World
Economic Dialogue Forms Core of BRICS Municipal Conference
By Kestér Kenn Klomegâh
In anticipation for raising economic questions and the possibility of forging further cooperation, Moscow on August 27-28, gathered an estimated 5,000 participants for its largest International Municipal Conference. The 6th International Municipal BRICS Conference, which the press service of the Moscow Department of Foreign Economic and International Relations said would be “the largest international floor, where representatives of government authorities and the business will share the advance experience and discuss key issues of municipal cooperation.”
According to the brochures made available, the conference aims to discuss municipal modalities of expanding cooperation, identify potential opportunities for establishing business, and exchange experiences between BRICS cities and regions. The conference program promises rich and diverse topics to be reviewed in more than 70 business events, including a large-scale exhibition exposition.
The conference also provides a unique platform for establishing business contacts and finding new partners, especially for representatives of small and medium-sized businesses. Advisor to the President of the Russian Federation Anton Kobyakov noted that “the event will become an economic dialogue between countries at the municipal level, contributing to improving the quality of life of citizens.”
The brochures underlined the fact that politicians, entrepreneurs, public figures and representatives of municipalities are expected from more than 500 cities in 126 countries. Participants will discuss international inter-municipal and inter-parliamentary cooperation, and share best practices in the sustainable development of megacities.
Technology development and environmental concerns are also high on the conference agenda. One of the key topics of the forum will be the development of trade and investment relations with an emphasis on digital technologies, artificial intelligence, and green technologies to create a comfortable living environment. Much attention will be paid to discussing environmental issues, climate change, and the role of BRICS in ensuring the sustainable development of the planet.
A broad agenda of social and humanitarian issues are under serious discussion. Social and humanitarian issues will also not be ignored. Discussions will touch on solutions in the fields of education, healthcare, culture, and tourism aimed at increasing the attractiveness of cities and regions.
As curiously noted this conference enjoys tremendous support from the highest authorities, particularly with support from leading government agencies and organizations, including the Presidential Executive Office of the Russian Federation and the Ministry of Foreign Affairs of the Russian Federation. The Roscongress Foundation is the main operator with the Moscow Government as the general partner.
In a related development, about 110 representatives from 40 countries will take part in the 6th BRICS Young Diplomats Forum in Ufa on August 27-31, according to the Chairman of the Russian Foreign Ministry’s Council of Young Diplomats Konstantin Kolpakov. As already the 6th BRICS Young Diplomats Forum, it has become an annual tradition. Taking into account the expansion of the number of participants of the association itself, the geography of participants of this event has also expanded, including countries that were originally part of BRICS.
Russian Foreign Ministry repeatedly described, in official documents posted to its website, and in several speeches, that BRICS – “an informal association” – comprises Brazil, Russia, India, China and South Africa. At the beginning of this year, as agreed at the XV BRICS Summit in South Africa, Ethiopia, Egypt, Iran, Saudi Arabia and the United Arab Emirates became full-fledged members.
An estimated 30 countries have indicated interest in ascending unto BRICS, significantly showing the new geopolitical reconfiguration and increasing drift away from old multinational organizations. Membership in BRICS has been suspended awaiting ‘specific criteria’ by the association. Russian Foreign Ministry explicitly said currently interested countries would be categorized, not as members, but in a group as “partners” of BRICS. The BRICS association was created in 2006 by Brazil, Russia, India and China, with South Africa joining in 2011. Russia has held the BRICS presidency since January 1, 2024.
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.”
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