Japan Credit Rating Agency (JCR) has reaffirmed the African Export-Import Bank’s (Afreximbank) A-issuer credit rating with a stable outlook, citing the institution’s strong strategic positioning, consistent profitability, and prudent risk management.
The agency said it expects the bank’s credit standing to remain stable over the next 12 to 18 months despite external macroeconomic challenges. In its assessment, JCR highlighted Afreximbank’s resilient capital base, sound liquidity policies, and ability to maintain operations effectively in complex environments.
Denys Denya, Senior Executive Vice President of Afreximbank, welcomed the decision, noting that the affirmation strengthens the bank’s access to diverse funding sources, including Japan’s capital markets, to advance its trade financing mandate. “JCR’s rating underscores our strong fundamentals and prudent risk management practices,” he said.
The Pan-African multilateral institution plays a central role in supporting trade finance and economic development across Africa and the Caribbean. JCR recognized this systemic importance in maintaining the stable outlook.
Afreximbank made its debut in Japanese capital markets in 2024 through a Samurai bond issuance, raising JPY 81.3 billion (about $530 million). The bond attracted strong interest from Japanese institutional investors, underscoring the bank’s growing appeal beyond its traditional funding geographies.
“This rating is a testament to the Bank’s resilience and strategic focus, enabling us to mobilize resources to drive trade and development in Africa and the Caribbean,” Denya added.
The credit affirmation is expected to reinforce investor confidence as Afreximbank continues expanding its global funding base. The bank, which is headquartered in Cairo, operates with a mandate to finance and promote both intra-African and extra-African trade.
As of December 2024, Afreximbank’s total assets and contingencies exceeded $40.1 billion, with shareholder funds reaching $7.2 billion. The institution holds investment-grade ratings from multiple agencies, including GCR, Moody’s, China Chengxin International, and Fitch.
Over its 30 years of operations, Afreximbank has pioneered innovative financing structures to support Africa’s industrialization and boost intra-regional trade. It has also been instrumental in the rollout of the African Continental Free Trade Agreement (AfCFTA), establishing a $10 billion Adjustment Fund and operating the Pan-African Payment and Settlement System adopted by the African Union.
The institution has evolved into a group entity that includes its equity impact fund subsidiary, the Fund for Export Development Africa, and its insurance management arm, AfrexInsure.
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