Russia puts Africa investment in 2018 at $20bn

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RUSSIA’S investment in Africa has increased over the years to reach $20bn in 2018, says its Foreign Minister Sergey Lavrov.

Opening the 2019 Anmual Meetings of the African Export-Import Bank (Afreximbank) in Moscow on Friday, 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 co-operation on security and peace making,’ he said, describing Africa as Russia’s important partner in the global struggle for truth and fairness.

Lavrov said 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.

In his comments, Benedict Oramah, President of Afreximbank, said that 2019 marked a major point for the Bank as it looked to the future of Africa’s trade and finance and sought to build bridges with global powers.

‘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,’ said Oramah. ‘Our collective endeavours will impact the economic future and wellbeing of Africans for generations to come.’

More than 1,000 African and international trade development experts, representatives of government, business leaders and other trade industry players and officials attended the Annual Meetings, which  also served 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 addressed participants during the three-day conference which ended on June 22. They debated and shared 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.

 

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