Afreximbank, Russia Share Projects Under Development Worth $2Bln - Bank's President
Faizan Hashmi 1 month ago Sun 10th February 2019 | 10:33 PM
ADDIS ABABA (UrduPoint News / Sputnik - 10th February, 2019) The African Export-Import Bank (Afreximbank) is working on the implementation of projects with Russia worth $2 billion, Dr. Benedict Okey Oramah, the bank's president and chairman, told Sputnik on the sidelines of the 32nd African Union Summit on Sunday.
"Business-wise, we are working with the export center to support the trade between Russia and Africa. We have businesses and transactionals of over $2 billion that are under development as we speak. Some of them are virtually almost done and there are a number of those in process of being completed.
This includes [projects] in the mining, infrastructure, fertilizers and so on," Oramah said.
Afreximbank was established in 1993 as a joint venture of African governments, African and non-African private investors and financial institutions in order to develop trade on the continent and outside of it.
In December 2017, the Russian Export Center became one of the bank's stakeholders, which has made Russia the bank's third largest non-regional stakeholder. The share in the capital is expected to boost Russian exporters' positions in Africa and reduce related financial risks.