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REC will create business platform for trade settlements with Africa

The initiative may be formalized at the Russia-Africa summit scheduled for October 23-24 in Sochi

MOSCOW, October 15. /TASS/. The Russian Export Center (REC) is forming a platform together with banks and foreign partners for trade settlements with Africa with a total turnover of around $5 billion, REC CEO Andrey Slepnev told Rossiya 24 TV channel.

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Russia-Africa Forum will upgrade cooperation between states — Putin

"Together with several Russian banks and global partners, we are forming a platform for trade settlements. The capacity of this platform will be at around $5 billion for supporting current settlements," Slepnev said. "Therefore, there are around 10 countries, and we can really open the corridor for trade," he added.

The initiative may be formalized at the Russia-Africa summit scheduled for October 23-24 in Sochi.

Slepnev noted that the problem of settlements with Africa often slows down transactions and projects,so it is necessary to have a clear understanding of how to work with contractors. "This platform will allow to absorb the risks when working with the continent, and to include in this system deliveries of those products that are in demand on the international market," he noted.

He said that creating such business platform will allow to seriously boost the level of cooperation between Russia and Africa.

The Russia-Africa summit co-chaired by Russian President Vladimir Putin and Egyptian President Abdel Fattah el-Sisi will be held on October 23-24 in Sochi. The leaders of all 54 African countries are invited to participate in the summit, and over 40 already confirmed that they will attend.

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