World
Russia, Africa and SPIEF’21: Emerging Challenges and Opportunities
By Kester Kenn Klomegah
The 24th St. Petersburg International Economic Forum (SPIEF’21) held on June 2-5, and under the theme Together Again – Economy of New Reality provided open platforms to exchange the best entrepreneurship practices and key admirable competencies in providing sustainable development.
While the theme reflects the ultimate desire and initiative to review post-pandemic steps in connecting Russia with global businesses, outline strategies for stepping up sustainable economic development, it further offered the chance for putting back or revive inter-personal interaction.
Russian President Vladimir Putin explicitly emphasized that point, addressing the plenary session on June 4, “We are pleased that it is Russia that is hosting the first global business event after a long forced break where members of the global business community can communicate with each other not only using advance telecommunication technologies but in-person as well.”
In his address to forum participants, who came mostly from Europe, Asia and Africa, Putin talked about some economic achievements and tasks facing Russia. He further spoke about the importance of national projects as drivers of economic growth, the vaccines and foreign tourism, as well as the readiness to forge closer and long-term economic, scientific, and technical cooperation with its foreign partners and share experience in various significant economic areas.
Putin was joined via video link by Austrian Chancellor Sebastian Kurz and Sheikh Tamim bin Hamad Al-Thani, the emir of Qatar, to address the gathering. According to forum documents, about 2,000 foreign participating groups came to St. Petersburg. There were delegations from Germany, France and Italy, and from Asia such as Qatar, Japan and China.
Qatar mounted the biggest cultural and arts stand. On the territory, the Doha Hall was a space where the heads of ministries and departments, heads of key companies of the country, representatives of public organizations discussed the strengthening of economic and political relations between states, business and cultural ties, cooperation in the field of ecology and nature protection, sports and innovation, health care and information technology.
There were business dialogues between Russia and a number of foreign countries, for example, Russia-Africa. The Russia-Africa Business Dialogue session, moderated by Professor Irina Abramova, Director of the Institute of African Studies under the Russian Academy of Sciences, featured Mikhail Bogdanov, Deputy Minister of Foreign Affairs of the Russian Federation; Special Presidential Representative for the Middle East and Africa.
The Guest Speaker – Eduard Ngirente, Prime Minister of the Republic of Rwanda; Rania Almashat, Minister of International Cooperation of Egypt; Alexander Saltanov, Chairman of the Association for Economic Cooperation with African States (AECAS); and heads of major Russian and African companies – Transmashholding, Uralchem, Russian Railways, the UN Least Developed Countries Technology Bank, Afreximbank and others took part in the discussion.
The Russia-Africa Business Dialogue session was part of the brainstorming session in preparation for the forthcoming second Russia-Africa summit planned for 2022 in Addis Ababa, Ethiopia. Speakers at the session set the stage and attempted to provide answers to a few questions: What agenda will Russia and Africa follow at the 2022 summit? What business strategy will serve both Russian and African interests? What Russian investment projects had already been implemented on the African continent? Are there new mechanisms and instruments for the Russia-Africa partnership being developed?
“Africa is first and foremost about people. What kind of water they will drink, what they will eat, how they will develop, what kind of education they will have. Our knowledge is our capital and our competitive advantage,” Professor Irina Abramova, Director of the Institute for African Studies under the Russian Academy of Sciences, remarked while moderating the session.
As previously and oftentimes, Abramova has explained that cooperation between Russia and Africa must be of a targeted nature, that is, there needs to be a gradual transition to individual concrete work with the specific countries. This will serve as proof of Russia’s deep and systematic approach to its policy for enhancing relations with Africa.
She has also proposed that, in addition to the framework for Russian policy in Africa and Russia’s renewed strategy for foreign economic activity, the Russian Federation develops an implementable trade and investment strategy for Africa, move forward in practical terms in identifying partner countries and in setting concrete objectives.
During his address at the opening, Rwandan Prime Minister Edouard Ngirente has called upon Russians to consider increasing investment in Africa. That Africa has great opportunities that investors from Russia can take advantage of, among these, are the continent’s young population and workforce, the fast rate at which urbanization is taking place, and the huge potential that has been demonstrated in technological progress in areas like telecommunications and digitization of the society.
“Therefore, advancing our common prosperity agenda would imply translating the existing business opportunities into reality. And this calls for important flows of investments in priority areas,” he said. In addition, pointed at the African Continental Free Trade Area (AfCFTA) and regional integrations of economic communities as another priority to advance quickly Africa’s growth agenda and position the continent as an investment destination.
