Africa: Moscow Hosts Discussion on Russia–Africa Investment Cooperation

21 June 2019
press release

Moscow — A panel session on Russia–Africa investment cooperation was held in Moscow during the open Russia–Africa Economic Conference, part of the Afreximbank Annual  Meetings with the support of the Roscongress Foundation and Russian Export Center. The discussion was moderated by Founder and Chief Executive Officer of Africa Consulting and Trading (ACT) Ibrahima Cheikh Diong and participants included: Senator from the State of Ogun of the Federal Republic of Nigeria Ibikunle Amosun; Founding Chairman of Petrolin Group and Chairman of the African Business Roundtable Samuel Dossou-Aworet; President and Chief Executive Officer of Grupo Opaia SA Agostinho Kapaia; Group CEO of Notore Chemical Industries PLC Onajite Okoloko; Chief Minister of the Republic of Sierra Leone David Francis; and Vice President of FORMIKA Group Anton Atrashkin.

"In 2017, the Russian Export Center (REC), part of VEB.RF, purchased shares in Afreximbank and became the bank's third-largest non-African financial institution or organization shareholder. Afreximbank is currently one of our authoritative partners, which allows for the successful implementation of projects in Africa's high-risk market. This year the REC has made its first joint deals. ROSEXIMBANK added its confirmation on two letters of credit issued by the African Export-Import Bank to the benefit of the subsidiary PJSC Uralkali. The implementation of these deals helps finance the shipment of Russian-manufactured fertilizers to Zambia, totalling approximately USD 45 million," said Andrey Slepnev, Chief Executive Officer of the Russian Export Center (REC).

Russia is developing a number of other projects in cooperation with Afreximbank, including a project concerning the shipment of Russian ground transport and projects to finance industrial infrastructure construction and modernization projects in Nigeria and Angola.

At the end of last year, REC, Russian Railways, and Afreximbank signed a memorandum of cooperation. As a result, a trilateral working group was created and tasked with studying export and investment project issues in the railway and related industries and discussing forms of project and investment financing.

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