The African Export-Import Bank (Afreximbank) has renewed its memorandum of understanding (MoU) with the African Association of Automotive Manufacturers (AAAM) to accelerate the growth of the continent’s automotive industry.
The agreement was signed in Algiers, Algeria, on the sidelines of the Intra-African Trade Fair 2025 by Gainmore Zanamwe, Afreximbank’s Director of Trade Facilitation and Investment Promotion, and Martina Biene, President of AAAM. The deal focuses on building regional value chains, expanding access to automotive financing, and strengthening policy and capacity development across the sector.
Zanamwe said the renewed partnership underlines Afreximbank’s commitment to Africa’s industrialisation drive, stressing that the bank’s resources and expertise will help transform policy frameworks and financial innovation into measurable economic results. According to him, the initiative will boost local vehicle production, enhance trade integration, create skilled jobs, and reduce reliance on imported used cars.
Biene welcomed the renewed collaboration, describing Afreximbank as “a phenomenal partner” in AAAM’s efforts to expand the industry. She called on African governments to match these ambitions by investing in infrastructure that connects factories to markets while addressing logistics, energy, and skills development gaps.
The refreshed framework aligns with AAAM’s expansion strategy, allowing it to tap into Afreximbank’s continental network and trade promotion mandate. It also aims to coordinate regional supply chains, design vehicle-specific financing models, and strengthen regulatory environments.
Collaboration with continental bodies such as the African Union, the African Continental Free Trade Area (AfCFTA) Secretariat, and the African Organisation for Standardisation (ARSO) is also envisaged to harmonise standards, improve trade facilitation, and mobilise blended financing for sustainable growth.
Biene projected that with sustained cooperation and investment, Africa could produce between 3.5 and 5 million vehicles annually by 2035, creating jobs for young people and strengthening domestic supply chains.
The Africa Automotive Show, held alongside the trade fair, convened manufacturers, subcontractors, and equipment suppliers to highlight the continent’s potential in automotive production and deepen regional industrial linkages.
