Afreximbank Hopes for Boost in Ties With Russia Ahead of Memorandum Signing at SPIEF

03.06.2021

ST. PETERSBURG, June 3 (Sputnik), Jonathan Rowson - The African Export-Import Bank (Afreximbank) expects that a memorandum of understanding with the Russian Association of Economic Cooperation With African States (AECAS), which is set to be signed later this week at the ongoing St. Petersburg International Economic Forum (SPIEF), will further boost trade and investment ties between Russia and the African continent, Amr Kamel, Afreximbank executive vice president, told Sputnik in an interview.

"The memorandum of understanding that we are about to sign is another step in increasing cooperation between the Russian Federation and Afreximbank," Kamel said.

Moscow, Kamel went on, chose Afreximbank as the primary multilateral organization to promote trade and investment between Russia and Africa back in 2017.

However, it was the 2019 Russia-Africa Forum in Sochi that gave a much-needed impetus to reviving business ties between Russia and African countries, Kamel stated.

The AECAS, which was established after the forum, became a tool to facilitate dialogue between the two sides "using basically politics and diplomacy as well as business," Kamel stated.

"Obviously, we’re more on the business side and we’re signing that [document] as a memorandum of finding ways and means of assisting each other in achieving our mutual mandate, so that’s really the purpose of that," he added.

The African Export-Import Bank, or Afreximbank, is an African multilateral trade finance institution created in 1993 under the auspices of the African Development Bank.

This year's edition of SPIEF is taking place in-person from Wednesday through Saturday. The Rossiya Segodnya International Information Agency is an official media partner of Russia's flagship forum.