Russia's VTB Bank has signed an agreement with African Export-Import Bank (Afreximbank) to boost trade finance cooperation between the two in Africa. The announcement comes on the heels of the inaugural Russia-Africa summit held this week in Sochi, during which a number of trade deals were said to have been signed.
The agreement was announced on Friday and is set to boost the participation of Russian entities on trade finance deals in Africa.
The deal allows VTB, which is majority state-owned, to use a range of Afreximbank's trade finance products to expand its activities in Africa.
Trade between Africa and Russia