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Russia-Africa Summit

Russia to discuss funding of African projects with international banks — Economy Minister

According to Maxim Reshetnikov, it is also feasible to consider establishment of specialized funds on the basis of these two banks with participation of BRICS countries and member-states of the Shanghai Cooperation Organization in particular

ST. PETERSBURG, July 28. /TASS/. Russia plans to discuss an opportunity of financing African projects in national currencies with international banks having Russian participation, Minister of Economic Development Maxim Reshetnikov told TASS in an interview on the sidelines of the Russia-Africa summit.

"The majority of African countries indeed has a low debt stability factor and low credit ratings. Country risks and high volatility of African economies is a stop factor not merely for banks but also for the business. That’s why the government support is needed," Reshetnikov said.

"Furthermore, we will push forward the idea of funding African projects in national currencies on platforms of international banking institutions with Russian participation. These are the New Development Bank and the Asian Infrastructure Investment Bank. This refers to financing in currencies of their largest shareholders," the minister noted.

It is also feasible to consider establishment of specialized funds on the basis of these two banks with participation of BRICS countries and member-states of the Shanghai Cooperation Organization in particular, Reshetnikov added.

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Russia-Africa Summit

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