Putin announced his readiness to develop the financial infrastructure of Africa

Russia is ready to develop the financial infrastructure of African states, including connecting them to the Russian payment system. This was stated by Russian President Vladimir Putin at the plenary session of the Russia-Africa Forum. The meeting was broadcast on the Roscongress website.

“In order to further expand the entire range of trade and economic ties, it is important to switch more energetically in financial settlements for trade transactions to national currencies, including the ruble. In this regard, we are ready to work with African countries to develop their financial infrastructure,” the head of state said.

He noted that Russia can help connect African banks to the Russian payment system, which will allow cross-border payments regardless of “some of the currently existing and restrictive Western systems.”

The Russia-Africa summit is being held in St. Petersburg from 27 to 28 July. The event will be attended by delegations from 49 countries, including 17 African leaders.

Earlier, the President during a meeting with the Chairman of the African Union, the President of the Union of the Comoros Azali Assoumani and the Chairman of the African Union Commission Moussa Faki Mahamat declaredthat Russia regards the African Union as a leading regional organization and is ready to help strengthen the sovereignty of African states. Putin noted that Russia is ready to help make Africa “one of the key partners in the new system of a multipolar world order.”

On July 24, Putin’s article “Russia and Africa: Combining Efforts for Peace, Progress and a Successful Future” was published on the Kremlin’s website, in which the head of state noted Russia’s support for the African region. In particular, according to the president, Russia provided assistance “in the formation of statehood, in strengthening sovereignty and defense capability” and support in creating “sustainable foundations for national economies” in the region.