Russia sets up $5bn trading platform in Africa
An agreement has been reached at the Russia-Africa summit in Sochi to establish a mechanism for funding trade deals. It is aimed at giving Russian exporters access to the African market.
“The deal is designed to develop cooperation with African states by arranging mechanisms of issuing loans for joint foreign trade projects,” the Russian Export Center (REC) said. It explained that the deal opens up opportunities for increasing the volume of Russian exports to Africa, including to Angola, Ethiopia, Mozambique, Zimbabwe, and other states.
With a volume of more than $5 billion, the platform will enable risks related to trade with African countries to be absorbed. According to REC Director Andrey Slepnyov, Russia will “attract at least 10 countries and literally open a trade corridor to the African continent.” That will create “a unique opportunity for Russian businesses to systemically expand presence in the region and consolidate on one of the most promising and dynamically developing global markets opening it for high-tech domestic export.”
For more stories on economy & finance visit RT’s business section