World
Imagine the Strategic Partnership between Asmara and Moscow
By Kestér Kenn Klomegâh
In this extremely poor Eritrea nation located in the Horn of Africa, with a population of 3.6 million, what factors could attract to strengthen cooperation in the spheres highlighted by Russian President Vladimir Putin during a meeting with President of the State of Eritrea Isaias Afwerki at the Kremlin.
According to reports from the Kremlin on May 31, Putin referred to the fact that Eritrea has recently marked 30 years of independence. This was when the two countries established diplomatic relations too.
Russia is attracted due to its highly strategic location. Eritrea is bordered to the northeast and east by the Red Sea, Sudan to the west, Ethiopia to the south, and Djibouti to the southeast. The undemarcated border with Ethiopia is the primary external issue currently facing Eritrea. Geopolitical history informed us that Eritrea’s relations with Ethiopia turned from that of cautious mutual tolerance, following the 30-year war for Eritrean independence, to a deadly rivalry that led to the outbreak of hostilities from May 1998 to June 2000 that claimed approximately 70,000 lives from both sides.
Despite the differences between Ethiopia and Eritrea, Russia maintains good relations with the two. But the main significance, as stressed during the meeting, was trade and economic relations which deserve primary attention. There could only be a few, of course not a lot, of potential in many areas. From our studies, agriculture makes up 11 per cent of the wider economy’s value and is the main economic activity in Eritrea.
In 2013, the pickup in growth had been attributed to the commencement of full operations in the gold and silver Bisha mined by Canadian Nevsun Resources, the production of cement from the cement factory in Massawa and investment in Eritrea’s copper and zinc. Chinese are very active in the mining sector, and the Australians operate Colluli potash mining. In 2020, the IMF estimated Eritrea’s GDP at $2.1 billion.
With that economic background, however, Russia sees an opportunity to develop trade and economic ties between the two countries. “Of course, we must, first of all, pay attention to the development of trade and economic ties, here we have good prospects in many areas,” Putin said.
As expected, there was a display of passion for packing official documents. After a series of substantive consultations on partnership and intensive preparations between Asmara and Moscow, the delegation signed several intergovernmental agreements. “I am sure that our talks today will be successful and will benefit the development of relations between the Russian Federation and Eritrea,” Putin stressed.
The trade turnover between Russia and Eritrea in 2022 amounted to $13.5 mln, including $11.5 mln from wheat exports, according to materials for the talks between Putin and Isaias Afwerki in the Kremlin.
“The trade turnover between Russia and Eritrea in 2022 amounted to $13.521 mln (exports: $12.745 mln, including $11.5 mln – wheat (27,500 tons); imports: $776,000),” the statement said.
In 2021, the trade turnover between the two countries amounted to $9.314 mln. Exports of wheat amounted to $8.125 mln, oil products – $175,000, and sulfates – $888,000. At the same time, imports of ready-made clothes reached $126,000.
According to the statement, Eritrea is highly interested in strengthening ties with Ural Automobile Plant and Kamaz. In 2018, Kamaz delivered 56 cars and 5 buses valued at around $5 million to Eritrea.
“In my view, the global order, which is on the cusp of a radical transformation, requires an objective appraisal and mutual consultations on the timeless subject matter and phenomena of paramount importance and significance. The common assessment that we undertake will, in turn, revitalise the formulation of programmes and partnerships that we chart on,” Isaias Afwerki said during the meeting.
Isaias Afwerki believes that Russia was the primary competitor and rival of the policy of encirclement and containment by the forces of domination from the early 1990s, and its global impact in the past 30 years was considerable indeed. Russia did not undertake, at the outset, all the necessary preparations for effective resistance.
An integrated and comprehensive strategy of resistance was not accordingly set in motion. But with time, as the latent policy of containment against China becomes more transparent, international awareness of the free people has increased.
“It is imperative to expand and deepen this awareness, chart out a comprehensive strategy and concrete plans that encompass all fields, create dynamic mechanisms, marshal the necessary resources to ascertain the advent of and transit to a civilised international order of mutual respect, cooperation, complementarity and prosperity, where justice and the rule of law prevail. This is not an option but an obligation,” he explicitly pointed out to Putin.
