Moscow, 29 Nov. 2018: – The African Export-Import Bank (Afreximbank) yesterday in Moscow 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.
Prof. 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, Prof. Oramah cited the huge demand for infrastructure in Africa and said that the continent needed investments of $20 billion per annum in the rail sector in order to bring it up to required level.
He said that Afreximbank’s role as 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, he added.
Mr. Slepnev described the signing of the MoU 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.
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About Afreximbank: The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved about $60 billion in credit facilities for African businesses, including about $8.5 billion in 2017. Afreximbank had total assets of $11.9 billion as at 31 December 2017 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com