Russia Plans Special Loans For Nigerian Companies, Others

President Vladimir Putin of Russia says his country will offer preferential loans to enable African companies to buy industrial goods from the European country and enjoy after-sales services.

He said his government was devising a leasing mechanism tailored for Africa, and that the Russian Agency for Export Credit and Investment Insurance would provide insurance for the planned preferential loans.

The Russian leader made the disclosure during the ongoing Russia-Africa Summit and Russia-Africa Economic and Humanitarian Forum holding in St. Petersburg, Russia.

According to him, the Russia government is also about to establish a dedicated investment fund for co-financing infrastructure projects in the African continent.

Putin told African leaders attending the summit that Russia, “is developing new tools for offering preferential loans to enable Africans to buy our industrial goods, deliver them to the continent, and benefit from after-sales services.

“The Russian Agency for Export Credit and Investment Insurance is there to provide insurance for these loans. We are devising a leasing mechanism tailored for Africa and are about to establish a dedicated investment fund for co-financing infrastructure projects.”

Nigeria’s Vice President Kashim Shettima, who is representing President Bola Tinubu; and President Cyril Ramaphosa of South Africa were among the over 20 heads of states present at the summit which was its second edition.