Zimbabwe is being positioned at the centre of a sweeping regional energy realignment, as the African Export-Import Bank (Afreximbank) moves to rewire fuel supply chains across southern Africa through a multi-billion-dollar infrastructure and trade finance push. In a wide-ranging briefing with journalists across the continent, Afreximbank senior executive vice-president Denys Denya outlined how the Cairo-based lender is leveraging a strong 2025 financial performance to anchor a new fuel distribution architecture, which places Zimbabwe as a critical transit, storage and distribution node linking Namibia, Zambia and the wider region. With total assets surpassing US$48,5 billion and net income rising 19% to US$1,2 billion, the bank is scaling up interventions in energy security, trade finance and intra-African commerce. Central to this strategy is a Walvis Bay fuel storage hub, a fleet of over 500 tankers to be purchased, and proposed pipeline links stretching into Zimbabwe and beyond, alongside plans to expand the Beira–Msasa corridor. The goal is to cut fuel costs, secure supply, and reduce the region’s dependence on volatile global markets, with Zimbabwe at the heart of that equation. Below are excerpts of the banker’s interface with African reporters, including Mthandazo Nyoni, our assistant editor:
Q: The bank reported strong 2025 earnings despite a constrained global environment. How much of this is driven by corporate finance versus one-off gains or revaluations? And how sustainable is this trajectory in 2026?
A: Almost all earnings are from our core activities. We did not record any one-off gains in 2025. If you look at the composition of our earnings growth, about 9% came from non-funded income. We significantly expanded our letters of credit and guarantees, which are core components of trade finance. Net interest income also grew strongly, contributing about 92%. Overall, earnings were driven by the bank’s core activities — trade and project financing.
Q: In terms of the crisis intervention programme, what specific instruments are being deployed? How do we ensure this does not simply delay structural vulnerabilities in Africa’s energy, food and import dependence?
A: Our intervention spans all the products we offer, including guarantees, letters of credit and funding. The immediate impact we are seeing is that, for import-dependent economies, the cost of imports is very high. Supplier conditions often mean that the letters of credit issued are open-ended. We have therefore taken a proactive approach by engaging our trade finance intermediaries — financial institutions across the continent — to increase their facilities so they can issue high-value LCs. We are also ensuring that payment terms offered to LC applicants are flexible enough to accommodate disruptions arising from the Strait of Hormuz. At the same time, we are financing refining capacity within Africa to reduce the importation of refined products. We are not only supporting (Nigerian oil tycoon Aliko) Dangote, but also three other refineries in Nigeria, as well as projects in Angola. We are investing in productive sectors to reduce Africa’s dependence on imports.
Q: Are there initiatives to increase fuel sourcing within Africa?
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A: The bank has put in place a US$3 billion facility to promote intra-African trade in fuels. We are working with Dangote to establish a tank farm in Walvis Bay, Namibia. This will enable countries such as Botswana, Zimbabwe and Zambia to access fuel more cheaply. It takes less than five days to transport refined products from Lagos to Windhoek. Initially, we are procuring about 550 tankers for road transport. At the same time, we are working on a pipeline linking Zimbabwe and Zambia. We are also engaging Mutapa Investment Fund and private sector players in Zimbabwe to expand capacity on the Beira-Msasa pipeline and extend it further into the region. All these initiatives are aimed at securing supply and reducing costs.
Q: Are you satisfied with progress under the African Continental Free Trade Area (AfCFTA)?
A: The success of the AfCFTA depends on all stakeholders — governments, the private sector and institutions. Governments acted quickly to approve and ratify the agreement. We are supporting the secretariat financially, technically and through advisory services to finalise trade protocols.
However, much remains to be done. Infrastructure deficits — in ports, roads, rail and power — continue to constrain intra-African trade. The AfCFTA will succeed if Africa trades more in finished goods, supported by strong regional value chains. We are contributing through initiatives such as the Pan-African Payment and Settlement System, which enables trade in local currencies, and the Fund for Export Development, which provides patient capital to entrepreneurs. We have also established a project preparation facility to bring African ideas to bankability. I am encouraged by the progress so far.
Q: As for Nigeria, is there a way to translate some of those macroeconomic gains to the micro level? How do these strong numbers reach ordinary people?
A: Nigeria is in a fortunate position as an oil exporter, benefiting from high oil prices that help offset inflationary pressures. We are also working with Dangote to ensure that crude procurement is in naira, meaning refined products are also sold in naira. Beyond that, we support SMEs through financing and capacity building to generate employment.
Our supplier finance programmes ensure that suppliers to large corporates, such as Dangote, are paid on time, enabling them to expand and create jobs. We do this both directly and through trade finance intermediaries.
As a continental institution, we engage Nigerian banks and government both bilaterally and through the African Union. We will continue advising governments on the most effective ways to drive economic development.
Q: There was a decline in loans to the financial sector, but an increase in oil and gas exposure. What informed this shift?
A: There was no absolute decline. On a year-on-year basis, lending to the financial sector increased. However, oil and gas grew faster, raising its share within the portfolio.
This is explained by several interventions, including Dangote. When (his new) refinery was initially financed, it was structured as a corporate loan. Once completed, it became a direct borrowing by the refinery rather than Dangote Industries. This restructuring increased our exposure to oil and gas.
We also expanded financing in gas-producing countries such as Angola. In addition, we are supporting refining projects, including the Cabinda refinery, as well as three others across the continent. This is essential for Africa to become self-sufficient in refined products.
We are also investing in fertiliser production to ensure that countries, particularly in southern Africa, can source fertilisers from within the continent.
Q: What is the response to the (bank’s) Gulf Crisis Response Programme? Has there been any uptake?
A: We have already seen uptake, particularly from East African countries such as Kenya, Ethiopia and Tanzania. If the crisis persists, its effects will be felt across the continent, and the US$10 billion facility could be utilised very quickly.
Q: How is the Gulf Crisis Response Programme supporting countries like Egypt facing energy and tourism pressures?
A: Egypt is on the front line due to its proximity to the conflict and its reliance on tourism.
We are working closely with Egyptian authorities at both board and ministerial levels. We have engaged the Egyptian General Petroleum Corporation to ensure it has the resources needed to import refined products.
We are also supporting financial institutions to sustain the tourism sector.
In addition, we are promoting investment in economic zones, identifying alternative markets for Egyptian pharmaceuticals and fertilisers, and working with producers and construction companies. Our engagement with both government and the private sector is ongoing to mitigate the impact of the crisis.
Q: At a time when many development finance institutions are scaling back, how has the bank maintained strong access to global capital?
A: We believe fully in our mission and in the institution we have built over the past 30 years.
We maintain continuous engagement with our lenders and partners. Their view of Africa is shaped by what they see and experience, not just by external ratings or commentary.
We have engaged investors across Europe, China and Japan, demonstrating our track record and credit profile. Transparency is critical — where we make mistakes, we acknowledge them and explain how we will address them.
Our clear vision and successful initiatives, such as AfrexInsure, have strengthened confidence.
As a result, we have been able to raise funding across loans, bonds and equity markets. In 2025, we raised US$300 million in new equity.