Russian Export Center, VEB Create $5Bln Platform For Russia-Africa Trade Financing

The Russian Export Center, VEB.RF state development corporation, Sberbank and GemCorpCapital LLP investment company have signed a $5 billion worth framework agreement for creating a mechanism of Russian-African trade financing, according to the document, seen by Sputnik

SOCHI (UrduPoint News / Sputnik - 23rd October, 2019) The Russian Export Center, VEB.RF state development corporation, Sberbank and GemCorpCapital LLP investment company have signed a $5 billion worth framework agreement for creating a mechanism of Russian-African trade financing, according to the document, seen by Sputnik.

The agreement was signed on the sidelines of the Russia-Africa Summit.

"The deal value reaches $5 billion, which reflects Russia's and Africa's need for joint financial decisions. The agreement is aimed at developing cooperation with African nations through managing credit mechanisms of joint foreign trade projects.

It opens a possibility for boosting Russian export through financial support for Russian products deliveries to the African continent, including Angola, Ethiopia, Mozambique, Zimbabwe and other African nations," the document read.

The two-day Russia-Africa Summit and business forum, co-chaired by the presidents of Russia and Egypt, kicked off on Wednesday. The Rossiya Segodnya International Information Agency is an official media partner of the event.