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26.02.2021
15:39

REC Group expands support of Russian export to African states

Eximbank of Russia JSC, which is part of the REC Group, updated the range of financial instruments for Russian exporters operating in Africa within the framework of joint work with Afreximbank. In particular, the Bank expanded the number of countries in which an exporter can receive a direct bank guarantee, for example, to participate in a tender. A guarantee can be provided for the project's life. Afreximbank, in this case, will act as a guaranteeing bank.

The REC Group, which is part of VEB.RF, provides domestic producers with comprehensive support at every stage of the implementation of foreign trade projects in Africa.

Financial support provided by the REC Group in cooperation with Afreximbank will allow to offer effective financial solutions and minimize the risks of non-payment under the contracts concluded with the African buyers.

For reference: African Export-Import Bank (Afreximbank, the Bank) is a supranational financial institution that unites almost all African countries as shareholders. The Bank’s main objectives are to develop and stimulate trade between African countries and beyond the continent. Afreximbank was founded in 1993 in Abuja (Nigeria). Its authorized capital is $ 5 B. The Bank is headquartered in Cairo and has regional offices in Cote d'Ivoire, Nigeria, Uganda, and Zimbabwe.