It is important to remember that Russian Foreign Minister Sergey Lavrov visited Eritrea in January 2023. He said the agenda for Russia-Eritrea cooperation focuses on implementing potential joint projects, including the logistics hub in Asmara. At a meeting at that time, Afwerki and Lavrov also discussed the radical changes in the international situation and key directions for the development of Russian-Eritrean relations. Lavrov reported to Putin about the results of his African tour at a Security Council meeting.
Afwerki has been president since 1993, when Eritrea gained independence from Ethiopia. He is the first and the only person to hold the post. Sergey Lavrov visited Eritrea in January as he toured Africa. The commercial activities revolve around this strategic location as a transit point, and the strategic location also makes the country prime for an increased military presence. This is the strategic importance for Russia.
Lavrov spoke extensively about economic cooperation. According to him, Russia’s truck maker KAMAZ was already working in Eritrea, supplying its products to that country, as was Gazprombank Global Resources, which was building cooperation in the banking sector. In the same year, 2018, concrete talks were held to build a logistics centre at the port of Eritrea, which makes the world’s class logistics and services hub for maritime transportation through the Suez Canal and is definitely set to promote bilateral trade.
Still that same year, Eritrea was interested in opening a Russian language department at one of the universities in the capital of the country, Asmara. Lavrov further indicated: “We agreed to take extra measures to promote promising projects in the sphere of mining and infrastructure development and to supply specialized transport and agricultural equipment to Eritrea.”
In April 2022, Eritrea’s top diplomat, Osman Saleh, made a quick reciprocal visit to Moscow to receive honour and congratulations for opposing the resolution in New York. That was in March 2022; Eritrea was one of the countries who voted against the resolution condemning Russia over the situation in Ukraine at the United Nations.
Eritrea is now a member of the African Union. The Eritrean government previously withdrew its representative to the African Union to protest the AU’s alleged lack of leadership in facilitating the implementation of a binding border decision demarcating the border between Eritrea and Ethiopia. Eritrea is also a member of the United Nations.
By Kestér Kenn Klomegâh
Africa is set to make history as it hosts the World Public Summit for the first time, with Addis Ababa, Ethiopia, welcoming global leaders and changemakers from July 29–30, 2026, for the landmark gathering under the theme “New World: Africa in Shaping a Shared Future.”
The inaugural African edition of the World Public Summit marks a significant milestone in the continent’s growing role in shaping international dialogue on governance, sustainable development, human-centred leadership and global cooperation.
Hosted by the World Peoples Assembly in partnership with African and international organisations, the summit will convene government officials, diplomats, business leaders, academics, journalists, youth representatives, civil society organisations and cultural leaders from across Africa and around the world.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Summit is not just a meeting—it is a space for unity. A space where the ‘values that unite us’ come to life: respect for people, openness to the world, responsibility for the future, and a commitment to creation.
“Today, we understand more clearly than ever: the future cannot be built alone. It is born in dialogue, in trust, in the ability to listen to one another and to act together.”
The programme begins on July 29 with a series of high-level roundtables and expert discussions covering Pan-African economic integration, civil society, education, scientific cooperation, cultural diplomacy and humanitarian partnerships.
The opening plenary, “Values, Development and Partnership as the Basis of a Sustainable and Just World,” will explore how African values—including Ubuntu—can help shape a more inclusive and sustainable global future. Discussions will also focus on youth leadership, innovation, civil society, ethical AI, public initiatives and international partnerships.
The summit will also showcase Africa’s creativity and innovation through the “Innovations for the Future” exhibition, the contemporary African art exhibition “Unity,” and the international exhibition “The World Paints Happiness.”
Another featured initiative is “The Zambezi River: Economy, Society, Soul,” an international interdisciplinary project exploring the river’s socioeconomic importance across Angola, Botswana, Mozambique, Namibia, Zambia and Zimbabwe, highlighting the shared heritage and development potential of one of Africa’s most important waterways.
