World
G7 Nations to Invest $80b in Africa’s Private Sector

By Adedapo Adesanya
The G7 Development Finance Institutions (DFIs), the International Financial Corporation (IFC), the private sector arm of the African Development Bank (AfDB), EBRD and the European Investment Bank (EIB.org) have promised to invest $80 billion in Africa’s private sector over the next five years to support sustainable economic recovery and growth of the continent.
According to the institutions, the COVID-19 pandemic has caused a severe global economic and health crisis and this proposed investment is to support the long-term development objectives of African economies that have been negatively impacted by the crisis.
This will be the first time the G7 DFIs have come together to make a collective partnership commitment to the African continent.
The IMF estimates that sub-Saharan Africa needs additional financing of around $425 billion between now and 2025 to help strengthen the pandemic response spending and reduce poverty in the region.
Speaking on this, the United Kingdom Minister for Africa, Mr James Duddridge, said: “The UK is proud to back this commitment by world leaders at the G7 Summit to invest more than $80 billion in Africa’s private sector over the next 5 years.
“This investment will create jobs, boost economic growth, help tackle climate change and fight poverty. It comes at a crucial time as the continent rebuilds its economies, severely impacted by COVID-19.”
On his part, Mr Nick O’Donohoe, the CEO of CDC Group, said: “The patient, high-quality capital that DFIs provide is urgently needed if African economies are to start to rebuild quickly from the impact of the pandemic. CDC is committed to building long term investment partnerships in Africa that fuel sustainable private sector growth in support of the UN’s Sustainable Development Goals.”
Mr Werner Hoyer, President of the European Investment Bank, said: “The EIB welcomes G7 leadership to enhance support for high-impact investment across Africa during and after the pandemic.
“Last year the EU Bank’s engagement in Africa, as part of Team Europe, represented the largest ever support for climate action and investment in fragile states in 55 years of EIB operations on the continent. We stand ready to cooperate further with African and multilateral partners to tackle both COVID-19 and accelerate the green transition in Africa.”
Adding his input, Mr Makhtar Diop, IFC’s Managing Director, said: “Ensuring an inclusive and sustainable recovery for people, businesses and economies across Africa in coordination with our development partners, is at the core of IFC’s development mandate today.
“We know that the private sector will play a major role in financing Africa’s future by creating millions of jobs that are essential to ensuring sustained economic growth and poverty reduction.
“We, therefore, welcome this important partnership and are proud to provide financing and to work with partners to help create the right conditions to bring more private investment to Africa.”
Then Mr David Marchick, Chief Operating Officer of US International Development Finance Corporation (DFC), said: “Under President Biden’s leadership, investing more in Africa is a top priority for DFC in fulfilling our development mandate.
“DFC is proud to be doubling down on our commitment to Africa alongside our G7 and multilateral partners and will continue to prioritize investments in vaccine manufacturing, COVID-19 response, climate mitigation and adaptation, and gender equity on the African continent.”
Mr Dario Scannapieco, Chief Executive Officer of Cassa Depositi e Prestiti (CDP), said: “Closer collaboration among Development Finance Institutions and multilateral partners is an essential factor in fostering sustainable economic recovery and growth in Africa.
“CDP looks forward to contributing to this strategic partnership, supporting the African continent in developing its entrepreneurial and financial private sector, to unlock its vast, untapped potential.”
Mr Solomon Quaynor, AfDB VP, Private Sector, Infrastructure & Industrialization said: “We welcome this global partnership and the opportunity to provide the African voice, as Africa builds back better and boldly. The opportunity to create jobs particularly for youth and women, from a focus on industrializing Africa underpinned by the African Continental Free Trade Area, will be our priority.
“Given the gap between the IMF estimates and what this partnership is committing to, we will seek to crowd-in African development partners, as well as African savings from SWFs, pensions, and insurance pools, estimated to have US$1.8 trillion AUM.”
Mr Heike Harmgart, EBRD Managing Director, Southern & Eastern Mediterranean, said: “Harnessing the potential of the private sector is essential to supporting prosperity in Africa and meeting the continent’s development needs. In the North African countries where we work – Egypt, Morocco and Tunisia – we have invested over €11.5 billion in only 9 years, focused on boosting the private sector, developing green sustainable infrastructure and promoting youth and women participation in the economy.
“We will pursue our efforts to expand private sector investment opportunities at scale in the region in close cooperation with other development actors.”
Ms Monika Beck, a member of the DEG-Management Board, said: “Many of our African partner countries have been hit hard by the pandemic. We quickly developed new services to support private sector SME and to help protect jobs and livelihoods. In Africa, DEG has always been specifically committed to creating prospects for the young, growing population.
