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, such as mining, agro-processing, railways and the metals industry, the two institutions have announced in Cairo, Egypt.
This 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.
Last month, REC became the latest international financial institution to join Afreximbank as a Class “C” shareholder, according to a statement from the bank.
Oramah said the deal 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 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 added.
He said 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 aviation industries to discuss their development plans and identify areas where they required funding and technical assistance.