Russia will establish its own rental company in Africa. This was expressed by Vasily Osmakov, First Deputy Head of the Ministry of Industry and Trade of the Russian Federation, at the “Legal response to economic difficulties” roundtable at the International Parliamentary Conference “Russia – Africa”.
Currently, the process of choosing a location for this company is ongoing. The supporting company will most likely be Gazprombank Leasing.
According to Osmakov, these measures are included in the plan to replace the national project “International Cooperation and Export”.
The deputy head of the department also talked about Russia’s plans to expand the insurance limits of the Russian Export Credit and Investment Insurance Agency (EXIAR) for African countries. Insurance and credit are the biggest barriers to suppliers going to Africa: Hedging exports to the continent from any financial risk is more expensive than insuring goods to “advanced” markets, he explained.
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