African Export-Import Bank (Afreximbank) and the African Association of Automotive Manufacturers have renewed their memorandum of understanding (MoU) to boost automotive manufacturing on the continent.
The MoU was signed during the recently concluded Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria, by Dr Gainmore Zanamwe, the Director of Trade Facilitation and Investment Promotion at Afreximbank, and Ms Martina Biene, President of AAAM.
Its key pillars are regional automotive value chains, automotive financing, and policy and capacity building.
Dr Zanamwe expressed Afreximbank’s commitment to supporting the development of the automotive sector in Africa.
Ms Biene, President of AAAM, said ” Afreximbank has been a phenomenal partner in our quest to drive growth and industrialisation of the automotive industry on the continent.
“We are pleased with the renewal of the MoU. Logistics, energy, skills development, and financing mechanisms must keep pace with our ambitions. Afreximbank’s leadership is critical in this regard, but so too is the commitment of our governments to invest in infrastructure that connects factories to markets.”