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Africa At Valdai and First Ministerial Conference: Assessing What Next for Russian-African Partnership?

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Russian-African Partnership

By Kestér Kenn Klomegâh

At the Valdai Discussion Club’s meeting held on 7th November 2024, President Vladimir Putin at the plenary session continued to build indepth discussions on Russian and African bilateral relations, Russia’s passion to support Africa’s attainment of economic sovereignty. It was explicitly noted, and this noticeably reflected in the declarations adopted after the first and second Russia-Africa summits, that Africa needs to liberate itself from the trapings of neo-colonialism of the United States and Europe.

That was not the first time. Valdai’s experts have been interested in Russia’s policy in Africa, particularly in this contemporary era of evolving multipolar architecture and new world political order. Africa is an integral part of the focus in the Global South. Russia has already held two symbolic summits and outlined certain economic directions for Africa. In practical terms, Russia with its previous experience with Africa during the Soviet times, now has the potential to assert as an investment leader in Africa. African leaders have unreservedly expressed their preparedness for mutual economic cooperation and in other fields, voiced their support for building a new world order through the association BRICS+ (Brazil, Russia, India, China and South Africa).

Given the proven fact that Russia certainly has both the financial and technological capability for investing in public infrastructure, in addition to providing necessary security in conflicting regions in Africa. Conflicts in Africa are partially as a result of under-development, and persistent weak economic development and rising levels of unemployment in the society. It is abundantly clear that with its multivectoral foreign policy, Russia has presented itself as a reliable partner, and currently is leading African countries to confront western hegemony, political exceptionalism and dominating power. It has offered guarantees of being in position to support Africa to attain its economic sovereignty but, for now, largely remained as a virtual investor. Russia’s economic presence in Africa is still comparatively weak, even after the symbolic summits held in Sochi and St. Petersburg.

Notwithstanding, African leaders consider efforts at reforming international institutions and Africa’s incorporation into their structures would facilitate the process of attaining a better economic status, enable the expected transitions from the current trends of neo-colonialism and further move away from blames of state management inefficiency, development unsustainability and frustration of democracy. Across the continent, leaders and the elites have shown their inability to mitigate crises and to mobilise sufficient resources, including financing and human for promoting their sustainable development goals.

Undeniably, the Valdai Club represents a critical area of research for humanity, experts dive into useful details or debate the causes of ongoing developments now around the world. In his contribution at Valdai, an Indian expert Rasigan Maharajh, rightly explained that “common security can only be enhanced by actively reducing these inequalities in world systems, actively promoting knowledge sharing, and ensuring equitable opportunities for the development of all and sundry.” And the global majority seems to obviously prefer multipolarity.

As relations are developing, moving ahead with concrete policy decisions should be an ideal direction. Quite often, there has been a lot of positive momentum in developing remarkable cooperation, several bilateral agreements have been signed and yet little noticeable results. Russians get irritated by the statement indicating little impact after series of business meetings, conferences and summits.

At the Valdai meeting, Professor Irina Abramova, Director of the Africa Studies Institute had the opportunity to ask Vladimir Putin a few questions relating to Africa. Specifically she wanted to know Putin’s views over the impact of Russia’s relations with Africa based on the fact that Putin has repeated his popular phrases, at the Kazan’s BRICS press conference that Africa, together with Southeast Asia, are new centers of global growth. Today, at Valdai meeting, Putin repeated this same idea.

Professor Abramova, in addition, stressed the fact that in the conditions of fierce competition – China, India, and old global players, and even Turkey, the (Persian) Gulf countries, and Iran are working seriously in the continent, – Russia needs to find its niche, where it would be the best for Africans. But, dozens of negotiations with African leaders have been held these several years, with some more than once. Was there any one promising direction in these negotiations that all African leaders would talk about?

As expected, Putin reiterated all those popular Soviet-style rhetoric, ultimately reflecting the historical support for Africa to attain political independence from colonial rule, western exploitation and for sovereignty, for the creation of some basic conditions for economic development. Officials have indicated that colonial trends in the African political system and economic spheres constitute impediments for Russia to effectively invest in Africa.

Without mincing words, Putin stressed further at the Valdai meeting: “these neo-colonial instruments have been preserved in the economy by Western countries, but also in the field of security. In general, we will work intensely, responsibly, systematically in all directions.”

The first Russia-Africa ministerial conference was also held, on 9–10 November 2024, in southern coastal city of Sochi as per the decisions reached at the Second Russia–Africa Summit. The business programme included around 20 panel sessions and thematic events focusing on perspectives for Russia–Africa cooperation in the areas of security, economics, and humanitarian engagement. It aimed at building on the outcomes of the Second Russia–Africa Summit, bringing together more than 40 foreign ministers from Russia and Africa, the African Union Commission, and executive bodies of regional integration organizations. In attendance were approximately 1,500 representatives from financial institutions, Russian and African businesses, civil society, academia, and the media.

There was, as always, those similar themes for dialogue between Russia and Africa. “Cooperation with the countries of the African continent is now one of the common priorities, noting that there are existing wide prospects for cooperation as demonstrated by the large numbers of African partners to the conference,” stated Anton Kobyakov, Adviser to the President of the Russian Federation, Executive Secretary of the Organizing Committee for Russia–Africa at Roscongress Foundation.

Available on the Kremlin website, Vladimir Putin greetings to the first ministerial conference participants read: “African countries enjoy a growing prestige on the international stage. By pursuing a constructive and peace-loving foreign policy, they are playing an increasingly important role in addressing major international matters. For its part, Russia attaches particular importance to strengthening relations with its African partners. We are united by our aspiration to building a just multipolar world order based on genuine equality and the rule of law and any form of discrimination.”