“This could be an opportunity for Russian businesses to invest in infrastructures such as roads, railways, ports, hydropower plants, and internet connectivity that facilitate trade on the continent of 1.3 billion consumers. The investment required is estimated at US$130 billion to US$170 billion per year,” he said.
He also highlighted the need for Africa to build its own capacity, working together with partners including Russia, to undertake scientific research to manufacture vaccines for various diseases, including Covid-19.
Mikhail Bogdanov, Deputy Minister of Foreign Affairs of the Russian Federation and Special Presidential Representative for the Middle East and Africa noted that Russian-African cooperation is gaining new momentum ahead of the second Russia-Africa summit in 2022, and recalled the need to create mechanisms to support Russian business in Africa, citing Russian President Vladimir Putin’s message to African leaders on the occasion of Africa Day on 25 May.
“Today, we have reached a point where there is a need to intensify our cooperation by creating new fundamental mechanisms to support Russian business in Africa through so-called economic diplomacy, which consists of close cooperation between the Russian Foreign Ministry and line ministries and organizations,” he said.
Bogdanov informed that the Secretariat of Russia-Africa Partnership Forum, created in 2020 on the instruction of the Russian president, has become the main body to organize the upcoming Russia-Africa summit, develop and intensify friendly and effective bilateral business dialogue with African countries.
The Association of Economic Cooperation with African States (AECAS) was also established, headed by Alexander Saltanov, who for many years the Russian Deputy Foreign Minister with responsibility for Africa direction.
Taking his turn at the session, Alexander Saltanov, Chairman of AECAS, remarked that the need for state support for Russian companies is crucial for making a real breakthrough on the African continent, – and in this sense, it is a useful idea to create Direct Investment Fund.
Saltanov further spoke of the need to create representative offices, logistics, and service centres of Russian business in the form of public-private partnerships in several countries or regions of Africa to organize systematic sales of Russian products on the continent.
“We can also use the experience of the Soviet Union to work in Africa – for example, creating a foreign trade company that would coordinate efforts in a particular country or in a particular region of Africa to assemble the products offered by Russian business in the market. One company will probably not be able to cope with this, but when there is some structure working in this direction, it will speed up the process,” he stressed.
Saltanov said that an essential topic on the Russian-African cooperation agenda relates promotion of information. Information exchange in terms of business is also necessary – an agreement was signed during the SPIEF’21 to create a Russia-Africa Common Information Space. A full-scale presentation of this project scheduled for October.
Rapidly growing Africa is a promising market for Russian companies. “We, as Russian Railways, see Africa as our promising market due to the fact that Africa is developing dynamically. Today, this continent and its countries are emerging as leaders, including in terms of social and economic indicators.
We expect Egypt to be the starting point from which we will begin interacting with other countries. We also see some opportunities in Tanzania. And of course, Ghana, Botswana, Morocco are of great interest to our holding company,” stressed Sergey Pavlov, First Deputy Managing Director, Russian Railways.
“Egypt is an African country that is also developing investment programmes. We have important projects with the Russian Federation – the nuclear power plant in El Dabaa, which is a huge investment of US$13 billion. Egypt is a gateway to other African countries. We have done a lot in terms of developing transport partnerships between our neighbours, with our African neighbours. We are developing road projects, we are developing construction projects, we are also developing private companies,” according to Rania Almashat, Minister of International Cooperation of the Arab Republic of Egypt.
Africa’s growing and emerging market need modern technology. “Another interesting area we want to develop in Africa is the digitalization of agriculture, various digital platforms that we are already successfully applying in Russia. Digital itself is useless unless it comes with infrastructure and with applicable things. Thus, digital is simply an accelerator for us,” Dmitry Konyaev, Chairman of the Board of Directors, UralChem.
Konyaev suggested that, given the crucial importance of direct contacts between African heads of state and the Russian leadership, it should be necessary to intensify the work of all bilateral intergovernmental commissions.
“Of course, Africa is no exception in terms of all the global trends that we are seeing around the world today. Mainly, it is a growing population, urbanization, and the development of new technologies. It is the development of transport accessibility for both passengers and freight. It is the construction of port infrastructure. In all of these aspects, Russia certainly has all the necessary technologies and competencies to finally go back to these trade, economic and mainly social relations,” Kirill Lipa, General Director, Transmashholding.
Economic diplomacy, strengthening of intergovernmental commissions and increased number of mutual visits. “After the Sochi summit, all efforts were focused on launching export to Africa. It is not easy, because 30 years after we left the region, we need to enter a competitive environment. This competitive environment has already been integrated into African life, into African legislation, and the conditions that are opening up for Russian business today – they are not quite the same as those for businessmen from France, the European Union, India, or China,” according to Igor Morozov, Member of the Committee for Economy Policy of the Federation Council of the Russian Federation.
