S&P Affirms Afreximbank at BBB+ as Assets Surge
African Export-Import Bank (Afreximbank) has secured a BBB+ long-term issuer credit rating and an A-2 short-term issuer credit rating by S&P Global Ratings, which cited the bank’s strengthened strategic role, expanding balance sheet and increasing influence in supporting African economies during global economic shocks.
The Stable Outlook reflects S&P’s expectation that Afreximbank will continue to benefit from shareholder backing, capital injections, and its growing importance as a countercyclical lender across the continent.
According to S&P, the bank’s rising policy relevance has been driven by rapid expansion in lending activities and consistent shareholder support, as it scales up financing for trade, industrialisation, and regional integration initiatives.
“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. Between 2015 and 2025, total assets expanded to $42.3 billion from $7.1 billion, supported by shareholders’ equity increasing to $8.4 billion from $1.3 billion.”
The rating agency also highlighted Afreximbank’s expanding role in promoting intra-African trade and supporting the African Continental Free Trade Area (AfCFTA), as well as investments aimed at deepening regional economic integration.
Reacting to the rating, President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi, said the assessment affirms the bank’s financial strength and continental relevance.
“This rating is a strong endorsement of Afreximbank’s financial strength, stability, and international credibility, and a clear affirmation of its strategic importance to and impact across Global Africa. 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.”
He added that the developments of recent years, particularly the last two, highlight the need for Africa to take deliberate and bold action in shaping its own economic transformation, in partnership with the diaspora.
S&P further noted Afreximbank’s interventions during major global disruptions, including the financial crisis, commodity price shocks, the COVID-19 pandemic, and the Russia–Ukraine conflict.
The bank recently introduced a US$10 billion Gulf Crisis Response Programme to help cushion African and Caribbean economies from shocks linked to tensions in the Middle East.
Beyond financing, Afreximbank has expanded trade infrastructure through initiatives such as the Pan-African Payment and Settlement System, the Africa Trade Gateway, and the AfCFTA Adjustment Fund, aimed at strengthening regional value chains and increasing Africa’s role in global trade.
