The African Export-Import Bank (Afreximbank) is strengthening its position in China’s capital market after China Chengxin International Credit Rating Co. Ltd. (CCXI) reaffirmed the bank’s AAA issuer credit rating with a Stable outlook, reinforcing its capacity to raise funding from one of the world’s deepest pools of capital.
The affirmation, contained in CCXI’s 2026 Credit Rating Report released in Beijing on July 30, marks the second consecutive year that the Chinese rating agency has awarded Afreximbank its highest issuer rating.
Beyond the headline rating, the decision could enhance the multilateral lender’s ability to diversify its funding base, particularly as it expands its role in financing trade and investment between Africa and China.
CCXI expects Afreximbank’s credit profile to remain stable over the next 12 to 18 months, citing its strategic positioning, risk-management framework, business flexibility, profitability and liquidity position.
The rating agency also highlighted the bank’s very high coverage of short-term debt by current assets as a key support for its overall credit strength.
The affirmation comes as Afreximbank deepens its financial and institutional links with China, giving the bank greater access to the country’s increasingly important debt-capital markets.
In 2025, Afreximbank issued a RMB2.2 billion Panda bond, becoming the first African multilateral development institution to access China’s Panda bond market.
The transaction marked a significant expansion of the bank’s funding channels beyond conventional international markets and created a direct financing bridge between Chinese investors and Africa’s trade and development agenda.
Afreximbank subsequently became a direct participant in China’s Cross-border Interbank Payment System (CIPS), strengthening its ability to facilitate payment flows linked to China-Africa trade and investment.
The combination of a top-tier domestic Chinese credit rating, local-market issuance and direct participation in CIPS potentially gives the bank a stronger platform to deepen financial connectivity between both regions.
Chandi Mwenebungu, managing director, Treasury & Markets and treasurer at Afreximbank, said the reaffirmation demonstrated the bank’s ability to maintain financial resilience while supporting member states during periods of economic uncertainty.
“CCXI’s affirmation of our AAA rating for a second consecutive year is a strong endorsement of Afreximbank’s financial strength, disciplined risk management and enduring relevance to Africa and Global Africa,” he said.
According to Mwenebungu, the rating also reinforces the bank’s ability to mobilise capital from diverse funding pools across local and international markets.
For Afreximbank, maintaining a high credit rating is strategically important because the institution relies on access to capital markets to support its trade-financing and development mandate across Africa.
A strong external credit assessment can help lower funding barriers, broaden the investor base and improve the bank’s ability to raise funds across different currencies and markets.
The CCXI affirmation therefore adds to the bank’s funding flexibility at a time when development finance institutions face increasing demand for capital amid infrastructure, trade and investment needs across emerging markets.
The Chinese rating also complements Afreximbank’s existing investment-grade profile.
Earlier this year, S&P Global Ratings assigned the bank ‘BBB+’ long-term and ‘A-2’ short-term issuer credit ratings, both with Stable outlooks.
Afreximbank also holds investment-grade ratings from GCR at A, Japan Credit Rating Agency at A- and Moody’s at Baa2.
While the ratings differ across agencies because of variations in methodology and assessment criteria, the broad investment-grade profile supports Afreximbank’s ability to access institutional funding markets.
The latest rating comes against a major push by Afreximbank to position itself as a financial bridge between Africa and China.
China remains a major trading and investment partner for African economies, while African governments and businesses require increasingly sophisticated channels for financing trade, infrastructure and cross-border investment.
Afreximbank’s growing presence in China’s financial system gives it an opportunity to intermediate a greater share of these flows.
The Panda bond issuance showcased that African development finance institutions can tap Chinese domestic investors directly, while CIPS participation provides an additional layer of financial infrastructure for cross-border transactions.
CCXI’s assessment also highlights the financial characteristics underpinning Afreximbank’s market access.
The rating agency pointed to the bank’s strong profitability, prudent liquidity management and high coverage of short-term liabilities by current assets, alongside its strategic importance and risk-management systems.
These factors are particularly important for a multilateral development bank operating across markets exposed to currency, sovereign, commodity and geopolitical risks.
Maintaining financial strength while expanding lending will remain critical as Afreximbank seeks to increase its development impact without compromising its credit profile.
The Stable outlook indicates that CCXI does not expect a material deterioration in the bank’s credit strength over the next 12 to 18 months.
