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South African and Russian financial firms sign agreement to promote business

Gazprombank and Public Investment Corporation will work towards gathering funds for projects in clean energy. (Image source: US Geological Survey/Flickr)

Russian banking major Gazprombank and South African investment manager Public Investment Corporation (PIC) have signed an agreement to promote business between the two countries and facilitate funds for development projects in South Africa

PIC officials confirmed that the agreement would allow Gazprombank and PIC to work on enabling funds for projects in areas such as natural gas, oil, petrochemicals, mining and green energy.

The two organisations have agreed to focus on investment banking, capital markets, securities transactions, trade finance, asset management, private equity as well as project, leveraged and structured finance for the projects.

Daniel Matjila, chief investment officer of PIC, said, “The agreement with Gazprombank complements our efforts to deliver our developmental investment mandate. This will further assist us in delivering on the rest of Africa strategy, which seeks to generate returns, while simultaneously assisting the continent to realise its full potential.”

Alan Vaksman, deputy chairman of the management board at Gazprombank revealed that the company has already begun working on a number of projects that are of mutual interest to South Africa and Russia.

PIC and Gazprombank will jointly develop capacity building and skills transfer in finance, credit analysis, environmental and social analysis, as well as information and research sharing to enhance economic sector knowledge, confirmed PIC officials.

 

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