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Sunday, 15 December 2019

Russia's Sberbank says supporting Russian-African trade with $5 billion

Sarah El Essawy from Sochi, Wednesday 23 Oct 2019
Alexander Vidyakhin, the first deputy chairman of executive board of Sberbank
Alexander Vidyakhin, the first deputy chairman of executive board of Sberbank
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Alexander Vidyakhin, the first deputy chairman of executive board of Sberbank, one of Russia's largest banks, said that the bank is supporting Russian-African trade with $5 billion, and that Egypt is one of the countries that will benefit most from this financing given its status as one of the continent's largest countries.

Vidyakhin pointed out on the sidelines of the first day of the Russian-African summit that the bank is beginning to increase its role in African countries through the introduction of mechanisms of Islamic finance to attract companies and business owners from Islamic countries and expand relations with them.

The bank is focusing on increasing cooperation with Africa in several areas, including infrastructure, industry and export subsidies, said Daniel Ouyem, Deputy Chairman of VEB.RF.

Daniel Ouyem, vice president of the Russian Export Development Bank
Daniel Ouyem, Deputy Chairman of VEB.RF.

Ouyem said that there are projects for cooperation with Egypt in the field of transport and the export of industrial and agricultural equipment, and that there are 12 projects in energy, agriculture and industry that are currently underway.

Ouyem stressed that Egypt has great capabilities that make it an attractive market for investment and export, and that there is great interest on the part of Russian exporters in the Egyptian market.

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