UralChem gets Afreximbank’s letter of credit for exports to Zambia

MOSCOW, Apr 12 (PRIME) -- Russian fertilizer producer UralChem has received a letter of credit from African Export-Import Bank (Afreximbank) for exports of fertilizers to Zambia, Dmitry Mazepin, chairman of UralChem’s board of directors and chairman of the Russia–Zimbabwe business council, said on Thursday at a meeting of the council.

“There is a mechanism of raising money from Afreximbank. For instance, we’ve already received a U.S. $20 million letter of credit under the mechanism. We export fertilizers to Zambia and receive the letter of credit of Afreximbank when our goods come to the country,” he said.

In 2017, the Russian Export Center became one of the shareholders of Afreximbank. In February, Mazepin met with the leaders of Zambia and Zimbabwe and discussed cooperation of the countries with fertilizer producers Uralkali and UralChem. He also estimated possible exports of fertilizers of the two companies to Southeast Africa at 500,000–600,000 tonnes per year.

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