EAEU countries may start cooperating with African banks

In the frame of the Russia-Africa Partnership Forum, talks aimed at developing trade and economic ties between the EAEU and African countries were held. Eldar Alisherov, Minister for Integration and Macroeconomics of the EEC stressed the significant unrealised potential of cooperation.

He noted the need to reduce the information on commercial opportunities deficit and facilitate market access. To this end, it is proposed to intensify interaction with development institutions, strengthen sectoral cooperation in areas of mutual interest, and provide direct contacts between the EAEU and African business communities.

In a separate meeting between Alisherov and Monique Nsanzabaganwa, Deputy Chairperson of the African Union Commission (AUC), the practical aspects of preparing a new memorandum of cooperation between the EEC and the AUC were discussed. The sides agreed to work out a plan of joint activities, including participation in UN platforms and holding seminars and conferences with the business community. Both emphasised mutual strategic interest in the trade and economic relations development based on the similarity of competences and areas of integration building. Alisherov invited the AUC representatives to attend the Eurasian Economic Forum 2025. A key aspect of the discussions was the active involvement of business communities in the dialogue to ensure the practical implementation of cooperation and meet the business-specific request.

At the forum, Alisherov also met with George Elombi, Vice President of the African Export-Import Bank (Afreximbank). They discussed the results of previous meetings, including the forum in St Petersburg and the visit of the EEC delegation to the headquarters of Afreximbank in 2023. The sides identified priority areas to boost trade and remove barriers between the EAEU and the African Union. Alisherov reiterated the significant potential for cooperation, while Elombi emphasised the importance of strengthening and diversifying trade. It was agreed to develop a plan of joint activities to create platforms for direct business communication. Sergei Mikhnevich, Executive Secretary of the EAEU Business Council, and Dmitry Antonov, Chairman of the Committee on Food Markets, also participated in the discussion. The African Export-Import Bank, established in 1993, aims to promote trade within and outside Africa.