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Dec 01, 2018

Russian Railways, Russian Export Center and Afreksimbank agree on cooperation on rail sector

Russian Railways, the Russian Export Center (REC) and the African Export-Import Bank (Afreximbank) have signed a memorandum of understanding at the X Annual Investment Forum RUSSIA CALLING in Moscow.

The document was signed by the CEO and Chairman of the Board of Russian Railways Oleg Belozerov, the Managing General of REC Andrey Slepnev and the President and Chairman of the Board of Directors at Afreksimbank Benedict Orama.

The parties agreed to develop cooperation on the implementation of export and investment projects in the rail sector and to jointly develop project financing schemes.

The memorandum will be in force for three years from the date of signing with a possibility of extension.

Russian Railways has developed advanced technologies and approaches for the effective management of railway systems abroad and the implementation of relevant projects.

In particular, the RZD Holding’s contractual obligations regarding its current projects to construct railways in Serbia are being fulfilled in full. The comprehensive nature of this work involves the construction and reconstruction of sections of the railway network and the supply of Russian diesel trains for suburban communications. The project will result in the construction of a new railway infrastructure that meets modern safety requirements and increases train speeds from 30 kph to 120 kph, and on some sections to 200 kph.

In June 2018, the first stage in the preparation of the feasibility study on implementing high-speed rail services on the Nagpur-Secunderabad railway line in India was completed.

At the X BRICS Summit, which was held from 26 to 28 July 2018 in South Africa, agreements were reached on the development of cooperation with Transnet, South Africa’s largest rail, pipeline and port infrastructure operator. A joint statement was signed which specified a list of promising projects in areas such as infrastructure development, consulting, R&D and training.

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