The partnership was solidified by Dr. Gainmore Zanamwe, Afreximbank’s Director of Business Facilitation and Investment Promotion, and Ms. Martina Biene, President of AAAM. The renewed agreement focuses on key areas, including:
- Regional automotive value chains
- Automotive financing
- Policy and capacity building
“This agreement underscores Afreximbank’s and AAAM’s commitment to strengthening Africa’s industrial growth goals through strategic partnerships,” said Dr. Zanamwe. “By combining financial innovation, policy support, and value chain development, we are fostering a new era of trade and manufacturing in Africa. Our commitment demonstrates how Afreximbank’s resources and expertise can transform the continent’s ambitions into tangible economic outcomes.”
The collaboration is expected to stimulate local vehicle manufacturing, strengthen regional cooperation, improve trade flows, create skilled jobs, and reduce the continent’s reliance on second-hand imports.
Ms. Biene emphasized the critical role of the partnership, stating, “Afreximbank has been a wonderful partner in our quest to promote the growth and industrialization of the automotive industry on the continent. We are pleased with the renewal of the MoU. The preparation, energy, skills development, and financing mechanisms must be in line with our expectations. Afreximbank’s leadership is essential in this regard, but so is the commitment of our governments to invest in infrastructure that connects industries and markets.”
The revitalized framework will leverage AAAM’s extensive reach across the continent and Afreximbank’s trade promotion mandate. It will coordinate efforts to map and enable regional value chains, deploy tailored financing solutions, and strengthen the policy environment for the automotive sector. The initiative also seeks to partner with key organizations, such as the African Union, the African Continental Free Trade Area (AfCFTA) Secretariat, and the African Standards Organization (ARSO), to enhance trade facilitation, harmonize standards, and mobilize joint financing to drive sustainable growth.
“We must join hands with key stakeholders to enable affordable mobility in Africa,” added Ms. Biene. “With coordinated action, Africa can produce at least 3.5 to 5 million vehicles annually by 2035—creating jobs for our youth, strengthening local supply chains, and ensuring that the benefits of industrial growth are shared across our continent.”
The signing ceremony took place during the Africa Automotive Show at IATF2025, an event that brought together industry players to promote African capabilities in automotive manufacturing and strengthen regional supply chains. The IATF2025 attracted over 112,000 visitors from 132 countries, with trade and investment deals reaching US$48.3 billion.