REC Announces a Number of Initiatives for Russia-Africa Collaboration

MOSCOW, Oct. 23, 2019 /PRNewswire/ -- The Russian Export Center will announce a number of initiatives for Russia-Africa collaboration, including a project for the Russian industrial zone in Egypt, Ajaokuta Steel Mill reconstruction with Nigeria, and other important activities.

The Russian Export Center (REC) is going to announce a number of initiatives for Russia-Africa collaboration during the Russia-Africa Forum (October 23?24, Sochi, Russia). REC promotes non-resource export in Egypt, the Republic of South Africa, Algeria, Angola, Kenia, Nigeria, Zambia, Zimbabwe, and other African countries, with Afreximbank as the main partner in Africa.

One of the main African projects for REC, which will be announced at the Forum, is Russian Industrial Zone (RIZ) in Egypt, the first large-scale infrastructure project in the modern history of Russia-Africa economic relations. It is going to be a unique complex of 525 hectares at the East Port Said site of the Suez Canal Economic Zone ? right beside the promising markets of the Middle East and Africa ? with production facilities of Russian exporters and suppliers. 25 agreements of understanding have been already signed with the Russian companies as potential residents for RIZ.

Andrei Slepnev, Director General for REC, said: "According to our positive expectations, in 2020, Russian-African turnover will grow by approximately 20%. The RIZ will create a significant impact on it."

The memorandum of cooperation on the Ajaokuta Steel Mill construction project, which REC is going to sign during the Forum, is of great importance, too. It is the largest steel mill in Nigeria, incomplete for the last four decades. REC held the negotiations with the Federal Government of Nigeria and the State of Kogi, the management of the Ajaokuta Steel Plant, and the Afreximbank, and all prerequisites necessary for the successful implementation of this project have been met.

Among other significant projects are a supply of passenger cars for Egyptian National Railways; cooperation agreements to promote Russian civil aircraft building; solutions in the field of land reclamation in the African region; and several agreements and memoranda between Russian and Angola companies. There will be a number of important interbank agreements, too, including an agreement to create a mechanism for Russian-African trade financing, and a memorandum of a partnership between REC and First Bank of Nigeria.

SOURCE The Russian Export Center