SOCHI, September 28. /TASS/. The Association of Banks of Russia and the West African Bankers Association have signed a memorandum of understanding at the 20th International Banking Forum, a TASS correspondent reported on Thursday.

The President of the West African Bankers Association Guy Laurent Fondjo is also participating in the forum, the organizers said.

The memorandum provides for the exchange of experience between the two associations, including in professional training in the banking sector, development of new technologies, as well as implementation of other programs to support cooperation between Russia and African countries in the financial sector.

"Our surveys show that Russian banks note the importance of establishing contacts and organizing interbank interaction to support economic relations with African countries. We expect that our cooperation will promote the development of trade and direct payments between West African countries and Russia, including using national currencies," commented Georgy Luntovsky, President of the Association of Russian Banks.

The West African Bankers Association was founded under the auspices of the Economic Community of West African States, which includes 15 countries. More than 240 banks operate on their territory. The association includes national banking associations, credit institutions and nine central banks of West African countries.

The Association of Banks of Russia unites more than 250 organizations, including more than 150 banks. Credit institutions, which are part of the association, account for 90% of all assets of the country's banking system and deposits of individuals.