Russia-Africa: Putin promises $50 billion
By the AFREEQUE newsroom, based on Matin Libre
Vladimir Putin promised Africa $50 billion in aid and cooperation at the Russia-Africa summit in Moscow. The announcement follows a 2019 promise of $40 billion, of which $27 billion in trade was reportedly achieved, according to Matin Libre, which highlights the gap with Chinese and European trade.
Russian President Vladimir Putin promised $50 billion in aid and cooperation to African partners at the latest Russia-Africa summit held in Moscow, Matin Libre reports. The announcement comes as commitments made at the 2019 summit failed to reach the announced amount of $40 billion, with the volume achieved put at $27 billion in 2026.
The summit resulted in the signing of more than 166 agreements and memorandums covering bauxite, oil, nuclear power and agriculture, among other areas. However, no overall figure for effectively financed investments was presented, according to Matin Libre. The outlet stresses that signing a memorandum guarantees neither the construction of factories nor the creation of jobs.
Trade between Russia and Africa remains below that of China and the European Union. It is also unbalanced, with Russia selling more to the continent than it buys from it. Wheat, fertilisers and some Russian projects meet immediate needs, but these imports are not enough to industrialise African economies, according to Matin Libre.
The new Russian promise comes after the publication of information on the trade imbalance between Moscow and the continent. Africa imports seven times more from Russia than it exports there, while a researcher describes the Russia-Africa partnership as a lever for cooperation.
