World
Afreximbank Advances AfCFTA at 2nd Russia-Africa Economic Forum
By Kestér Kenn Klomegâh
With the prevalent dependency of African economies on the external supply of fertilizers and grains and up to 30% of cereals imported from Russia, ensuring that critical trade flows continue uninhibited remains the priority of Afreximbank and its African member states.
The lingering global food security challenges and the critical role trade with Russia play in guaranteeing Africa’s food security were at the core of discussions for Afreximbank at the second Russia African Economic and Humanitarian Forum, which was held at St. Petersburg from the 27th to the 29th of July, 2023.
Addressing the summit, Professor Benedict Oramah, President and Chairman of the Board of Directors of the Bank, said in his remarks that “Afreximbank is working with the African Union Commission, the United Nations System and Russian partners to use the Africa Trade Exchange (ATEX) e-commerce platform to facilitate seamless flow of goods and payments in any currencies chosen by sellers and buyers in a transparent manner. The platform pools Africa’s demand for grains and fertilizers, and the Bank has placed an aggregate credit limit of $3 billion to support these transactions.”
“Beyond the food security priorities and in line with the Bank’s mandate, Afreximbank and the Russian Export Centre are collaborating to promote trade and investments in other critical sectors, with focus placed on activities that will help integrate the African economy and advance the implementation of the African Continental Free Trade Agreement (AfCFTA),” continued the President.
Afreximbank offers a portfolio of solutions to support investments in agriculture, industrial parks and critical infrastructure in partnership with the Russian Export Centre and supports African investors seeking to explore opportunities in Russia.
Trade flows between Africa and Russia reached almost $20 billion in the four years to 2021, as against about $10 billion in 2015, despite the COVID-19 pandemic and other significant global crises, bringing it closer to the target of $40 billion by 2026. It is expected that the trade flows could double over the next four years.
Russian companies are actively redirecting shipments from traditional export markets to Africa and their industrial exports to African countries could grow by more than 40% this year, First Deputy Industry and Trade Minister Vasily Osmakov said.
“Due to the fact that traditional, comfortable markets on which it is simpler to work have closed, we and the industry are orienting ourselves toward new markets, key among which, of course, is the African market. Particularly when it comes to machine building in all its manifestations, chemicals, metal products and so on,” Osmakov said at the Russia-Africa forum.
“The growth of specifically our industrial exports to Africa could exceed 40% for the year,” Osmakov said.
The acting head of the Federal Customs Service, Ruslan Davydov, also said that African countries share of Russia’s total visible trade turnover grew to 3.7% this year from 2.3% in 2022.
According to the Deputy Industry and Trade Minister, Vasily Osmakov, Russia’s main exports to African countries at the moment are fertilizer, forest products and metal products. He added by explaining that the government would be adjusting measures of support to the needs of exporters to African markets.
“This export market needs its own recipes for support, logistics support – subsidies for logistics costs, special subsidized credit programs. And right now, we are adapting instruments specifically for new markets, for entering new African markets, within the context of the International Cooperation and Exports national project. In other words, we are increasing the level of subsidies for logistics costs; we’re making support for loans specifically more preferential,” Osmakov said.
Russia has completed the preparation of the regulatory framework for the creation of a Russian Industrial Zone in Egypt and expects to start building infrastructure by the end of this year. Russia needs to prepare a comprehensive strategy for promoting Russian products in African markets. The creation of an industrial zone in Egypt will give Russian companies access to the entire African market.
Industrial zone residents also receive benefits for the import of equipment and materials, the opportunity to receive an income tax deduction, and are exempt from property taxes. This is a comprehensive and systemic approach to determining robust developing trade with African partners.
The intergovernmental agreement on the creation of the Russian Industrial Zone in the Suez Canal economic zone was signed by Russia and Egypt as far back as 2018.
“It is important that cooperation with Africa has reached a new level in recent years. We intend to continue to develop it: to promote trade and investments, deepen cooperation,” Putin said in his greetings to the participants and guests of the Russia-Africa summit.
The first Russia-Africa Economic Forum held in Sochi in 2019 had committed to systematically pursue stronger trade and investment ties between Russia and Africa and to reset socio-economic relations, in addition to moving the two-way trade to $40 billion by 2026.
Similar to the first such event in 2019, the summit was held under the motto: “For Peace, Security and Development.” The second Russia-Africa Summit, attended by top political and business leaders from Russia and Africa, along with an economic and humanitarian forum, took place in the Russian city of St. Petersburg on July 27-28.