As head of the Coordination Committee on Economic Cooperation with Africa (AfroCom) established in 2009, Senator Igor Morozov hopes that the e-rouble will help or encourage Russian banks to enter the African continent after all and do their best to participate in financing Russian-African start-ups, Russian-African trade and, of course, in localizing Russian-African production.
Speakers at the session believe that mutual advancement by both African governments and businesses could drive further cooperation between Russia and Africa. “Investing in the private sector can unlock the full potential of our continent and implement our plans. We are keen to increase our cooperation with Russia for the benefit of the whole continent,” in the objective opinion of Rania Almashat, Minister of International Cooperation of the Arab Republic of Egypt.
“Today, the concession model primarily provides for initial and significant input by the investor. In this situation, I think in order to help Africa develop dynamically and rapidly, these concession models need to be revised, more attention needs to be paid, including to security and guarantees from the government, from the state, so that the investor feels protected,” added Sergey Pavlov, First Deputy Managing Director, Russian Railways.
Over these several years, Russians have been discussing and referring to priority economic areas of cooperation in Africa. Some experts have also been stressing the importance of getting down to implement specific programmes and projects. Have repeatedly spoken about the systemic efforts, with well-developed guidelines, to boost the investment into the continent.
After the first Russia-Africa summit held 2019, expectations are skyline high as it offers the impetus, in the next few years, to substantially increase investment in the economy, industry, transport, telecommunications and tourist infrastructures, as well as in high technology, healthcare, urban development, and other fields that are vital to the quality of life. Africa, with its 1.3 billion population and resources, offers great opportunities for both states, corporate and private initiatives in investment spheres.
Due to the coronavirus pandemic, the forum this year was held, a combination of an offline and online format, with all epidemiological precautions observed. The Saint Petersburg International Economic Forum (SPIEF), often dubbed the Russian Davos, is the country’s main showcase for investors, attracting political and business leaders from around the world. The SPIEF is held annually, and since 2006 it has been held under patronage and with the participation of the President of the Russian Federation.
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.”
World
African Graduates Association Promoting Multifaceted Initiatives With Russian Educational Institutions
By Kestér Kenn Klomegâh
In preparations for the third Russia-Africa Summit, scheduled for late October 2026, Dr Francois Ngan, deputy chairman of the Union of Associations of African Graduates of Soviet and Russian Universities, during an official working visit, has held a consultative meeting with Professor Vladimir Filippov, the President of the Russian University of Peoples’ Friendship (RUDN), and former Minister of Higher Education of Russia, Chairman of the National Commission for Accreditation of Higher Education.
RUDN is an educational institution established in 1960, primarily to provide higher education to Third World students. It has now become a popular multidisciplinary spot for many students, especially from developing countries. The university offers various academic programmes and has research infrastructure that comprises laboratories and interdisciplinary centres. The university is named after the former Congolese leader, Patrice Lumumba.
Dr Francois Ngan and Professor Filippov discussed the importance of the Graduates Association as a continental platform dedicated to strengthening unity, cooperation, and promoting shared progress among African graduates who studied in the former Soviet Union and in the Russian Federation. They also reviewed multifaceted initiatives that could bring together alumni associations from across Africa, whose members obtained education and professional training, and cultural experiences in Soviet and Russian institutions of higher learning.
Professor Filippov expressed optimism in addressing emerging challenges as a result of shifting geopolitical changes, emphasised strategic cooperation in the educational sphere with Africa, in general, and with the Republic of Cameroon, in particular, and further about the integration of African students during their studies in the Russian Federation.
The meeting also touched on academic and scientific work, the possibility of rewriting a scientific thesis, and the official organisation of transferring versions translated into six languages for the library of RUDN. Significant questions relating to Russia’s educational opportunities, collaborations and partnerships involving African countries were thoroughly discussed.
The Union of Associations of African Graduates of Soviet and Russian Universities was created under one continental umbrella to promote friendship, for professional networking, to engage in cultural exchange, and with particular emphasis on forging strategic cooperation between Africa and Russia.
World
Russia to Support Industrial Growth, Technological Advancement and Supply Chain Resilience across Africa
By Kestér Kenn Klomegâh
With the heightening of geopolitical rivalry and competition, a new Russia-Africa working group has emerged as a significant institutional mechanism and plans to focus on facilitating and monitoring strategic investments, industrialisation, and infrastructural development—the Strategic Action Plan 2023-2026—that was outlined during the second Russia-Africa summit, in St.Petersburg, the second largest city in the Russian Federation.
