Russia likely to set up its own leasing company in Africa

According to Vasily Osmakov, Russia's First Deputy Minister of Industry and Trade, Moscow is planning to establish its own leasing company in Africa. In a statement on Sunday, Osmakov said that the company will be specialised and the location for its establishment is currently being decided upon. He also noted that Gazprombank Leasing is likely to be the main company behind the venture, as the African market has unique characteristics that require specific considerations.

Africa, the world's second-largest continent, is increasingly gaining geopolitical importance, as per a report from TASS. It has a growing population of over 1.3 billion people and vast untapped natural resources such as oil, gas, minerals, and arable land. Its strategic location, spanning both the Atlantic and Indian Oceans, also makes it a crucial maritime transit point for global trade.

All powers are vying for influence in Africa

Several major powers, including China, the United States, and Russia, are jostling for influence on the African continent. China, in particular, has made significant investments in Africa in recent years, building infrastructure and offering development assistance in exchange for access to resources. The US has also been increasing its military presence in Africa, with a focus on countering terrorism and extremism.

Russia has been ramping up its efforts to expand its footprint in Africa as well, through military and economic means. Moscow sees Africa as a potentially lucrative market for its arms exports, as well as a source of natural resources and investment opportunities.

The competition for influence in Africa has significant implications for the continent and the world as a whole. African countries have the potential to play a significant role in global affairs and contribute to the global economy. However, their development is often hampered by political instability, corruption, and conflict. The involvement of major powers in Africa can either exacerbate these issues or offer opportunities for growth and development.