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, Russian agencies quoted Kiriyenko as saying.
"Namibia's president supported our approach," Kiriyenko said 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 his four-nation African tour focused on reasserting Moscow's influence on the continent.
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