Africa needs $20bn investment annually to upgrade railway sector

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Prof. Benedict Oramah, President of Afreximbank has cited the huge demand for infrastructure in Africa and said that the continent needs investments of $20 billion per annum in the rail sector in order to bring it up to required level.

Prof Oramah has also indicated that Afreximbank’s role will be to find partners that would help it to deliver the necessary investment in Africa.

The President of Afreximbank made these known during a signing ceremony of an MoU with Russian Railways and the Russian Export Center (REC), in Moscow to agree to cooperate in implementing export and investment projects in the railway sector in Africa.

The signing of the MoU according Prof Oramah would enable Russia to begin to participate in the opportunities that existed in Africa.

The parties will cooperate by undertaking mutual consultations on export and investment projects in the railway sector abroad and by jointly developing project financing schemes in the sector.

Prof. Benedict Oramah. President of Afreximbank, signed the document on behalf of the Bank while Oleg Belozyorov, Director General of Russian Railways, and Andrey Slepnev, Director General of REC, signed for their respective organisations.

Mr. Slepnev described the signing of the MoU a demonstration of practical collaboration among the institutions and expressed confidence that it would bear fruit.

Russian Railways is reputed for developing and advancing technologies and techniques for effectively managing railway systems


Source: Paintsil

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Kennedy Mornah is an Award Winning Ghanaian Journalist with over two decades of experience in the Ghanaian Media landscape spanning the electronic, print and digital media. He is a Media Consultant, a Corporate MC, Radio and TV Host, Founder and Publisher of the Maritime and Transport Digest Newspaper, Businessman, a Go getter and an optimist. He has worked for renowned media organizations including Diamond Fm in Tamale, Luv Fm in Kumasi, Oman Fm in Accra and Starr Fm in Accra In 2017 he received the Reporter of the Year Award at the Ghana Shippers Awards in Accra, Ghana.

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