World
Russia and Zimbabwe Relations Remain Work-in-Progress—Sango
By Kestér Kenn Klomegâh
Zimbabwe is a landlocked country located in Southeast Africa and shares borders with South Africa, Botswana, Zambia and Mozambique. It is very rich in mineral resources and is the largest trading partner of South Africa on the continent of Africa.
Russia maintains very friendly relations with Zimbabwe, thanks to ties which evolved during the struggle for independence. Since then, Russia has had a very strong mutual sympathy with and friendly feelings toward the southern African people, government and the country.
Brigadier General Nicholas Mike Sango, Zimbabwean ambassador to the Russian Federation, has held his position since July 2015. He previously held various high-level posts such as military adviser in Zimbabwe’s Permanent Mission to the United Nations and as an international instructor in the Southern African Development Community (SADC).
As Brigadier General Nicholas Sango prepares to leave his post in August, our media executive, Kestér Kenn Klomegâh, conducted this exclusive interview with him to assess and gauge the current climate of relations between Russia and Zimbabwe specifically and Africa generally. The following are excerpts (summarized text) from the long-ranging interview.
As you are about to leave, what would you say generally and concisely about Russia’s policy towards Africa?
Russia’s policy towards Africa has over the last few years evolved in a positive way. The watershed Russia-Africa Summit of 2019 reset Russia’s Soviet-era relations with Africa. Africa fully understands that the transition from the Soviet Union to the present-day Russian Federation was a process and that today Russia is now in a position to influence events on a global scale.
Even that being the case, her institutions and organs, be they political or economic are equally in a transitional mode as they adapt to the Federal policy posture and the emerging realities of the present geo-political environment. Africa in return has responded overwhelmingly to the call by its presence in its fullness at the 2019 Sochi Summit.
Do you feel there are still a number of important tasks which you have not fulfilled or accomplished as Zimbabwean Ambassador to the Russian Federation?
Zimbabwe government’s engagement with the Russian Federation is historically rooted in the new state’s contribution toward Zimbabwe attaining her freedom and nationhood in 1980. This is the foundation of the two countries relations and has a bearing on the two countries’ interactions and cooperation. Relations between the two countries have remained steadfast with collaborations at political and economic spares hallmarked by Russia’s involvement as early as 2014 in the commissioning of the Darwendale Platinum Project followed by ALROSA, the diamond giant setting its footprints on the territory of Zimbabwe.
The President of the Republic of Zimbabwe visited Moscow in 2019. Since then, there have been reciprocal visits by ministers and parliamentarians. In early June 2022, the Chairperson of the Federation Council visited Zimbabwe.
Zimbabwe’s military has participated in Army Games over the years and will do in the 2022 ARMY GAMES. Further to these mentioned above, Russia has continued to support human resource development through its government scholarship programmes as well as training other arms of government. Zimbabwe recently hosted the Russia-Zimbabwe Intergovernmental Commission where new cooperative milestones were signed.
Zimbabwe’s foreign policy is anchored on engagement and re-engagement. As Ambassador to Russian Federation, my focus as per the direction of the Zimbabwean President was to promote business-to-business engagement and attract Russian investment in Zimbabwe. While the Darwendale Platinum Project and ALROSA’s entry into the Zimbabwe market, we have not seen other big businesses following the two.
The volume of trade between Zimbabwe and Russia could be better. Perhaps, as an Embassy, we have not made a strong case for importers to look in Zimbabwe’s direction. Or, our own trade and investment institutions have not fully appreciated the potential of the Russian market.
The concern by Russian importers regarding the logistical cost of bringing goods from landlocked countries in the far southern hemisphere is appreciated. This, however, would not inhibit the importation of non-perishable products.
As mentioned earlier on, businesses are still in transitional mode and it is the hope that the emerging world order will in time persuade businesses to look at Africa through the lenses to see the vast opportunities and benefits beckoning.
On the other hand, having established the Russian-Zimbabwe Business Council, it was hoped that businesses of the two countries could speak to each other, and appreciate the strengths and weaknesses as well as opportunities open. Although the benefits are yet to be seen, this remains a work-in-progress.
Has the experience, including all your interactions, changed your initial thoughts when you first arrived at this ambassadorial post in 2015?
Interestingly, my views and perceptions about Russia before and during my stay in the beautiful country have always been grounded in the history and our nation’s journey to nationhood, independence and sovereignty. As a product of the revolutionary struggle and from my government’s direction and policy, Russia was and will always be an ally regardless of the changing temperatures and geo-political environment.
What would you frankly say about Russia’s policy pitfalls in Africa? And what would you suggest especially about steps to take in regaining part of the Soviet-era level of engagement (this time without ideological considerations) with Africa?
There are several issues that could strengthen the relationship. One important direction is economic cooperation. African diplomats have consistently been persuading Russia’s businesses to take advantage of the Africa Continental Free Trade Area (ACFTA) as an opportunity for Russian businesses to establish footprints on the continent. This view has not found favour with them and, it is hoped over time it will.
Russia’s policy on Africa has been clearly pronounced and is consistent with Africa’s position. Challenges arise from the implementation of that forward-looking policy as summarized:
– The government has not pronounced incentives for businesses to set sights and venture into Africa. Russian businesses, in general, view Africa as too risky for their investment. They need a prompt from the government.
– Soviet Union’s African legacy was assisting colonized countries to attain independence. Russia as a country needs to set footprints on the continent by exporting its competitive advantages in engineering and technological advancement to bridge the gap that is retarding Africa’s industrialization and development.
– There are too many initiatives by too many quasi-state institutions promoting economic cooperation with Africa saying the same things in different ways but doing nothing tangible. “Too many cooks spoil the booth.”
– In discussing cooperative mechanisms, it is important to understand what Africa’s needs and its desired destination is. In fact, the Africa Agenda 2063 is Africa’s roadmap. As such the economic cooperation agenda and initiatives must of necessity speak to and focus on the parameters of the AU Agenda 2063.
And finally about the emerging new world order as propagated by China and Russia?
Africa in general refused to condemn Russia for her “special military operation” in Ukraine at the United Nations General Assembly and that shook the Western Powers. The reason is very simple. Speaking as a Zimbabwean, our nation has been bullied and subjected to unilateral coercive measures that have been visited upon us and other poor countries without recourse to the international systems governing good order, human rights and due process. There is one more historical fact – Africa is no longer a colony, of any nation and refuses to be viewed as a secondary state. It is for the above reasons that Africa welcomes multilateralism and the demise of hegemonism perpetuated by so-called “big brothers” – be it social, cultural, ideological or economic. Africa rejects this western perception of Africa.
World
AXIAN Energy Secures $60m for Expansion Across Africa
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.
World
S&P Restores Afreximbank to Investment-Grade Status After 12 Years
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.
World
Elon Musk Becomes World’s First Trillionaire as SpaceX Soars in Nasdaq Debut
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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