Russia-AES Banking Deal is Alternative to 'Debt Trap' of Bretton Woods Institutions: Nigerien Expert
17:49 30.10.2026 (Updated: 18:26 30.10.2026)
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Russia-AES Banking Agreement is Alternative to 'Debt Trap' of Bretton Woods Institutions: Nigerien Expert
On the sidelines of the 3rd Russia-Africa Summit, the Russian state development corporation VEB and the AES Investment and Development Bank signed a memorandum of understanding aimed at strengthening their cooperation.
This marks the first international agreement concluded by the AES Bank.
The primary benefit of this cooperation with VEB is that it offers a way to escape the "debt trap"—characterized by exorbitant interest rates—imposed by Bretton Woods institutions, Harouna Illiassou told Sputnik Africa.
The Bretton Woods institutions create a cycle of mounting, entangled debt—a situation that would simply not occur with the Russian bank, he suggested.
The expert expressed his conviction that the Russian state corporation "will be of great assistance in fostering endogenous development across the three AES countries."
On the sidelines of the 3rd Russia-Africa Summit, the Russian state development corporation VEB and the AES Investment and Development Bank signed a memorandum of understanding aimed at strengthening their cooperation.
This marks the first international agreement concluded by the AES Bank.
The primary benefit of this cooperation with VEB is that it offers a way to escape the "debt trap"—characterized by exorbitant interest rates—imposed by Bretton Woods institutions, Harouna Illiassou told Sputnik Africa.
The Bretton Woods institutions create a cycle of mounting, entangled debt—a situation that would simply not occur with the Russian bank, he suggested.
The expert expressed his conviction that the Russian state corporation "will be of great assistance in fostering endogenous development across the three AES countries."
