Business
Afreximbank Names JSC Russian Export Centre Shareholder
- Afreximbank Names JSC Russian Export Centre Shareholder
JSC Russian Export Centre (REC) has been named shareholder to the African Export-Import Bank (Afreximbank) following its successful subscription to Class “C” shares of the African multilateral trade finance bank.
The shareholding, which became effective on 29 December 2017, followed discussions between the Bank and Russian officials during which the two sides explored ways of cooperating to take advantage of the numerous opportunities for trade and development between Russia and the African continent.
The discussions resulted in an agreement signed by President of Afreximbank, Benedict Oramah and Chief Executive Officer of REC, Petr Fradkov, by which REC committed to subscribing to the Class “C” Afreximbank shares.
With the new partnership, the two entities have already started working actively on joint projects in a number of African countries, focusing mainly on mining and transport infrastructure.