Afreximbank 33rd annual meeting
Intra-African trade as a catalyst for Africa’s economic sovereignty
MOSA MAOENG
MASERU – The African Export-Import Bank (Afreximbank) is set to convene its 33rd Annual Meetings in El Alamein, Egypt, from 21 to 24 June.
Amid a global environment marked by protectionist tariffs, geopolitical tensions, and persistent supply‑chain disruptions, this year’s gathering will anchor on a critical question: how Africa can use intra‑African trade as the foundation for genuine economic independence.
Announcing the event at a media briefing in Cairo, Afreximbank President and Chairman of the Board of Directors, Dr George Elombi, underscored that the continent’s next phase of growth must be driven by its own trade networks and industrial capacity. The agenda for the Annual Meetings is framed under the theme “Intra‑African Trade as a Catalyst for Industrialisation and Economic Sovereignty.”
Dr Elombi noted that the core policy challenge facing the continent is how to leverage the African Continental Free Trade Area (AfCFTA) and existing regional markets to build domestic industrial capacity, reduce external dependence, and retain more value from Africa’s abundant natural resources.
“The continent has spent the last decade building the institutional foundations for integration, including the AfCFTA, the Pan‑African Payment and Settlement System (PAPSS), the AfCFTA Adjustment Fund, the African Collaborative Transit Guarantee Scheme and the Intra‑African Trade Fair,” Dr Elombi said.
“The task now is to convert those platforms into production capacity, value addition, resilient supply chains and investible projects.”
The meetings will focus on three broad areas: industrialisation and the shift from raw‑commodity exports to value‑added manufacturing; mobilising African and global capital for sustainable development; and building the “operating systems” – such as digital verification platforms, quality‑assurance centres, and trade corridors – that allow African businesses to scale across borders.
Dr Elombi told the briefing that Afreximbank has continued to demonstrate robust financial resilience and strong market access. The Group closed the first quarter of 2026 with total assets and contingencies of US49.4billion, shareholders’ funds of US49.4billion, shareholders’ funds of US8.6 billion, a capital adequacy ratio of 23 percent and a non‑performing loan ratio of just 2.4 percent.
Investor confidence remains high. The Bank raised funding through Samurai and Panda bonds and secured a US$2 billion equivalent dual‑tranche syndicated facility in Q1 2026, attracting 31 lenders from Europe, the Middle East, Asia and Africa.
Dr Elombi also revealed that the Board has approved a US$10 billion Gulf Crisis Response Programme to help member countries affected by supply‑chain, liquidity and payment pressures, with a focus on essential imports such as petroleum products and fertilisers.
“The central achievement,” he said, “is that Afreximbank has continued to move from financing transactions to building systems: payment systems, digital verification platforms, trade corridors, industrial capacity and Global Africa partnerships. Those are the basis for long‑term economic sovereignty.”
For Lesotho, the upcoming Annual Meetings in Egypt represent an opportunity to deepen a partnership that is already taking concrete shape. Lesotho has been an Afreximbank shareholder since 2009, and the Bank has identified the country as a priority for project‑preparation and industrialisation support.
In 2024, Afreximbank announced that it had allocated between US300 million and US300 million and US400 million in investments specifically for Lesotho, targeting infrastructure, industrialisation, manufacturing and export development.
The Bank is working closely with the Lesotho National Development Corporation (LNDC) through a Joint Project Preparation Facility (JPPF) to transform ideas into bankable, investment‑ready projects that can attract private capital.
Key sectors identified for growth include textiles and garments, renewable energy, water resources and tourism. A high‑level Afreximbank mission to Maseru in November 2025 reaffirmed the Bank’s commitment to supporting Lesotho’s National Strategic Development Plan II (NSDP II) through financing, capacity‑building, and market‑expansion initiatives.
More recently, in March 2026, the Bank’s Regional Director for Southern Africa, Humphrey Nwugo, outlined a comprehensive roadmap to help Lesotho navigate US tariff pressures and diversify its export markets under Afreximbank’s specialised trade‑finance instruments.
Lesotho’s participation in the El Alamein meetings will be far from ceremonial. The conference is expected to bring together more than 4,000 delegates, including African heads of state, central bank governors, policymakers, private‑sector leaders and international investors.
For a small, landlocked economy heavily reliant on a narrow export base – clothing and footwear (35 percent of exports), diamonds (24 percent) and bulk water (19 percent) – the gathering offers several concrete pathways to economic transformation.
First, the meetings will provide a platform for Lesotho to directly engage with potential investors and development partners in infrastructure, agro‑processing, and light manufacturing – sectors that align precisely with the country’s need to diversify beyond traditional markets.
Second, the event will feature dedicated sessions on the AfCFTA and regional integration, giving Lesotho an opportunity to learn from other member states and to identify new export destinations within Africa. The World Bank estimates that full implementation of the AfCFTA could increase intra‑African trade by 53 percent, lift 50 million people out of poverty, and create 14 million jobs across the continent.
Third, Lesotho can tap into Afreximbank’s specialised facilities, including the PAPSS digital payment system (which reduces transaction costs for cross‑border trade) and the AfCFTA Adjustment Fund (designed to help countries manage the transition to a more integrated continental market).
Fourth, the conference will showcase the Bank’s industrialisation priorities – manufacturing, agro‑processing, strategic minerals beneficiation, energy, transport logistics, healthcare and digital trade infrastructure – all of which are relevant to Lesotho’s development needs.
Finally, the event will offer invaluable networking opportunities. Dr Elombi noted that the Bank is focused not only on financing transactions but also on building the operating systems that allow African businesses to scale across borders.
As Dr Elombi remarked, “When the world closes itself to Africa, Africa cannot close itself to Africa.” The 33rd Annual Meetings are expected to produce significant investment deals across infrastructure, manufacturing, logistics and mineral processing. With more than 4 000 delegates from governments, financial institutions, the private sector and academia, AAM2026 represents a decisive moment for Africa to chart its own course towards industrialisation and economic sovereignty.
For Lesotho, the conference is an opportunity to accelerate that journey – one bankable project at a time.
