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We seek to increase Russia's $20 bln investments in Africa: Afrixim president

Sarah Essawi from Sochi, Wednesday 23 Oct 2019
Benedict Orama
Dr. Benedict Orama, President of the African Bank for Import and Export, "Afriximbank" speaking in the oepninng session of the Russia-Africa summit "Photo:Sarah Essawi"
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The opening session of the Russia-Africa Summit began in the Russian city of Sochi today. The summit was inaugurated by Egyptian President Abdel-Fattah El-Sisi and Russian President Vladimir Putin.

Speaking at the opening session, Dr. Benedict Orama, President of the African Bank for Import and Export (Afriximbank) said that the volume of Russia's investments in the African continent last year amounted to $20 billion and these investments are concentrated in the energy sector, mining and railways, including projects Dabaa generation Nuclear energy and the establishment of a sophisticated industrial complex in Egypt.

This year is a turning point in Africa-Russia relations to boost bilateral trade and investment, said Dr. Oramha, adding that this conference is a good opportunity to strengthen relations, increase cooperation and identify opportunities to increase trade and investment.

He pointed out that Egypt and Russia play a majer role in supporting the sustainable development plans of African economies, stressing that the African Export-Import Bank supports these efforts, which are part of our main objectives to develop African trade with various countries of the world.

The African continent is one of the most attractive markets for trade and long-term investment of russian companies, Andrei Selinov, director of the Russian Export Center, said at the opening session of the Russian African summit .

At the same time, African countries have made a tremendous leap in recent years in developing the business climate, creating an attractive investment environment, with implementing economic reforms and infrastructure restructuring and embarking on ambitious projects. We are pleased that the African side finds these partners in Russian companies.

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