icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Russia sets up $5bn trading platform in Africa

Russia sets up $5bn trading platform in Africa
An agreement has been reached at the Russia-Africa summit in Sochi to establish a mechanism for funding trade deals. It is aimed at giving Russian exporters access to the African market.

“The deal is designed to develop cooperation with African states by arranging mechanisms of issuing loans for joint foreign trade projects,” the Russian Export Center (REC) said. It explained that the deal opens up opportunities for increasing the volume of Russian exports to Africa, including to Angola, Ethiopia, Mozambique, Zimbabwe, and other states.

Also on rt.com Russia may participate in construction of Trans-African railway

With a volume of more than $5 billion, the platform will enable risks related to trade with African countries to be absorbed. According to REC Director Andrey Slepnyov, Russia will “attract at least 10 countries and literally open a trade corridor to the African continent.” That will create “a unique opportunity for Russian businesses to systemically expand presence in the region and consolidate on one of the most promising and dynamically developing global markets opening it for high-tech domestic export.”

For more stories on economy & finance visit RT's business section

Podcasts