The African Export-Import Bank (Afreximbank) has signed a Memorandum of Understanding (MoU) with Russian Railways and the Russian Export Center (REC), agreeing to cooperate in implementing export and investment projects in the railway sector in Africa.
Under the terms of the MoU, the parties will cooperate by undertaking mutual consultations on export and investment projects in the railway sector abroad and by jointly developing project financing schemes in the sector.
Benedict Oramah, President of Afreximbank, signed the document on behalf of the Bank while Oleg Belozyorov, Director General of Russian Railways, and Andrey Slepnev, Director General of REC, signed for their respective organisations.
Speaking after the signing, Oramah cited the huge demand for infrastructure in Africa and said that the continent needed investments of $20 billion per annum in the railway sector in order to bring it up to the required level.
He said that Afreximbank’s role is to find partners that would help it to deliver the necessary investment in Africa. The signing of the MoU would enable Russia to begin to participate in the opportunities that existed in Africa.
Slepnev described the signing of the MoU as a demonstration of practical collaboration among the institutions and expressed confidence that it would bear fruit.
Russian Railways is reputed for developing and advancing technologies and techniques for effectively managing railway systems.
In the course of their detailed conversation, the prospects for the development of cooperation between Russia and Afreximbank, the implementation of major investment projects implemented by a number of Russian companies on the African continent were discussed. Some practical aspects of preparing for the annual meeting of shareholders of Afreximbank and the Russia-African business forum scheduled for June 2019 were also touched upon.
Oramah was on a working trip in Moscow to participate in the 10th annual VTB Capital Investment Forum “Russia is calling!” held Nov. 28 – 30. Russia Calling! Forum is a leading platform for drawing capital to the Russian economy, improving the investment climate and promoting the country’s international economic and business ties.
This year, the forum brought together 2,200 with over 500 coming from more than 63 countries, made up of senior executives of leading Russian and foreign companies, investment funds, and eminent experts whose work are associated with Russia.