Russia will launch a $5 billion platform to improve its trade relations with Africa, the Russian news agency TASS reports.
On the sidelines of the Sochi Summit, some African Heads of State and their Russian counterpart Vladimir Putin signed an agreement to set up a mechanism to finance trade agreements between their countries. The operation, which involves the Russian Export Center, Sberbank, VEB.RF and Gemcorp Capital LLP aims to facilitate Russian exporters' access to the African market and better management of the risks associated with these commercial relationships.
“The deal is designed to develop cooperation with African states by arranging mechanisms of issuing loans for joint foreign trade projects and it opens up opportunities for increasing the volume of Russian export through financial support of Russian goods’ supplies to the African continent, including Angola, Ethiopia, Mozambique, Zimbabwe, and other African states,” the Russian Export Center said.
The launch of this platform is part of President Vladimir Putin's objective to double Russian exports to the African continent. By 2018, bilateral trade between Africa and Russia had reached $20 billion, with a surplus of $14.5 billion in favor of Moscow.
Moutiou Adjibi Nourou
Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...
Standard Chartered arranges $2.33 billion for Tanzania railway project Funding support...
Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...
Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...
From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...
Matthew Sharples, who has served as Asara Resources’ managing director for over a year, had not until now been directly involved in board deliberations....
Africa air freight volumes rise 7% in March 2026 Growth slows after strong January-February surge, key routes decelerate Global cargo declines amid...
South Sudan declines to renew Oranto’s oil block B3 contract Audit cites failure on seismic surveys and drilling commitments Block reopened to...
Tungsten prices surpass $3,000/tonne amid supply disruptions, China curbs Rwanda, DRC gain opportunities; Rwanda leads with higher output US...
UK museum to return 45 Botswana artifacts after 150 years Items collected in 1890s; restitution follows Botswana request Return tied to...
The history of Kerma stretches back several millennia. Located in what is now northern Sudan, the site was inhabited as early as prehistoric times....