S&P Assigns BBB+ Credit Rating to Afreximbank

The African Export-Import Bank (Afreximbank) has been assigned a long-term issuer credit rating of BBB+ and a short-term rating of A-2 by S&P Global Ratings, with a stable outlook, underscoring the institution’s growing importance in supporting trade, industrial development, and economic transformation across Africa.

According to S&P, the stable outlook reflects confidence in the bank’s development mandate, strong shareholder support, and its increasingly important role as a countercyclical lender during periods of economic stress and market volatility.

The ratings agency noted that Afreximbank’s strategic relevance has strengthened significantly in recent years as African nations seek to expand intra-African trade and accelerate implementation of the African Continental Free Trade Area (AfCFTA), one of the continent’s most ambitious economic integration initiatives.

S&P highlighted the bank’s consistent ability to act as a countercyclical financier by providing funding to African economies during periods of heightened risk, when international commercial banks often reduce their lending exposure to the region.

This role has become increasingly important as governments and businesses across Africa face tighter global financial conditions, elevated borrowing costs, and recurring external shocks.

By maintaining access to trade and development finance during challenging periods, Afreximbank has helped support economic activity and preserve liquidity in markets where financing can become scarce.

The agency also pointed to the bank’s robust financial growth over the past decade.

Total assets expanded from $7.1 billion in 2015 to $42.3 billion in 2025, reflecting a substantial increase in lending activities and trade finance operations across the continent.

Shareholders’ equity also recorded significant growth, rising from $1.3 billion to $8.4 billion over the same period, strengthening the institution’s capital base and enhancing its ability to support larger development and trade-related projects.

The rapid expansion underscores Afreximbank’s emergence as one of Africa’s most influential multilateral financial institutions, playing an increasingly central role in facilitating cross-border commerce, industrial investment, and economic resilience.

The rating decision comes as African policymakers intensify efforts to deepen regional economic integration and reduce dependence on external markets through expanded intra-continental trade.