afreximbank’s Director of Trade Facilitation, emphasized the bank’s commitment to transforming Africa’s automotive sector into a continental export engine. The MoU includes collaboration with the African Union, AfCFTA Secretariat, and African Organisation for Standardisation (ARSO) to streamline trade facilitation and mobilize blended financing.
Martina Biene, President of AAAM, projected that Africa could manufacture between 3.5 to 5 million vehicles annually by 2035, creating thousands of skilled jobs and strengthening local supply chains. The renewed partnership signals a shift toward coordinated industrialisation, positioning Africa to become a competitive player in global automotive exports.