Emerging Pan-African Multilateral Financial Institutions and Development Finance in Sanctioned African States: The Case of Afreximbank’s Engagement with Zimbabwe
DOI:
https://doi.org/10.12700/jceeas.2026.6.2.487Keywords:
Pan-African multilateral institutions, Economic Sanctions, Development finance, Afreximbank, African agency, ZimbabweAbstract
Emerging Pan-African multilateral financial institutions are increasingly shaping Africa’s post-colonial financial architecture through development finance, investments and regional economic integration initiatives. These institutions have expanded their economic and financial resources, enabling them to deploy innovative financial and monetary tools to advance Africa’s development. Yet, surprisingly, the engagement of Pan-African multilateral financial institutions with African countries under Western unilateral economic sanctions has remained underexplored in the existing sanctions literature. This article addresses this gap by examining the role of the African Export-Import Bank (Afreximbank) in facilitating development finance and investments in African countries subject to Western unilateral sanctions. The paper adopts a case study research design, employing multiple secondary sources, including institutional documents, national policy reports, international standardised datasets and peer-reviewed academic sources. The findings reveal that Afreximbank has provided sustained alternative development finance and investments that have played a significant role in mitigating the adverse effects of Western unilateral sanctions on Zimbabwe. These findings are critical in challenging the conventional wisdom that portrays Africa as a passive recipient of Western economic policies. The paper shows the growing agency of a Pan-African multilateral financial institution in response to Western unilateral sanctions, as evidenced by Afreximbank’s capacity to design and deploy trade finance, development finance and crisis-response instruments as alternatives to Bretton Woods institutions in contexts where those institutions have suspended or restricted engagement.
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