The Russian Export Center (REC), Russian banks and African partners will sign an agreement on creating a Russia-Africa commercial payments platform, with its volume estimated at around $5 billion. This will take place at the upcoming Russia-Africa Summit, said REC Director General Andrey Slepnev.
The Russia-Africa Summit and business forum will take place in the Russian resort city of Sochi, being co-chaired by Russia and Egypt, from October 23-24. The leaders of all the 54 African nations have been invited to the event, with more than 40 of them having already confirmed their attendance. The Rossiya Segodnya International Information Agency is an official media partner of the event.
“The REC, jointly with Russian banks and global partners, is working on a platform for commercial payments with Africa, and its volume will reach around $5 billion," Slepnev said. The agreement aims at boosting cooperation with Africa and ensuring funding of Russian products deliveries there, he explained.
"The platform will enable absorbing risks related to doing trade with the [African] continent, and launching deliveries that are highly valued in the international market. We, in turn, will attract ... at least 10 countries and literally open a trade corridor. The Russian business will be able to take advantage of it, and therefore our presence in Africa will increase significantly.”
Source: urdupoint.com
