In preparation for the 3rd Russia-Africa summit, a working session was held between the State Development Corporation (VEB.RF) and the Sahel Confederation's Investment and Development Bank (BIDC) on October 27, 2026, in Moscow. The meeting brought together representatives from both institutions to discuss potential areas of cooperation and partnership. The session was attended by Burkina Faso's Minister of Foreign Affairs, Karamoko Jean Marie Traoré, and his counterpart in charge of Economy and Finance.
The VEB.RF's Vice-President, Daniil Algulian, highlighted that the institution has a 150-year history and that Russia's relations with the Sahel states date back over 60 years. He emphasized that the working session marks a renewal of these long-standing relations. Algulian also mentioned that VEB.RF's current portfolio for Africa exceeds $2 billion, with plans to increase it further. He expressed Russia's intention to support the development of Africa and the Sahel through its development agency.
Burkina Faso's Minister of Foreign Affairs, Karamoko Jean Marie Traoré, appreciated Russia's initiative to establish a framework for cooperation with the Sahel states. He noted that this new partnership represents a renewed relationship with African partners in a context where Sahel states have a clear vision for their development. Traoré emphasized that the partnership aims to serve the interests of the Sahel states and promote their sovereignty.
The President of the BIDC, Serge Auguste Bayala, stressed that one of the bank's primary concerns is to make international development an instrument for improving the well-being of populations. He called on VEB.RF officials to requalify and recycle their partnership with the Sahel states, focusing on co-production of wealth, risk-sharing, and investment opportunities. Bayala identified energy, urban economy development, and infrastructure development as priority sectors for the Sahel region.
Burkina Faso's Minister of Economy, Aboubakar Nacanabo, emphasized the importance of creating value and opportunities for young people. His Malian counterpart welcomed the working session, viewing it as a strong signal that will be formalized with the signing of a cooperation memorandum on October 28, 2026, in Moscow. The memorandum aims to solidify the partnership between Russia and the Sahel states.
The BIDC and VEB.RF discussed potential areas of cooperation, including financing for development projects, infrastructure development, and economic growth. The two institutions explored ways to strengthen their partnership and increase investment in the Sahel region. This renewed cooperation is expected to promote economic growth, improve living standards, and enhance regional stability.
The working session between VEB.RF and BIDC marks a significant step in strengthening Russia's relations with the Sahel states. The partnership aims to promote sustainable development, economic growth, and regional cooperation. Key sectors for cooperation include energy, infrastructure development, and urban economy development. The renewed partnership is expected to have a positive impact on the Sahel region's economic development and improve the living standards of its populations.
Key points
- Russia and the Sahel states discuss potential development partnerships ahead of the 3rd Russia-Africa summit.
- The partnership aims to promote sustainable development, economic growth, and regional cooperation in the Sahel region.
- Energy, infrastructure development, and urban economy development are identified as priority sectors for cooperation.
