Russia puts African investment in 2018 at US$20bn

gobiereaRussia’s investment in Africa had increased over the years to reach US$20bn in 2018, said Sergey Lavrov, minister of foreign affairs of the Russian Federation, during the 2019 Annual Meetings of the African Export-Import Bank (Afreximbank)

Declaring open the Annual Meetings, Lavrov said that Russia had made investments in such sectors as mining, energy and railway sectors and highlighting a nuclear power plant and industrial park developed by Russia in Egypt.

“We are moving toward broadening our relationship, especially in our cooperation on security and peacemaking,” he said, describing Africa as Russia’s important partner in the global struggle for truth and fairness.

Lavrov further added that Russia was committed to promoting Africa with a view to providing African solutions to African problems and urged the international community to provide its support by helping to incentivise and develop programmes that help African businesses.

Benedict Oramah, president of Afreximbank, commented, “As we gather in this historic city of Moscow, we will explore how we can shape the future of trade and how we can transform our continent.”

More than 1,000 African and international trade development experts, representatives of government, business leaders and other trade industry players and officials are taking part in the Annual Meetings, which is also serving as a platform for African and Russian businesses to meet, strengthen and grow partnerships in order to foster business relations.

More than 50 speakers from Africa and beyond are scheduled to speak and address participants during the three days of the conference which ends on 22 June. They will debate and share insights on such topics as promoting South-South trade as an engine for multilateralism, prospects for multilateralism in an era of protectionism and how Africa can make finance work for economic transformation.

Highlights of the event included the seminar and meeting of the Advisory Group on Trade Finance and Export Development in Africa which will run until Friday; the official opening of the Annual General Meeting of Shareholders in the afternoon on 21 June and Annual General Meeting of Shareholders on 22 June.

The meetings further featured the launch of the African Trade Report 2019; the launch of the Afreximbank Export Trading Companies Strategy and a half-day programme of activities dedicated to Russia–Africa investment cooperation.

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