President Dmitry Medvedev and his visiting Namibian counterpart Hifikepunye Pohamba oversaw the signing of the deal in the Kremlin as they also pledged to ramp up cooperation in hydrocarbon exploration and mineral deposits.

"The most important thing is that we are continuing talks on important projects which relate to energy, transportation and exploration of mineral resources," Medvedev told reporters.

"I would like to especially single out the idea of joint exploration of uranium deposits as one of the significant areas of cooperation."

Sergei Kiriyenko, head of Russian nuclear agency Rosatom, told reporters Russia was ready to invest one billion dollars (810 million euros) in uranium development in Namibia, Russian news agencies reported.

Kiriyenko also said Russia hoped to sign an agreement to buy a stake in a deposit and start mining already this year.

"Namibia's president supported our approach," he added.

Namibia in southern Africa is the world's fourth-largest uranium producer and the deal underscores the international interest in deposits there, including from global mining group Rio Tinto.

Namibia in 2007 awarded an exploration license to a joint venture led by Tekhsnabexport, a Russian state firm that sells uranium.

Russia is also ready to build two hydroelectric power plants and a factory to produce mineral fertilizers in Namibia, as well as help reconstruct a railroad in the country, Medvedev said.

Last June, he travelled to Namibia on the first visit to the country by any Kremlin chief as part of a four-nation African tour focused on reasserting Moscow's influence on the continent where it competes with China and the West.

During his stay in the capital Windhoek, Medvedev said he hoped Soviet ties with Namibia, including support for the country's ruling SWAPO party in its independence struggle, would pay back.

At the Kremlin, Pohamba, who was also scheduled to meet Prime Minister Vladimir Putin during his three-day stay, acknowledged the Soviet assistance during the Cold War.

"The AK-47 has lead us to independence," Pohamba said, referring to Soviet-designed Kalashnikov assault rifles.

Speaking alongside Medvedev, Pohamba pledged that the agreements signed in the Kremlin would lead to firm deals

"Namibia has a lot to offer. We are a country with a lot of resources," he said. "I have no doubt that we will implement what we have signed here."

Russian energy giant Gazprom said last year its banking unit had struck a one-billion-dollar deal with Namibian energy company Namcor to build a new power plant in Namibia.

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