In absolute terms, Russia showed preparedness to facilitate the implementation of large infrastructure projects, without publicly mentioning financial allocation. It further pointed to issues of promoting the development of trade and economic relations between Russia and Africa, while emphasizing on the possibility of creating favourable environment and conditions.

There is absolutely no need to repeat multi-dimensional contents from speeches of President Vladimir Putin and that of Foreign Minister Sergey Lavrov here. But an insight into all the previous official statements, there have already been layout steps for concrete areas of cooperation. What remains are valuable and thorough examination of Russia’s potential focused directions in Africa policy. Many have indicated that Russian and African leaders really have to take off existing barriers for promoting economic development, and this could have positive implications for African countries, and particularly for Russia as one of the leaders of the emerging multipolar world.

Aside setting priorities, Russian and African leaders working-style of state-to-state and government-to-government format, both have to broaden joint parameters to include the private sector operatives, the civil society, entrepreneurial diaspora, youth and women, to pave pathways for broader relationship between Russia and African countries. The questions arising from the historic first ministerial conference provided an additional strong basis, and one more step forward, especially coordinating the implementation of joint projects involving potential Russian operators in the spheres of trade, economic and investment partnership, and embrace new mechanisms and on suitable ways to bolster multifaceted relations between Russia and Africa.

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AXIAN Energy Secures $60m for Expansion Across Africa

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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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S&P Restores Afreximbank to Investment-Grade Status After 12 Years

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Afreximbank

By Adedapo Adesanya

Credit ratings agency, S&P Global Ratings, has restored the African Export-Import Bank (Afreximbank) ​to investment grade, nearly 12 years after its last assessment, citing the entity’s countercyclical lending record and ‌strong shareholder support.

The BBB+ rating with a stable outlook is one notch above Moody’s Baa2 and comes months after Afreximbank severed ties with Fitch Ratings.

The lender accused the agency of misjudging its mission, following a downgrade to junk status amid disagreements over the bank’s role in debt ​restructurings for Ghana and Zambia. Fitch subsequently withdrew its ratings entirely and flagged governance concerns.

S&P said in ​a statement on Thursday that Afreximbank’s record as a countercyclical lender and its substantial shareholder ⁠support served as rationale for its rating. Credit ratings often guide the costs of capital for a borrower.

The lender’s total assets, S&P noted, had expanded to $42.3 billion by the end of 2025, up ​from $7.1 billion in 2015.

S&P said it did not incorporate preferred creditor status into its assessment because Afreximbank ​provides almost 80 per cent of its loans to private-sector entities.

However, it acknowledged that Afreximbank, alongside other institutions, had experienced prolonged payment arrears in ‌recent ⁠years, notably following the defaults and debt restructurings in Ghana and Zambia.

S&P noted that Afreximbank said in December that it had come to an agreement with Ghana on its $750 million loan, but that the lender had not announced a resolution with Zambia.

The agency warned that further sovereign restructurings could weigh on Afreximbank’s asset quality.

S&P’s assessment described Afreximbank’s governance and management as “adequate”, saying the ⁠inclusion of ​two independent directors and the African Development Bank (AfDB) as a permanent board ​member provided institutional oversight.

It noted that while increasing participation of private-sector investors through Class D shares could influence the bank’s risk appetite, Class A ​shareholders retained veto rights over big institutional changes, balancing potential risk.

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Elon Musk Becomes World’s First Trillionaire as SpaceX Soars in Nasdaq Debut

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elon musk spacex

By Adedapo Adesanya

Mr Elon Musk, the world’s richest man, is now a trillionaire as his SpaceX rose 11 per cent in its Nasdaq debut on Friday, lifting its valuation to about $1.96 trillion as investors piled into the world’s largest initial public offering (IPO).

The stock opened for trading at $150 compared with the IPO price of $135 per share.

The landmark listing cemented Mr Musk’s status as the first trillionaire ever and propelled SpaceX into the ranks of the ⁠world’s most valuable companies

The listing is being used as a benchmark of what is to come for the market ahead of forthcoming IPOs for AI heavyweights Anthropic and OpenAI.

The record IPO is a culmination of Mr Musk’s long-held ambitions in space and technology.

Most of Musk’s wealth now rests with SpaceX, where ⁠he holds a stake worth roughly $866 billion. Along with Tesla and the rest of his properties, his net worth will exceed $1.1 trillion when the stock begins trading on Friday.

At a quoted $75 billion, the deal’s proceeds were more than double those of Saudi Aramco’s record-setting 2019 IPO.

The valuation could rise further should underwriters exercise their right to sell additional shares, a decision typically made within 30 days after the offering.

Although SpaceX may have to wait for entry into the S&P 500, its expected fast-track inclusion in the Nasdaq 100 will soon make it a major holding for passive funds and ETFs that track the index, creating a fresh source of demand for its shares.

It will take about a month before it gets added to that index under Nasdaq’s new fast-entry rules, as opposed to a typical wait of as much as a year.

SpaceX said its market opportunity spans $28.5 trillion, a figure it called the largest in human history.

Mr Musk, 54, was born in Pretoria, South Africa, to a Canadian mother and South African father. He attended the University of Pennsylvania, graduating in 1997.

He took over as Tesla’s CEO in 2008. Beyond Tesla and SpaceX, Mr Musk ‌has co-founded ⁠five other companies, including tunnelling startup The Boring Company and brain implant maker Neuralink.

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