The African Export -Import Bank (Afreximbank) said it was partnering with the Russian Railways and Russian Export Center(REC) to boost Africa’s Railway sector.
The Afreximbank’s President, Dr Benedict Oramah, in a statement on Friday said the bank signed a Memorandum of Understanding (MoU) with the companies to implement export and investment projects in Africa’s Railway sector.
He said the parties would undertake mutual consultations on export and investment projects in the railway sector abroad and jointly develope project financing schemes in the sector.
Oramah cited the huge demand for infrastructure in Africa, saying that the continent needed investments of 20 billion dollars per annum in the rail sector to bring it up to required level.
He said that Afreximbank’s role was to find partners that would help it to deliver the necessary investment in Africa.
” The signing of the MoU would enable Russia to begin to participate in the opportunities that existed in Africa,” the president said.
Mr Andrey Slepnev, Director General of REC, described the signing of the MoU as a demonstration of practical collaboration among the institutions and expressed confidence that it would bear fruit.
Meanwhile, Oleg Belozyorov, Director-General, Russian Railways said:” Russian Railways is reputed for developing and advancing technologies and techniques for effectively managing railway systems.”
