Business news

MINSK, 7 June (BelTA) – The first batch of the Belarusian equipment under a credit line of Afreximbank will be shipped to Africa in July, Chairman of the Board of Directors of the African Export–Import Bank Benedict Oramah told the media after the framework agreement was signed between the Development Bank of the Republic of Belarus and the African Export-Import Bank on 7 June, BelTA has learned.

“We expect the delivery of mine trucks, cleaning equipment and tractors next month. Products will be delivered to countries such as Senegal, Zambia, Zimbabwe, and Togo. There are also new opportunities to develop cooperation with other countries of the continent, for instance, with Burkina Faso and South Sudan. We expect that delivery contracts will be signed with representatives of these countries,” Benedict Oramah stressed as he commented on the signing of the framework agreement at the first Belarusian-African forum. The document opens a $150 million credit line, with funds to be used for the acquisition of the Belarusian equipment for the developing African market.

Benedict Oramah noted that the Belarusian-African forum was held at a very high level. “Our goal was to present Belarus and its potential to African government representatives, bankers and businessmen. Before the forum we have already concluded contracts worth more than $4 million. We hope to sign more contracts by the end of the forum. We are talking about the cooperation in agriculture, dairy and meat production, supplies of Belarusian tractors and equipment,” he explained. African participants of the forum are also interested in the Belarusian construction and mining equipment.

Last year Afreximbank and the Development Bank concluded a memorandum of understanding. The agreement envisages the joint financing of projects in the supply of Belarusian equipment to 41 countries of Africa, including Angola, Kenya, Zimbabwe, Egypt, Tanzania, Ghana, Nigeria, Zambia, and Tunisia. The parties agreed to reserve certain limits of funds - some $400 million to boost mutual trade between our countries. The framework agreement between the Development Bank of the Republic of Belarus and the African Export-Import Bank is in fact an agreement on a $150 million credit line.

The first Belarusian-African forum is held on 6-7 June as part of the Belarusian agro-industrial week Belagro 2017. Taking part in the forum are the Development Bank of the Republic of Belarus and the African Export–Import Bank. The event is aimed at promoting cooperation in the agricultural and industrial sectors. The number of participants from the African countries exceeded 70 representatives, including the agriculture ministers of Angola, Namibia and Uganda, the industry minister of Angola, the finance minister of Togo, the leadership of the African Export–Import Bank, other banking structures of Africa, the president of the National African Farmers Union, representatives of Africa’s biggest companies.