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Russian envoy to Burkina Faso expects Sberbank to take steps on opening affiliate bank

The opening of a representative office of one of Russia’s leading lenders in Ouagadougou could create strong guarantees for doing business in Burkina Faso, Igor Martynov said

NAIROBI, July 24. /TASS/. Russian Ambassador to Burkina Faso Igor Martynov expects Sberbank to take steps on opening an affiliate bank in Ouagadougou or creating a joint financial structure of Russia and Burkina Faso.

"We expect proactive measures from Sberbank on organizing a joint financial structure of Russia and Burkina Faso or opening an affiliate bank in Ouagadougou," he said in an interview with TASS. The opening of a representative office of one of Russia’s leading lenders in Ouagadougou could create strong guarantees for doing business in Burkina Faso, Martynov said, adding that Sberbank has repeatedly announced possible participation in investment projects of its corporate clients in Africa.

For promoting Russian business interests in the Sahel region more actively it is necessary to improve the bilateral basis for negotiations, establish a mechanism for intergovernmental coordination, an intergovernmental commission, for example, as well as a platform for commercial settlements between Russia and Burkina Faso using safe and stress-resistant payment systems, and ensure investment protection, the diplomat added.

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