By Kestér Kenn Klomegâh
For the first time in its history, the World Public Summit will be held on the African continent. On 29–30 July 2026, Addis Ababa, the capital of Ethiopia, will host the World Public Summit. Africa — “A New World: Africa in Shaping a Shared Future.”
The Summit is organised by the World Peoples Assembly in cooperation with African partner organisations. It will bring together leaders of public diplomacy, representatives of international intergovernmental and non-governmental organisations, academics, experts, representatives of the education and cultural sectors, youth leaders, socially responsible businesses, media professionals, and civil society institutions from across Africa and other regions of the world.
The World Public Summit. Africa continues the work initiated during the First World Public Assembly “A New World of Conscious Unity,” held in Moscow in September 2025, and serves as one of the key milestones in preparation for the Second World Public Assembly “A New World: Values That Unite,” which will take place in Moscow on 18–19 September 2026.
Today, Africa is emerging as one of the principal centres of global development. Rapid demographic growth, expanding entrepreneurship, strengthening regional integration, rich cultural heritage, and the growing role of civil society institutions make the continent an increasingly important contributor to the future architecture of international cooperation.
The Summit will focus on issues of genuine sovereignty and sustainable development, public diplomacy, preservation of cultural and historical heritage, international cooperation in education and science, youth engagement, innovation-driven development, creative industries, and the formation of new partnerships among countries and peoples.
The main business programme of the Summit will take place on 30 July 2026 at the headquarters of the United Nations Economic Commission for Africa (UNECA) in Addis Ababa. Holding the Summit at UNECA highlights its pan-African dimension and creates opportunities for broad international dialogue on humanitarian cooperation and public diplomacy.
The programme will include plenary sessions, strategic dialogues, and expert panels dedicated to values-based development, education, culture, youth leadership, innovation, and international cooperation.
Participation has already been confirmed by Professor Saidou Madougou, Director of the Department of Education, Science, Technology and Innovation of the African Union; Rita Bissoonauth, Director of the UNESCO Liaison Office to the African Union and UNECA in Addis Ababa; Zuzana Schwidrowski, Director of the Macroeconomics, Finance and Governance Division of UNECA, as well as ministers, leaders of public organisations, and representatives of the business community from a number of African countries.
On the same day, the ADWA Victory Memorial Museum—Ethiopia’s national memorial complex dedicated to the Victory of Adwa and an important centre for preserving the historical memory of the Ethiopian people—will host the award ceremony of the regional stage of the V International Competition “Leader of Public Diplomacy”, followed by a large-scale cultural programme.
One of the key outcomes of the Summit will be the adoption of the African Communiqué, reflecting proposals and recommendations aimed at strengthening humanitarian, educational, cultural, and public cooperation between African countries and other regions of the world.
The outcomes, initiatives, and recommendations were developed during the World Public Summit. Africa will be presented at the Second World Public Assembly “A New World: Values That Unite”, to be held in Moscow on 18–19 September 2026.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Addis Ababa Summit is an important step toward building a new world founded on mutual respect, cultural diversity, dialogue and sustainable development.”
By Adedapo Adesanya
The United Kingdom will get its seventh Prime Minister in 10 years as Mr Keir Starmer announced his resignation on Monday.
The Minister said he is stepping down as leader of the governing Labour Party and will leave office within weeks, scarcely two years after being elected in a landslide.
Mr Starmer says he will remain caretaker prime minister until a new Labour leader is chosen by the party.
Mr Starmer made the announcement after facing growing pressure to hand over to a new leader who can try to revive the government’s flagging fortunes.
He led Labour to a landslide election victory in July 2024, but since then, his popularity and that of the party have plummeted.
His departure was triggered by the victory of Mr Andy Burnham in a special election last week. The popular ex-mayor of Greater Manchester planned to challenge the existing PM for the Labour leadership.
Mr Starmer made the announcement outside the prime minister’s 10 Downing St. residence with a brief statement on Monday.
“The question my party is asking now is whether I am best placed to lead us into the next general election,” Mr Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.
Mr Starmer is the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure.
It comes the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still affects the country’s economy and politics.
Over the past decade, 10 Downing Street has had six occupants, including Mr David Cameron, who left office in 2016 after the Brexit referendum and was succeeded by Ms Theresa May. She was followed by Mr Boris Johnson, whose tenure covered Brexit and the COVID-19 pandemic. After Mr Johnson came Ms Liz Truss, whose 49-day premiership was the shortest in British history. Mr Rishi Sunak then took office before being succeeded by Mr Starmer, the outgoing occupant of Number 10.
By Aduragbemi Omiyale
A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.
The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.
It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.
The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.
Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.
Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.
The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”
Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.
“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.
“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”
The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.
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