Russia, Africa on Track to Meet Trade Targets Set at 2019 Inaugural Forum - Afreximbank

03.06.2021

ST.PETERSBURG, June 3 (Sputnik), Jonathan Rowson - Annual trade between Russia and Africa roughly doubled from $10 billion to $20 billion in the years preceding 2019’s Russia-Africa Summit and Economic Forum, and both parties are on track to hit the predicted $40 billion target despite the COVID-19 pandemic, Amr Kamel, Afreximbank executive vice president, told Sputnik in an interview.

Kamel stated that when Afreximbank's president, Prof. Benedict Oramah, predicted in 2019 that bilateral trade would increase to $40 billion, several projects worth about $5 billion had already been in the works. According to the bank executive, many of the plans have been affected by the pandemic because "big projects of that nature usually require a lot of due diligence and actual on-the-ground work."

"But what I’m happy to say is that I think we’re on track. And if you look at my schedule, from 09:00 until dinner we’re basically in back-to-back meetings, so I think we’re on track to see a very good improvement in trade and investment between the two," he added, speaking on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

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.

The first Russia-Africa summit was held in Russia's resort city of Sochi in October 2019. Co-chaired by the presidents of Russia and Egypt, it drew over 6,000 representatives of 104 countries, including the leaders of over 40 African nations, and over 120 foreign ministers.

The next Russia-Africa Summit and Economic Forum is scheduled to be held in 2022.