October 24, 2019—In the first-ever Russia-African Summit being held this week in Sochi, Russia, Russia signed a series of memorandum of understandings and trade agreements with 54 African countries, the Moscow Times reported. The deals include $4 billion worth of Russian weapons, military helicopters, an investment cooperation deal on an oil pipeline, and potentially a nuclear power station in Ethiopia, according to the article.
Debt Write-Off
Russian President Vladimir Putin offered to write off $20 billion worth of African debt. Furthermore, he said he plans to double Russia’s trade with the African continent within four to five years.
Rosatom, a state-nuclear company is in talks with the government of Ethiopia to build a nuclear power station. The Russian enterprise already has projects in Belarus, China, Bangladesh, Egypt, Finland, Hungary, India, Iran, and Turkey.
Meanwhile, Russian-controlled bank Sberbank partnered with a London-based investment firm named Gemcorp Capital to support up to $5 billion in trade finance between Russia and African nations.
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