Moscow targets Africa with airplanes in Nairobi pitch

  • Written by  JAMES KARIUKI

A Pan-African bank on Monday unveiled a special credit facility to support airlines and governments seeking funds to buy Russian-made commercial aircraft.

African Export-Import Bank (Afreximbank) global head of client relations Rene Awambeng said it had struck a deal with the Russian Export Sector (REC) where African-based operators will be funded to make the purchases.

Afreximbank has provided a Sh2 trillion ($20bn) fund to support Africa’s airlines, including national flag carrier Kenya Airways, and has promised to provide further funds to improve aviation infrastructure.

African countries predominantly make aircraft purchases from western firms, majorly US Boeing and European Airbus.

However, old Soviet-era cargo planes still operate in the African airspace.

Speaking in Nairobi during a meeting with industry players, Mr Awambeng said increased intra-Africa trade, aviation infrastructure and availability of higher disposable incomes among Africans informed the decision to provide the credit facility.

Objectives

“The effective movement of goods and people is fundamental to Africa’s trade, growth and development objectives.

Consequently, improving international, regional and domestic air transport has become a key priority area,” he said.

Russian civil aircraft as well as manufacturers of air traffic control equipment were in Kenya as part of a three-country intra-Africa roadshow to meet public and private sector aviation stakeholders to promote the Russian aviation industry products.

The one-day workshop saw Russian aircraft models showcased. The financier has in the past organised aircraft financing for the purchase of nine new Boeing 787-800s (Dreamliners) (B787s), 1 Boeing 777-300ER (B777-300ER) and 10 Embraer which was the first phase of Kenya Airways’ fleet upgrade and a key component of its 10-year business plan for the period 2012 to 2021.

Sukhoi’s REC is a state-owned export promotion development institute.

Login to post comments
back to top

BEAMED BC-TV

Latest on Economy

Economy

Mozambique to host 12th U.S.-Africa Busi…

14 March, 2019 | Hits:1043

Johannesburg, South Africa (ADV) – Mozambique is s...

Economy

Aliko Dangote named richest person in Af…

05 March, 2019 | Hits:1239

Aliko Dangote, the Nigerian businessman and Presid...

Economy

Expert: Small fragmented African airline…

28 February, 2019 | Hits:1410

Like it has been the case in previous years, the g...

Economy

SKA infrastructure design complete

28 February, 2019 | Hits:2362

South African Science and Technology Minister Mmam...

Economy

Kenyan and Chinese firms secure geotherm…

28 February, 2019 | Hits:730

Ethiopian Electric Power (EEP) has signed a deal w...

Economy

South Africa stimulus package to create …

28 February, 2019 | Hits:1039

Transport Minister Blade Nzimande has announced a ...

Economy

eSwatini is facing an unprecedented econ…

28 February, 2019 | Hits:817

eSwatini’s economy probably contracted in 2018 and...

Economy

80% of women in low- and middle-income c…

27 February, 2019 | Hits:673

80 per cent of women in low- and middle-income cou...

Economy

South Africa - India trade relations dee…

27 February, 2019 | Hits:686

Two KwaZulu-Natal companies are on a mission to ex...

Economy

Closing Africa’s financing gap

27 February, 2019 | Hits:710

Toward the end of 2018, the United States merged e...

Economy

First China-Africa economic, trade expo …

27 February, 2019 | Hits:745

At least 1,000 African guests and traders will att...

Economy

Ethiopia moves to boost ease of doing bu…

27 February, 2019 | Hits:678

Ethiopia continues to work towards improving ease ...

Economy

US $7bn to be injected into infrastructu…

27 February, 2019 | Hits:692

South Africa is set to commit US $7bn over the nex...

Economy

Mozambique, Soliridad Southern Africa in…

26 February, 2019 | Hits:722

The National Institute for Standardization and Qua...

Economy

Mozambique, Soliridad Southern Africa in…

26 February, 2019 | Hits:755

The National Institute for Standardization and Qua...

Economy

Ethiopian Airlines to operate all-female…

26 February, 2019 | Hits:679

Ethiopian Airlines has announced that it has final...

Economy

Africa: The first African Digital Rail S…

26 February, 2019 | Hits:704

Cape Town, South Africa, 25 February 2019 - "Afric...

Economy

Tech startups in Sub-Saharan Africa to g…

26 February, 2019 | Hits:638

Tech startups from Sub-Saharan Africa markets to g...

Economy

IFC invests $15 million in Comoros telec…

25 February, 2019 | Hits:728

International Finance Corporation has made its fir...

Economy

MafAfrique to invest $7 Million in Tanza…

25 February, 2019 | Hits:665

Advisory and fund management group, MafAfrique, ha...

By Category

Local News

User Menu

About Us

Follow Us