Association For Strategic Culture and Research Foundation

Financing projects in Africa is one of the important keys and, at the same time, the most difficult issue for major Russian companies attempting to expand to Africa, and the financial instruments at their disposal are insufficient according to Anna Belyaeva, Executive Director of the Association of Economic Cooperation with African States.

After Soviet's collapse, Russia has been struggling to find ways of regaining part of its Soviet-era economic influence throughout Africa. Nigeria is high on Russia's agenda for reviving multifaceted business ties, at least to share the market and take up opportunities similar to external players such as the United States, Europe and China.

In order to raise the economic influence, Russians have been making efforts to identify a structured finance mechanism for mega infrastructure projects such as nuclear power and energy, natural resources exploration and to significantly increase trade with Africa

In their first joint declaration, emerging from the Russia-Africa summit, at the initiative of African participants a new dialogue mechanism—the Russia-Africa Partnership Forum—was created. The declaration stipulated that all top-level meetings take place within its framework once every three years, alternately in Russia and in an African state. It says further that the foreign ministers of Russia and three African countries—the current, future and previous chairpersons of the African Union—will meet for annual consultations.