The African Export-Import Bank (Afreximbank) said it has signed a memorandum of understanding with Russian Railways and the Russian Export Center (REC) to cooperate in implementing export and investment projects in the railway sector in Africa.
Under the terms of the MoU, the parties will undertake mutual consultations on export and investment projects abroad and by jointly developing project financing schemes in the sector.
Afreximbank president Benedict Oramah signed the deal on behalf of the bank in Russia while Oleg Belozyorov, director general of Russian Railways, and Andrey Slepnev, director general of REC, signed for their respective organisations.
Oramah said Africa needed investments of $20-billion a year in the rail sector in order to bring it up to required level.
He said that Afreximbank’s role was to find partners that would help it to deliver the necessary investment and that the signing of the MoU would enable Russia to participate in the opportunities that existed in Africa.
Slepnev said the agreement was 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.