Afreximbank President, Dr. Benedict Oramah (centre), makes a point during the meeting in Cairo, as Mrs. Anna Belyaeva (3rd left), Managing Director for International Business Development, Russian Export Center and other members of the delegation listen
Cairo, 6 March 2018: – The Russian Export Centre Group (REC) will collaborate with the African Export-Import Bank (Afreximbank) to explore opportunities to develop Africa’s aviation industry and to support other sectors like mining, agro-processing, railways and the metals industry, the two institutions announced today in Cairo.
The announcement followed the signing of a collaboration document during a meeting between Afreximbank President Dr. Benedict Oramah and Anna Belyaeva, Managing Director, International Business Development of the Russian Agency for Export Credit and Investment Insurance (EXIAR), a subsidiary of REC. In January, REC became the latest international financial institution to join Afreximbank as a Class “C” shareholder.
President Oramah said that the collaboration was in line with the Bank’s strategy to promote intra-African trade and the industrialisation of the continent and would focus primarily on aviation.
“According to a study highlighting the high sensitivity of African trade to transport costs, a 10 per cent reduction in transport costs would increase trade by 25 per cent,” noted Dr. Oramah. “Given the limitations of road and rail infrastructure in Africa, the aviation sector is critical to Africa’s trade, growth and development objectives. As such, improving air transport infrastructure across Africa has become a priority area our Bank.”
He said that the collaboration with REC would involve the organisation of business missions to Kenya, Uganda and Nigeria to meet the authorities and key stakeholders in the local aviation industries to discuss their development plans and identify areas where they required funding and technical assistance.
The President said that, in addition to aviation, Afreximbank would to explore ways to deepen the partnership with REC to target other key growth sectors of African economies, adding that a pipeline of transactions in mining, metals and railway industries across Africa, was currently under review for potential financing by the Bank.
In her remarks, Ms. Belyaeva said that her institution was fully committed to a mutually beneficial collaboration arrangement that would contribute to the Bank’s development agenda.
Rene Awambeng, Director and Global Head of Client Relations, Afreximbank (right), and Anna Belyaeva, Managing Director for International Business Development, Russian Export Centre, exchange documents following the meeting in Cairo
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About Afreximbank:
The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved more than $51 billion in credit facilities for African businesses, including about $10.3 billion in 2016. Afreximbank had total assets of $11.7 billion as at 31 December 2016 and is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com