World
Russia, Mozambique Fortify Ties to Boost Economy
By Kester Kenn Klomegah
Foreign Minister Sergey Lavrov held diplomatic talks with Minister of Foreign Affairs and Cooperation of Mozambique Jose Pacheco, who arrived in Moscow on a visit following his participation in the St Petersburg International Economic Forum.
The two ministers discussed a whole range of issues related to the further progressive development and strengthening of traditionally friendly Russia-Mozambique relations, including the maintenance of an active political dialogue. Relations have been friendly over the years between Russia and Mozambique.
They paid special attention to improving mutually beneficial partnership in various areas with an emphasis on making use of the potential of the Russia-Mozambique Intergovernmental Commission on Economic, Scientific and Technical Cooperation, whose first meeting was held on April 24-25 in Maputo.
Foreign Minister of Mozambique Jose Pacheco said that Mozambique plans to sign an agreement with Rosneft and ExxonMobil on gas field exploration in the north of the country by the end of 2018. The plan is to create a consortium with the participation of a Mozambican company, Rosneft and ExxonMobil to develop offshore hydrocarbon fields near Mozambique.
“The project to develop gas fields in the north of Mozambique is under discussion now. The plan is to sign an agreement this year and launch the project on field development in Mozambique with participation of Rosneft and ExxonMobil,” the Minister said.
“We had an opportunity to speak with Rosneft’s management at the St. Petersburg International Economic Forum 2018, our delegation also included experts in the field, we are actively working and discussing, and are hoping to get a positive result,” Pacheco said.
There is an increasing interest of the Russian business community in building a partnership with Mozambique, which matches Maputo’s intention to attract Russian investment and technical assistance. “We have reaffirmed mutual commitment to promoting trade and economic cooperation, and believe that joint efforts in geological exploration and mineral extraction as well as telecommunications, energy and agriculture are the main priorities,” according to Lavrov.
There has been a long-standing tradition of Mozambicans receiving a higher education in Russia. While expressing deep satisfaction with the first meeting of the Intergovernmental Commission held in Maputo in late April, Minister Sergey Lavrov pointed to the training of Mozambique specialists at Russian universities in civilian professions and law enforcement officers trained at the educational institutions of the Russian Ministry of Defense and Ministry of the Interior.
“We are ready to consider the possibility of increasing the number of students in these areas. I firmly believe that Russia and Mozambique will achieve new results in its economic and political dialogue as well as in the humanitarian, cultural and education areas,” Lavrov told his visiting colleague in Moscow.
The two diplomats also discussed the efficiency of terrorism counteraction, multilateral and sustainable development of Africa and the settlement of internal political crises and armed conflicts on the continent.
In fact, at present, Russia’s relations with African countries are progressing both on a bilateral basis and along the line of African regional organisations, primarily the African Union and the Southern African Development Community. Russia’s support for Maputo’s constructive commitment to developing regional integration processes was confirmed, as was its intention to assist the African community in the search for consensus solutions to the challenges facing the continent.
Speaking about the international agenda, Lavrov said “we have the identical view on the need to build international relations on the basis of international law, respect for national identity and the wish and right of nations to determine their destiny. We noted the high level of our efforts’ coordination in the UN and other multilateral platforms. We agreed to develop and strengthen this coordination.”
In the opinion of Lavrov, Russia and Mozambique have consistently maintained that all problems, conflicts and crises, unfortunately, still remain on this continent, and should be resolved based on the approaches of Africans themselves, of course, with moral, political and material support from the UN and the UN Security Council.
Kester Kenn Klomegah filed in this report from Moscow.
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.”
