New Bank Leadership, Capital Strategies Drive African Mining Investment Push

Several African multilateral banks and financial institutions have undergone significant leadership transitions this year aimed at aligning financial strategies with the continent’s evolving development and industrialization goals. In June, the African Export–Import Bank (Afreximbank) appointed Dr. George Elombi as President and Chairman of the Board of Directors, succeeding Professor Benedict Oramah after nearly a decade of leadership. Under Dr. Elombi, the bank aims to scale into a $250 billion institution and serve as a key enabler of investment in Africa’s mining sector.

The African Development Bank (AfDB) also elected new leadership in May, appointing Sidi Ould Tah to replace Akinwumi Adesina. The Bank is now expanding its capital base – reaching $318 billion – while pursuing a $25 billion replenishment round and broadening its bond issuance strategy to support infrastructure and industrialization. Leadership changes have also extended to commercial banks. Standard Bank appointed Sim Tshabalala as interim CEO in April, while Absa Group named Kenny Fihla as CEO in March.

African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

At this year’s African Mining Week (AMW), a featured panel on The Investor Perspective – Financing Africa’s Mineral Industrialization will explore how these and other institutions are adapting financial strategies to meet the continent’s infrastructure and beneficiation needs.

Recent deals underscore the sector’s momentum. In June, Afreximbank signed a $3.8 billion agreement with Gabon to fund manganese and gold trading, energy development and rail infrastructure. It also extended a $25 million facility to Lilium Gold for operations at the Boungou and Wahgnion gold mines in Burkina Faso. Meanwhile, AfDB approved $325 million in financing for Mauritania’s state-owned SNIM to upgrade logistics and equipment for its iron-ore corridor.

In South Africa, Standard Bank provided $300 million to Northam Platinum for a 140 MW wind power plant, ensuring long-term energy security for mining operations. It is also co-financing a $38.5 million deal with Lotus Resources for the Kayelekera Uranium Project in Malawi. Absa Bank is backing Angola’s Longonjo Rare Earth Project – operated by Pensana – with an $80 million facility. The project is expected to supply up to 5% of the world’s magnet rare earth elements critical to electric vehicle manufacturing.

AMW 2025 will bring together African financial institutions, mining stakeholders and international partners to forge new investment alliances and accelerate mining sector growth. Held alongside African Energy Week: Invest in African Energies 2025, AMW is the premier platform for engaging with the full spectrum of Africa’s mining opportunities.

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Africa Fact: Yoruba metal art of the mediaeval period was of world class. One scholar wrote that Yoruba art “would stand comparison with anything which Ancient Egypt, Classical Greece and Rome, or Renaissance Europe had to offer.”