Russia's Excess Infrastructure Building Capacity Can Help African Development– Afreximbank

ST. PETERSBURG, Russia, June 7 (Sputnik), Jonathan Rowson - The African Export-Import Bank (Afreximbank) hopes to capitalize on Russian expertise in infrastructure projects to develop and transform African economies, a senior executive at the pan-African financial institution told Sputnik.

Source: (c) Sputnk news service

"Russia has excess capacity in the construction of things like railways, so we're… leveraging on that to see how we can transfer this knowledge from conception, design, engineering, procurement, locomotives, signaling, to African countries, which we can afford from Russia," Rene Awambeng said on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

In 2018, Russian transport giant Transmashholding signed a $1.2 billion deal to supply 1,300 new train cars to Egypt, and talks are ongoing between Moscow and Cairo as to how Russian Railways can help develop Egypt's railroad infrastructure.

In other areas, Awambeng, who heads Afreximbank's client relations, said that much of the oil services equipment and machinery used across the Gulf of Guinea, Angola, Gabon and North Africa comes from Russia.

Work is also continuing on a planned Russian industrial park in Egypt, Awambeng added.

"We are working with Russian partners who are trying to build a Russian industrial park in Egypt which would manufacture and sell Russian goods in Egypt and across the region," he said.

African nations are also interested in attracting Russian investments in aviation, health care and agricultural technology, the Afreximbank executive said.

Awambeng estimated that trade between Russia and Africa reached $23 billion last year and was expected to surpass $40 billion by 2023.

This year's edition of SPIEF was held from June 2-5 in the Russian city of St. Petersburg. Rossiya Segodnya was an official media partner of the event.