World
Sochi: The Road Ahead for Africa
Kester Kenn Klomegah
Russian Foreign Minister, Sergey Lavrov, has said that Russia would sign bilateral agreements with a number of African countries and issue a joint declaration that would lay down a comprehensive strategic roadmap for future Russia-African relations.
He further reiterated that all these would take place within the framework of the two-day summit under the co-chairmanship of the Presidents of Russia and Egypt, since this year Egypt is heading the African Union.
Over 40 heads of state and government, heads of eight regional and subregional organisations in Africa and the president of the African Export-Import Bank (Afreximbank) have confirmed their participation in the Africa-Russia Summit in Sochi.
“The summit will be preceded by an economic summit, where the heads of state and government, along with corporate leaders from Russia and Africa, will hold discussions. I think this is a very important event, indeed, which will draw a line under our current stage of partnership and outline ways to deepen it across all areas,” Lavrov said, posted to official website.
At a separate meeting organised by the Ministry’s Collegium on the preparations for the Russia-Africa summit, it was acknowledged that the decision to hold the summit shows that Russian-African relations have advanced to a fundamentally new level and a wider dimension.
Those attending the meeting held detailed discussions on the need to coordinate the efforts of ministries and agencies to choose the topics for discussion at the summit, as well as its organisational support, official ceremonies and logistics.
The Collegium members noted that the interaction between Russia and African countries was based on solid historical traditions of friendship and solidarity with the struggle of the continent’s nations for decolonisation, freedom and independence, as well as support to the creation of national economies.
It was further pointed out that over the past few years considerable progress was achieved in strengthening practical cooperation with the majority of African countries in trade, the economy, investment, military technology, culture and humanitarian efforts, as well as student exchanges.
Of great importance is the development of cooperation with African countries and organisations within the framework of the United Nations and other multilateral institutions intended to assist the settlement of crises and conflicts on the continent.
The meeting participants were informed about the coordination of the final documents of the Russia-African Summit and about the planned bilateral side events, including the signing of documents on mutually beneficial projects. The results of discussions were formulated in a resolution adopted by the collegium.
Eurasia Review research shows that President Vladimir Putin earlier noted at the VTB Capital’s Russia Calling Forum, an investment held annually by the bank in Moscow, that many countries had been “stepping up their activities on the African continent” but added that “Russia could not cooperate with Africa as it was in the Soviet period, for political reasons.”
In his opinion, cooperation with African countries could be developed on a bilateral basis as well as on a multilateral basis, through the framework of BRICS, for instance. Russian President Putin initiated the Russia-Africa Summit last year during the BRICS summit in Johannesburg, South Africa.
Report by Kester Kenn Klomegah.
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.
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.
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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