December, 30
JSC Russian Export Centre has become the latest international financial organisation to join the African Export-Import Bank
JSC Russian Export Centre (REC) has become the latest international financial organisation to join the African Export-Import Bank (Afreximbank) as a shareholder following its successful subscription to Class "C" shares* of the African multilateral trade finance bank.

The shareholding, which became effective on 29 December 2017, followed discussions between the Bank and Russian officials during which the two sides explored ways of cooperating to take advantage of the numerous opportunities for trade and development between Russia and the African continent. The discussions resulted in an agreement signed by Dr. Benedict Oramah, President of Afreximbank, and Petr Fradkov, Chief Executive Officer of REC, on 11 December 2017, by which REC committed to subscribing to the Class "C" Afreximbank shares. With the new partnership, the two entities have already started working actively on joint projects in a number of African countries, focusing mainly on mining and transport infrastructure.

*Class "C" shares are held by non-African investors, mostly international banks and export credit agencies.