VEB.RF is considering the possibility of financing 14 new projects in Africa. This was announced by VEB.RF’s Deputy Chairman Daniil Algulyan following the “Russia-Africa: Investments in the Future” business dialogue held at VEB Arena on 31 March 2025.
Organised by VEB.RF, the event brought together the members of the expert council on foreign trade development of the Industry and Trade Committee of the State Duma, the heads of major Russian companies with current or intended operations in the African market, relevant ministries, and the heads of African countries’ diplomatic missions to Russia.
“The main result is that we together took a step towards a new communications environment between Russian businesses and African countries. This informal meeting was intended to foster interaction, establish direct contact, and explore ideas for cooperation,” Daniil Algulyan said, emphasising the importance of a partnership approach for shaping Russia’s African policy. “We intend to implement our policy together by creating new value added, new jobs, and new economic values to the benefit of the African continent and the Russian Federation,” he added.
Andrey Maslov, Director, Centre for African Studies, HSE University, said: “One of the most successful areas of Russian-African cooperation in recent years is the food sector. Russia supplies Africa with grain, fertilisers, agricultural machinery, and equipment while importing cocoa beans, coffee, vegetables, and fruit. Since 2022, we have succeeded in establishing direct supply channels for agricultural products from Africa to Russia, with Russian importers and retailers entering African markets. Educational cooperation is on the rise: in terms of the number of Africans students in Russia (35,000), we have already overtaken the Soviet Union, and systematic work has begun on retraining African officials—transferring competencies in public administration. It is important to consider that Africa is primarily interested in Russian investment projects, while the Russian side is currently focusing on promoting goods and services. These interests can and should be harmonised. However, the main limiting factor is still the poor quality of projects rather than insufficient finance or sanctions. The Russian and African sides should work together to meet this challenge.”
“VEB.RF and the REC Group are jointly working to set up new financial mechanisms to support Russian companies in Africa,” Daniil Algulyan said in conclusion.
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