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Russia to set up its leasing company in Africa – Industry and Trade Ministry

According to the Ministry of Industry and Trade of the Russian Federation, Gazprombank Leasing will most likely be the supporting company

MOSCOW, March 19. /TASS/. Moscow intends to set up its own leasing company on Africa’s territory, Russia’s First Deputy Minister of Industry and Trade Vasily Osmakov said at a roundtable as part of the International Parliamentary Conference Russia-Africa on Sunday.

"A specialized Russian leasing company will most probably be created in Africa. We are currently choosing the location for this leasing company as the African market has its specifics," he said.

"Gazprombank Leasing will most probably by the backbone company," Osmakov noted, adding that corresponding events are planned within the framework of the national project ‘International cooperation and export’.

It is also planned to extend the insurance limits of the Russian Agency for Export Credit and Investment Insurance (EXIAR) for Africa countries, the official said.