Trade between Africa and Russia has doubled to about $20 billion as against $10 billion in the past three years, the Africa Export Import Bank (Afreximbank), has said.

Afreximbank’s Director and Global Head of Communications and Events Management, Obi Emekekwu, quoted the bank’s President, Prof. Benedict Oramah, as saying this at the ongoing Russia-Africa Economic Forum in Sochi, Russian Federation.

Oramah said Africa achieved this figure through the bank’s engagement with the Russian Export Centre to promote trade between the two sides, saying Afreximbank is devoted to financing and promoting intra- and extra-African trade.

The bank was established in October 1993 by African governments, African private and institutional investors and non-African investors.

The two-day Russia-Africa Economic Forum is being co-organised by the Russian Federation through the Roscongress Foundation and the Russian Export Centre and Afreximbank. The forum is aimed at providing a platform for African and Russian businesses to connect so as to promote increased trade between Africa and Russia.

The Russian Export Centre is a shareholder in Afreximbank.

Oramah told the first-ever Russia-Africa Summit attended by about 50 African countries and other participants that the trade volume would double in the next two years.

He said Afreximbank would achieve this by offering guarantees and other programmes to address certain risk perceptions and increase trade, adding that the bank is also working with the Russian Export Centre to create a trade information portal which will provide information to businesses to facilitate trade between the two sides.

Oramah, who welcomed the holding of the Russia-Africa Economic Forum, said the event was an opportunity for Africa to find new partner in dealing with some of the challenges confronting Africa.