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21 June 2019 Sinara-Transport Machines and Afreximbank Concluded a Cooperation Agreement

Cooperation Agreement was signed between Trading House Sinara-Transport Machines (TD STM) and the African Export-Import Bank (Afreximbank) within the framework of Russia-Africa Open Economic Conference in Moscow. Anton Zubikhin, General Director of STM Trading House, and Amr Kamel, Vice President of Afreximbank, signed the document.

According to the Agreement, the parties agreed to jointly develop projects for supply to Africa of shunting diesel locomotives and track equipment designed for construction and scheduled maintenance of railways, and also confirmed their intentions to develop services for the supplied products. In addition, representatives of TD STM and Afreximbank discussed interaction procedure for implementation of infrastructure projects and export supplies of railway engineering products.

Cooperation with Afreximbank is actively supported by Russian Export Center (REC) and Russian Agency for Export Credit and Investment Insurance (EXIAR). Currently, pilot projects are being implemented in Africa, in which STM will have an opportunity to act as a supplier of railway equipment, and Afreximbank confirms its readiness to provide loans to potential buyers. Also, under the Agreement, participation in tenders for supply of shunting and mainline diesel locomotives of the Holding for industrial enterprises in Egypt and Algeria is being considered.

Sinara-Transport Machines is a leader in manufacturing of track equipment and its after-sales maintenance in Russia, and also one of the five largest global manufacturers of track machines.

Russia-Africa Open Economic Conference, together with the annual Afreximbank meeting, is being held by the Government of the Russian Federation as a key stage in preparing for the full-scale Russia-Africa Political Summit and its accompanying economic forum, scheduled for October 2019 in Sochi. The organizers are African Export-Import Bank, as well as the Roscongress Foundation, the Ministry of Finance of the Russian Federation and Russian Export Center.