Published on: 2026-10-28
Source: Government of the Russian Federation –
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Deputy Prime Minister of Russia Alexander Novak and Prime Minister of Burkina Faso Jean Emmanuel Ouédraogo, within the framework of the economic and humanitarian forum “Russia – Africa,” participated in the signing ceremony of a memorandum of understanding between Russia’s largest development institute VEB.RF and the Confederal Bank for Investments and Development of the Sahel States. The document was signed by the Deputy Chairman of VEB.RF Daniil Algulyan and the Chairman of BCID-AES Balibye Serge August Bayala.
The memorandum is aimed at expanding trade, economic, and investment cooperation between Russia and the Sahel States Confederation, which includes Niger, Mali, and Burkina Faso. The parties intend to maintain interaction in order to identify and analyze projects that promote the development and integration of the countries within the confederation.
In his welcoming speech, the Deputy Prime Minister emphasized that the Sahel alliance is the most important partner for Russia. The Russian Federation is focused on developing trade-economic cooperation and investment activities.
“The largest Russian development institute, VEB.RF, has become the first international partner of the Confederative Bank. An important document has been signed – a memorandum of understanding between VEB.RF and the Confederative Bank of Investment and Development. We expect that this step will give momentum to strengthening both the sovereignty of our countries and economic cooperation with our Sahelian friends. Russia acts as a reliable partner to the Confederation in its pursuit of enhancing sovereignty. Among our priorities are expanding trade and investment cooperation and implementing significant social projects in the Sahel,” emphasized Alexander Novak.
In order to support Russian exports to the Sahel member states, the parties may consider the possibility of using financial instruments from the VEB.RF group.
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