By Edris Redi
Addis Ababa, June 22, 2016 (IMC):- The African Export-Import Bank (Afreximbank) and the Development Bank of Belarus have entered into a memorandum of understanding (MOU) for the financing and promotion of trade between African countries and Belarus.
Benedict Oramah (PhD), President of Afreximbank, and Sergei Roumas, Chairman of the Board of the Development Bank of Belarus, signed the MOU on behalf of their respective institutions during a visit to Minsk by an African trade delegation.
The African trade delegation led by Afreximbank went to Minsk to explore ways to improve trade relations between African countries and Belarus, according to a press release Afreximbank sent to Ifriqiyah Media and Communications.
Under the terms of the MOU, the two Banks will cooperate in financing private sector operations in Africa and in financing trade between Belarus and African countries.
They will also undertake joint promotional efforts for private sector development finance and trade finance between Belarus and African countries as well as cooperate in project evaluation and development.
Other areas covered by the MOU include exchange of knowledge, information and experience, including through trade referrals, as well as identification of projects and activities involving acquisition of Belarusian goods which could be financed.
Afreximbank currently has 41 African countries as its Member States.
The objectives of the Development Bank of Belarus include facilitating the export of Belarusian products, assisting Belarusian companies with comparative advantages in their offshore project contracting and outbound investment. It also assists in promoting international economic cooperation and trade between various countries and Belarus.