The Russia-AES banking agreement is an alternative to the 'debt trap' of the Bretton Woods institutions: Nigerian expert On the sidelines of the third 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 is the first international agreement signed by AES Bank. The main advantage of this cooperation with VEB is that it offers a way out of the "debt trap" - characterized by excessive interest - imposed by the Bretton Woods institutions, Haruna Ilyasu told Sputnik Africa. The Bretton Woods institutions create a cycle of escalating and entangled debt—a situation that simply won't happen with the Russian bank, he suggested. The expert expressed his belief that the Russian state corporation "will be of great assistance in fostering endogenous development in the three AES countries. " Subscribe to Sputnik Africa | X.

The Russia-AES banking agreement is an alternative to the 'debt trap' of the Bretton Woods institutions: Nigerian expert On the sidelines of the third 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 is the first international agreement signed by AES Bank. The main advantage of this cooperation with VEB is that it offers a way out of the "debt trap" - characterized by excessive interest - imposed by the Bretton Woods institutions, Haruna Ilyasu told Sputnik Africa. The Bretton Woods institutions create a cycle of escalating and entangled debt—a situation that simply won't happen with the Russian bank, he suggested. The expert expressed his belief that the Russian state corporation "will be of great assistance in fostering endogenous development in the three AES countries. " Subscribe to Sputnik Africa | X.