HARARE, Jun. 16 (NewsDay Live) — S&P Global Ratings has assigned the African Export-Import Bank (Afreximbank) a ‘BBB+’ long-term issuer credit rating and an ‘A-2’ short-term issuer credit rating, both with a stable outlook, reinforcing the lender’s investment-grade status and strong financial standing.
S&P said the ratings reflected Afreximbank’s growing strategic importance, robust enterprise risk profile and expanding role as a countercyclical institution supporting African economies during periods of global and regional uncertainty.
The ratings agency highlighted the bank’s policy relevance and shareholder backing, citing its role in promoting intra-African trade, supporting implementation of the African Continental Free Trade Area (AfCFTA) and developing platforms that strengthen regional integration and economic resilience.
“Afreximbank’s policy relevance has improved in recent years, as demonstrated by significant lending growth and shareholder support through a growing capital base supported by capital injections,” the bank said in a statement on Monday.
S&P noted that the lender’s consistent delivery on its mandate had reinforced its strategic importance across the continent.
Between 2015 and 2025, Afreximbank’s total assets grew to US$42.3 billion from US$7.1 billion, while shareholders’ equity increased to US$8.4 billion from US$1.3 billion.
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Afreximbank president and chairman of the board of directors George Elombi described the rating as a strong endorsement of the institution’s financial strength, stability and international credibility.
“It reflects the Bank’s solid capital base, strong liquidity, the quality of its assets, and, in particular, the unwavering belief in the institution by African states and authorities,” Elombi said.
“The events of recent years, and the last two years in particular, underscore a central lesson: much as the struggle for independence, the pursuit of Africa’s economic change will not be handed to us. It demands deliberate, bold, courageous and decisive action by the continent itself, working with its diaspora.”
S&P also cited Afreximbank’s response to major external shocks affecting African economies, including the global financial crisis, the commodity price downturn, the Covid-19 pandemic and the Russia-Ukraine conflict.
In line with its countercyclical mandate, the bank recently unveiled a US$10 billion Gulf Crisis Response Programme aimed at cushioning African and Caribbean economies from spillover effects arising from conflict in the Middle East.
Afreximbank has also expanded systems designed to facilitate African trade and investment, including the Pan-African Payment and Settlement System, the Africa Trade Gateway, the AfCFTA Adjustment Fund, trade finance facilities, project finance, institutional support and advisory services.
The stable outlook reflects S&P’s expectation that Afreximbank will maintain its strengthened role as a countercyclical lender, supported by continued shareholder backing and successive capital increases.
The ratings provide further validation of Afreximbank’s strategy to support industrialisation, deepen intra-African trade, strengthen regional value chains and expand Africa’s participation in global commerce.