World
COVID-19: BRICS Eyes Deeper Business, Investment Ties
By Kester Kenn Klomegah
On October 28, the BRICS Business Council (Brazil, Russia, India, China and South Africa) during the forum reviewed its joint work for the previous years, discussed at length current business issues and, in particular, tried to choose a path for the future.
Since its establishment, the BRICS Business Council has made its primary task to increase trade and investment among the member countries.
While it has recorded considerable success and positive performance, this year has been different due to the spread of coronavirus. That has not deterred them but rather the BRICS plans to turn the disease-climate into a platform to search for new drivers of trade and economic growth in the subsequent years.
In 2020, Russia holds rotating leadership of the BRICS. Consequently, the meeting was coordinated from Moscow by the head of the Russian chapter of the BRICS Business Council, President of the Chamber of Commerce and Industry of the Russian Federation Sergey Katyrin.
It is worth to explain that the BRICS Business Forum held with the support of the Ministry of Foreign Affairs of the Russian Federation, the Ministry of Economic Development of the Russian Federation and the Ministry of Industry and Trade of the Russian Federation.
Ahead of the opening, Foreign Minister Sergei Lavrov sent a special message of greetings, and Deputy Foreign Minister Sergei Ryabkov addressed the participants.
In his address, Ryabkov noted that by working together, the group could add substantial momentum to the development of trade and investment among members, and in the interests of the population. In assessing the consequences of the pandemic, he urged the group to come up with collective approaches for overcoming them.
“The world economy has entered a recession. Global GDP is shrinking, and so are international trade, investment and demand for key exports. The global value chains are disrupted, while financial markets are in a constant state of turbulence. There are many other problems we face today, and will have to deal with in the future,” he told the participants.
“The crises in the economy and trade could make the world more prone to conflict and seriously undermine international cooperation, further exacerbating the deficit of trust. The gap between the rich and the poor is once again growing. Our common goal is to prevent the most negative scenarios from materializing. Against this unfavourable backdrop, we are witnessing attempts to make a political issue out of the COVID-19 pandemic. We believe that this is the worst thing to do at a time when we need to work together to fend off today’s threats,” Ryabkov pointed out.
According to him, overcoming the economic fallout from the crisis is a priority. In this context, there is the need to focus on restoring the global economy, driving growth and expanding trade, as well as repairing the industrial chains.
He added, “We cannot forget about climate change, sustainable development and the 2030 Agenda for Sustainable Development. I think the BRICS countries will have to look past this horizon to proactively contribute to shaping the long-term global agenda.”
In an optimistic vision for the future, the business community in the five countries has a special responsibility in this regard. Businesses are uniquely equipped to swiftly adapt to a new reality, and create much-needed jobs during major crises like the current one. This is a huge asset. The BRICS governments will continue to support businesses in every possible way. In this context, the BRICS Business Forum and Business Council are essential for devising effective solutions to support micro, small and medium-sized enterprises.
Besides, there were plenary sessions held under the themes COVID-19 and the economic development of the BRICS countries: problems and actions and Challenges and opportunities for sustainable development: pathways to a green economy.
The BRICS countries represent the key economies of their regions and therefore have a special responsibility to develop actions to contain the COVID19 pandemic. They bear the main burden on the development and implementation of a policy of economic recovery from the consequences of the pandemic.
The session “Challenges and Opportunities for Sustainable Development: Pathways to a Green Economy” discussed an agenda for action on climate change and finding ways to sustain economic, industrial and energy development while reducing carbon emissions. The session participants concluded that it is necessary to study carefully the directions of sustainable economic development in the current situation.
Russian Chamber President Sergey Katyrin referenced BRICS Business Forum 2020 as “business marathon” and noted that nine-panel sessions discussed topical areas of cooperation, and these include industry, trade, digital technologies, agriculture, healthcare, energy, ecology and women’s entrepreneurship.
According to forum documents, the three day-forum, both online and offline, brought together about 90 speakers, representatives of government bodies, financial institutions, business and public organizations from all countries of the association. The main topic of the forum this year was “Business Partnership of the BRICS: a Common Vision of Sustainable Inclusive Development” – and that “inclusiveness” refers to the collective efforts to overcome common challenges.
One of the main tasks is updating the Strategy for Economic Partnership of BRICS until 2025, to continue identifying promising directions for developing business cooperation among BRICS countries.
Minister of Industry and Trade of the Russian Federation Denis Manturov highlighted, in particular, some issues of the development of industrial cooperation within the BRICS. The heads of the national parts of the BRICS Business Council – Jackson Schneider (Brazil), Onkar Kanwar (India), Xu Lirong (China), Busi Mabuza (South Africa) – spoke about various issues of interaction and experience in solving urgent problems.
They discussed the impact of the pandemic on industrial production, ways to restore the economies of the BRICS countries, the possibility of digitalization and automation in creating a favourable climate. They also considered the development of women’s entrepreneurship within the BRICS and the role of the Women’s Business Alliance, which began its activities in the year of Russia’s chairmanship in BRICS.
The BRICS Business Council will meet to sum up and approve the annual report on November 10. That will be ahead of the XII BRICS Leaders’ summit scheduled for November 17. The theme of the meeting of the leaders is “BRICS Partnership in the Interests of Global Stability, Common Security and Innovative Growth.”
Russia last chaired BRICS in 2015, held a summit in the provincial city of Ufa. Russia also presided over the group back in 2009, before BRIC turned into BRICS following South Africa’s accession. The five BRICS countries together represent over 3.1 billion people or about 40 per cent of the world population. Kester Kenn Klomegah writes frequently about Russia, Africa and BRICS.
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.”