While substantial progress has, largely, lagged on the multidimensional economic front with Africa primarily due to its internal difficulties and the complexity of relations with its former Soviet neighbours, Russian officials believe there still remains huge untapped potential in strengthening bilateral cooperation. As planned, President Vladimir Putin has already signed an executive order that directs Moscow to host the forthcoming third Russia-Africa summit in October 2026.
On June 30, a regular meeting of the Business Council on Africa was held under the chairmanship of the head of the Russian Foreign Ministry. It was dedicated to issues of trade, economic and investment cooperation with Africa. The group discussed the current state and prospects for the implementation of policy initiatives with an emphasis on assisting the countries of the continent, strengthening their economic, energy, technological and food sovereignty, as well as training specialists for Africa.
Foreign Minister Sergey Lavrov has reiterated that Russia-Africa relations primarily depend on an understanding of the importance of collective action based on the principles of equality, mutual respect and resolving common tasks. In the past few years, Russia-Africa cooperation has been noticeably strengthening. “We are deepening political dialogues, developing bilateral contacts with African countries, promoting cordial cooperation between ministries and departments, and expanding humanitarian exchanges. We are also continuing the structural diversification of trade partnerships and economic dimensions.”
“Next on the agenda is the launch of diplomatic missions in The Gambia, Liberia, Togo, and the Union of the Comoros,” Lavrov said at a meeting of the Business Council under the Russian foreign minister. Lavrov noted that Russian embassies began operating in three other African countries in 2025: Niger, Sierra Leone, and South Sudan. A new Department for Partnership with Africa was also established. According to the top diplomat, “expanding Russia’s diplomatic presence on the continent contributes to developing relations.”
There are already 45 Russian embassies operating in Africa. The Russian foreign minister noted that Moscow is quickly rebuilding its presence in African countries, which sharply declined during the collapse of the Soviet Union. “There will be literally four or five countries left where we still need to establish full-fledged embassies, and then, we will have 100 per cent coverage of the entire African continent with our diplomatic presence,” Lavrov emphasised.
After the first summit in October 2019, the Foreign Ministry also created the Secretariat of the Russia-Africa Partnership Forum. Its main tasks include controlling the roadmap to Africa’s multidimensional cooperation and guiding potential Russian investors to the continent. This also underscored the priority and post-Soviet solidarity Russia currently attaches to its policy towards Africa, within the growing framework of the emerging new architecture of multipolarity in the Global South.
In an interview in June 2026, the director of the Department of Partnership with Africa at the Foreign Ministry, Tatyana Dovgalenko, shared a few insights in the lead-up to the third summit. Furthermore, Dovgalenko explained that Russia would move away from security to concentrate more on economic issues, especially to team up with African colleagues to streamline mechanisms for implementing projects that will ensure food security and agriculture, and help Africa in installing processing facilities to support its self-sufficiency. She also emphasised energy and vital infrastructures, and the third direction was to simultaneously work more coherently with sub-regional organisations.
Over the past few years, bilateral relations have been increasing. There are positive dynamics in trade turnover, estimated at $30 billion. Steps are being taken to build payment systems, preferably in national currencies, while Russia looks to open four more diplomatic offices, bringing the total to 48 across Africa. Russia is currently training 37,000 African students, but only approximately 1/3 on state scholarships in Russia’s educational institutions. “We are ready to share valuable experiences of building a sovereign development model with African partners to achieve self-reliant economic growth based on their own resources and capabilities. Russia aims at creating processing capabilities and localising production, and provides access to advanced technological solutions,” underlined Dovgalenko in her interview with New Eastern Outlook.
For African countries that have endured difficult decades on the path to political independence, it is now important to take full control over the untapped resources, direct income and revenue toward stimulating the national economic sector, rather than paying for the well-being of the Western “golden billion” during this changing geopolitical era, according to Dovgalenko.
According to reports, the forthcoming Russia-Africa summit will have an economic agenda, including the digital economy, technology, artificial intelligence, healthcare, investment, and settlements in global trade. Of course, the agenda will also cover Africa’s political aspects. But if African friends bring along any specific ideas, Russia will give them serious attention. In addition, with continuity and consistency, pay increased attention to expanding ties with Africa’s regional integration associations.
Going forward, the focus will be on translating strong trade relations into deeper investment partnerships, fostering technology collaboration, strengthening industrial linkages and contributing towards the shared objectives set by the leadership of both African countries and Russia. At the third summit, the above-mentioned specific initiatives will be further designed. In this regard, the key document, the new action plan for the next three-year period (2027-2029), is intended to reflect dynamic realities in the future relations of Russia and Africa
