Russia may invest $5 bln in Africa before 2023

Russia may make some $5 bln worth of investments in African countries before 2023.

The Russian Export Center is providing a serious support: in 2018 alone, Russian exports in African countries accounted for $2.47 bln. A major part of investments was directed to the creation of an industrial zone to develop Russian production facilities in Egypt. Almost $500 mio was invested in such countries as Kenya, Algeria, Nigeria, Zambia, South Africa and Morocco.

The cooperation of Russia and the African continent will be discussed at a shareholders’ meeting of the African Export-Import Bank (Afreximbank), and the Russia-Africa economic conference, which will bring together over 1,500 people from Africa and Russia.

Russia has historically been a powerful and serious partner for Africa, and it currently has the capacities, experience and resources that will benefit the African continent, says Afreximbank president Benedict Oramah.

According to Russian Export Center head Andrei Slepnev, in the next 2-3 years Russia and Africa can double their mutual trade volume.

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