“In addition to the continuing massive impact of COVID-19, we expect a further acceleration of the challenges connected to developments such as digitization and climate change. Therefore DEG welcomes and is proud to be part of the G7 DFI Africa initiative”.
Each DFI has its own investment criteria which are aligned to an assessment of the need to achieve development impact across a range of sectors. DFIs play an important role in helping to build markets, mitigate risk and pave the way for other investors to enter new markets.
The G7 DFI group consists of CDC, Proparco (France) JICA and JBIC (Japan), DFC (US), FinDev Canada (Canada), DEG (Germany) and CDP (Italy). This commitment is also supported by the IFC, the Africa Development Bank, the European Bank for Reconstruction and Development, and the European Investment Bank.
World
Moscow: World-Renowned Fashionable City

By Kestér Kenn Klomegâh
Moscow is increasingly becoming popular among foreigners due to multiple reasons among them is its fashionable architecture and friendly people. Moscow’s architecture is world-renowned. In addition, Moscow’s status as the spiritual center of Russian orthodoxy and metropolitan buildings attract tourists from around the world. For much of its architectural history, Moscow is dominated by Orthodox churches.
Situated on the banks of the popular Moskva river, cultural parks and recreational centers offer an additional attraction especially during spring, summer and autumn seasons. The city has a population estimated at over 13 million. And public transport system is excellent for easy and fast connection to any part of the city. Today, the Moscow Metro comprises twelve lines, mostly underground with a total of 203 stations.
Moscow mayor Sergei Sobyanin shares in an interview with local Russian media that Moscow is becoming the world’s best megacity. But for South African Fashion entrepreneur, Stephen Manzini, Moscow’s contrasting features make it more fashionable to explore for fun and entertainment. Read Stephen Manzini’s impressions here:
Would you describe Moscow as a ‘fashionable’ city, if fashion is not limited to clothes and bags?
Moscow can be described as a fashionable city if it wasn’t for the weather. We would see beautiful display of runway pieces on the streets, however we do see this in indoor spaces it’s just overshadowed outdoors by the winter coats and jackets. Walking about Moscow does give you a European fashion appeal.
But Moscow as a fashionable city, do you think it is inaccessible from consumers, from tourists?
Moscow the fashionable city can be accessible to consumers. However when it comes to tourists, it’s a bit inaccessible as it takes on-site education to understand the dynamics. It cannot be understood from a distance due to the neo-propaganda that overshadows it.
Do you mean to conclude that cities such Venice, Miami, New York and London are more fashionable and attract more customers, tourists than Moscow?
Moscow’s tourism industry is barely in existence. To no fault of it’s own. Unfortunately, global online search engines are very unkind in referring to it as an undesirable tourist destination.
How then would you suggest rebranding Moscow?
The rebranding of Moscow would have to be intentional and would not happen overnight. It will have to start at a political level and then cascade it’s way to media and tourism.
World
Shockwaves Over Trump’s Tariffs Reverberate Across Africa

By Kestér Kenn Klomegâh
After taking office early 2025, U.S. President Donald Trump has embarked on rewriting American foreign policy and plans to create a new geopolitical history under the “America First” doctrine.
The first three months have seen efforts to implement tariffs, which finally was splashed early April world-wide, including on a grand scale across Africa.
Seemingly, a blanket of tariffs is one of the standout actions of the new administration. Trump’s changing approach to the world, using geoeconomic tools, including tariffs has now sparked extensive debates and discussions.
Our media chief, Kestér Kenn Klomegâh, took a quick chance and asked Vsevolod Sviridov, deputy director at the High School of Economics (HSE) University Center for African Studies, a few questions pertaining to the aspects and implications of the U.S. tariffs for Africa. Here are the interview excerpts:
How would you interpret trade war between China and the United States?
There has been a global trend towards overspending over the last two decades. We have seen commodity boom, rise of China with its global investments drive and infrastructure development projects like BRI, excessive budget spending by the OECD countries during COVID-19, etc. Now countries are trying to optimize their spending. Considering that there is a certain trend towards deglobalization, external trade and deficits are the first to fall victims to this policy. While China almost halved its lending, US are trying to cut their ODA (see South Africa’s case) and adjust their trade deficit, which is fuelling their vast debt.
What could be the reasons for Donald Trump to extend that kind of economic policy, trade tariffs, to Africa?