The event will conclude with the adoption of the African Communiqué, reflecting the summit’s shared vision for stronger international cooperation, sustainable development and people-centred leadership.
Tsegaye Chama, General Secretary of the Global Black Centre, promised that, “The Summit will be delivered with exceptional distinction, reflecting the magnitude and spirit of the World Peoples Assembly. It embodies a unity that is not transactional, but purposeful and conscious, a unity that shapes new contours for a world that works for all peoples of the World.”
As delegates prepare to arrive in Addis Ababa, anticipation continues to build for what promises to be one of Africa’s most significant international gatherings of 2026—one that will place the continent firmly at the centre of global conversations about the future.
By Adedapo Adesanya
Nigeria regained its position as Africa’s leading destination for equity startup investment in the first half of 2026, raising $214 million in equity financing and a total of $254 million across equity and debt, according to the latest Africa: The Big Deal report.
The report, titled H1 2026: Mapping the Money, showed that Nigeria ranked second on the continent in total funding, behind Egypt, which attracted $327 million, while Kenya and South Africa followed with $126 million and $83 million, respectively.
However, the report noted that Egypt’s top position was largely driven by a single fundraising by electric mobility company Spiro, which secured $327 million, including $270 million in equity and $57 million in debt. Excluding debt financing, Nigeria emerged as Africa’s largest equity funding market in the first six months of the year.
According to the breakdown by Africa: The Big Deal, Nigeria’s equity funding of $214 million was higher than Egypt’s $183 million, while South Africa and Kenya attracted $66 million and $46 million, respectively.
Beyond funding value, Nigeria also led the continent in the number of startups that raised at least $100,000 during the review period, reclaiming the top spot after what the report described as an “underwhelming” second half of 2025.
The publication observed that Nigeria’s fundraising performance has remained relatively stable over the past few years and exceeded the $250 million mark for the first time since 2022, pointing to renewed investor confidence in the country’s startup ecosystem.
It also found that while the Big Four startup markets—Nigeria, Egypt, Kenya and South Africa—continued to dominate Africa’s investment landscape, their combined share of total funding stood at 58 per cent in the first half of 2026.
“Zooming back on the Big Four (110 out of 190 $100k+ deals, i.e. 58%), Nigeria is head and shoulders above its peers, with Egypt and Kenya almost tying, and South Africa in fourth position again,” the report noted.
The report highlighted contrasting performances among the continent’s largest startup ecosystems. While Nigeria and Egypt maintained strong funding momentum, Kenya recorded its weakest funding performance since early 2021 after a strong second half of 2025, and South Africa failed to attract $100 million in funding during the period despite leading the continent a year earlier.
Africa: The Big Deal also noted a broader shift in investor behaviour, with funding increasingly concentrated in larger transactions while early-stage investments continued to decline. According to the publication, the drop in smaller funding rounds reflects growing concerns about limited capital available for early-stage startups across Africa.
By Aduragbemi Omiyale
Accessing the US Dollar in the East Africa region has now been made easier with the expansion of the stablecoin settlement infrastructure of SCRYPT.
This development enables banks, payment providers and corporate treasury teams to move value into and out of the continent in real time.
Businesses paying international suppliers frequently have to convert local currency into USD before purchasing stablecoins for settlement, incurring FX conversions and spreads before any payment is made.
But SCRYPT is eliminating this intermediate conversion by enabling direct settlement corridors for local African currencies into stablecoins.
This development allows businesses to move from local currency to stablecoin settlement in a single licensed transaction, without first sourcing rationed bank dollars, as stablecoins are increasingly becoming settlement infrastructure rather than an investment product.
The expansion adds settlement support across four African currencies: the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). Each corridor is delivered through the same full-stack infrastructure our clients already use for trading, custody and treasury operations.
Speaking on this, the chief executive of SCRYPT, Norman Wooding, said, “Across Africa, stablecoin adoption is driven by economic need, not speculation.
“Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”
Also commenting, the Managing Director of Markets & Trading at SCRYPT, Mr Gabriel Titopoulos, said, “Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs.
“SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”