His latest actions indicated that was possible. Trump has imposed increased tariffs on 14 African countries, including South Africa (30%), Madagascar (47%), Tunisia (28%), Côte d’Ivoire (21%), and others. The primary selection criterion was the trade deficit with the U.S., though there are exceptions, such as Libya, which was left off the list despite a US$1 billion deficit. Additionally, seven more countries, including Egypt, Morocco, and Kenya, will face a base tariff of 10%, meaning that for Washington stable relations with them are more important.
The hardest-hit country will be Lesotho (50%), where the textile industry, heavily reliant on the U.S. market, will suffer. However, South Africa will bear the greatest overall impact, as it accounts for 70% of the U.S.-Africa trade deficit. In addition to the 30% base tariff, there will be an extra 25% duty on imported cars. This will affect factories operated by VW, Toyota, BMW, and other automakers, whose exports to the U.S. total US$2-3 billion annually. Angola, which had backed the Democratic Party, is also facing penalties (32%).
If these tariffs take effect as announced, they could lead to the collapse of African Growth and Opportunity Act (AGOA). However, the U.S. has not needed AGOA as much since the 2010s when it reduced dependence on African oil and gas. AGOA is set to expire in September 2025, and Trump’s actions make its renewal highly unlikely.
Trump has suggested that affected countries relocate production to the U.S., but this is difficult for African nations that mainly export raw materials. The new tariff preference system is expected to consider political and economic factors, making it less predictable and less favourable for African suppliers. On the other hand, this shift could encourage African countries to focus on regional markets and develop industries tailored to their domestic economies.
It could be excellent, from academic perspectives, to evaluate and assess the impact of AGOA in relation to Africa?
For Africa, the African Growth and Opportunity Act (AGOA) meant establishment of several mainly export-oriented industries, like textile or car manufacturing. For instance, almost 2/3 of cars manufactured in RSA are being exported to US and Europe, with only 1/3 being sold on the local market and tiny part exported to other African countries (20k out of 600k prod).
They created employment opportunities for locals but never contributed to local markets and industries development, technology and knowledge sharing. Collapse of AGOA would mean additional opportunities for African industries and producers to target local and regional markets and develop industrialization strategies considering their national interests first (like Trump does).
Assessing the reactions over the tariffs world-wide, and talking about the future U.S.-Africa trade, and the African Continental Free Trade Area (AfCFTA), what next for Africa?
The African Continental Free Trade Area (AfCFTA) gives Africa a chance to embark on the hard and long journey of developing intraregional trade. Still this emerging market could be easily used by non-African suppliers as a tool to expand their presence, given that without protection nascent African industries are hardly able to compete in price and from time to time in quality. Especially now, when we are clearly seeing that the US are more interested in selling then buying. So any external aid and knowledge sharing assistance in this sphere should be received with caution.
World
Trump’s Tariffs Will Affect Global Trade—Okonjo-Iweala

By Adedapo Adesanya
The Director-General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala, has said the recent tariffs announced by the United States would have substantial implications for global trade and economic growth prospects.
Mrs Okonjo-Iweala said this in a statement in reaction to recent tariffs imposed on goods from other countries by US President Donald Trump.
The WTO DG added that the organisation was closely monitoring and analysing the measures announced by the United States on April 2, 2025.
She noted that many members have reached out to the WTO and the organization is actively engaging with them in response to their questions about the potential impact on their economies and the global trading system.
“While the situation is rapidly evolving, our initial estimates suggest that these measures, coupled with those introduced since the beginning of the year, could lead to an overall contraction of around 1 per cent in global merchandise trade volumes this year, representing a downward revision of nearly four percentage points from previous projections.
“I’m deeply concerned about this decline and the potential for escalation into a tariff war with a cycle of retaliatory measures that lead to further declines in trade,” the WTO DG stated.
She, however, noted that despite the emerging tariffs war, the vast majority of global trade is still being conducted under the WTO’s Most-Favored-Nation (MFN) terms.
“Our estimates now indicate that this share currently stands at 74 per cent, down from around 80% at the beginning of the year. WTO members must stand together to safeguard these gains,” the former Nigeria’s Finance Minister said.
Nevertheless, Mrs Okonja- Iweala urged caution while advising members to utilise the platform of WTO to prevent the tariff war from escalating.
“Trade measures of this magnitude have the potential to create significant trade diversion effects. I call on Members to manage the resulting pressures responsibly to prevent trade tensions from proliferating.
“The WTO was established to serve precisely in moments like this — as a platform for dialogue, to prevent trade conflicts from escalating, and to support an open and predictable trading environment. I encourage Members to utilize this forum to engage constructively and seek cooperative solutions,” she remarked.
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