World
Understanding BRICS, WHO and COVID-19
By Kester Kenn Klomegah
The World Health Organization (WHO), establish to tackle global health problems, is mobilizing for additional funds to overcome coronavirus which it declared pandemic late January 2020.
The coronavirus pandemic has, undoubtedly, changed the ways of life, impacted on the capacities of health infrastructure and has disrupted the economic supply value chain with attendant negative impact on global economies. As the world grapples with the challenges of the coronavirus, there is a need for solidarity, unity of purpose and better coordination to overcome this common enemy.
In order to find long-term and sustainable solutions to the pandemic, WHO has been collaborating with the United Nations, the International Monetary Fund and the World Bank, and regional organizations such as African Union, G20 and BRICS. Besides, there is a strong cooperation in the format Russia-India-China (RIC). It is also making ways through bilateral and multilateral mechanisms.
Foreign countries are contributors to the functioning of World Health Organization. For example, U.S. is the single largest funder of the organization, providing more than $400 million each year – about 15% of its total budget. WHO has come under criticisms. Many countries especially the United States and Britain, believe that WHO’s reluctance to confront China over its handling of the coronavirus outbreak is the reason it has now become a pandemic.
As the world leaders pledged to accelerate work on tests, drugs and vaccines against COVID-19 and to share them around the globe, the United States stayed away from an initiative launched on April 24 by the World Health Organization.
According to Reuters report, French President Emmanuel Macron, German Chancellor Angela Merkel and South African President Cyril Ramaphosa were among those who joined a video conference to launch what the WHO billed as a “landmark collaboration” to fight the pandemic. Leaders from Asia, the Middle East and the Americas also joined the videoconference, but several big countries did not participate, including China, India and Russia.
The aim is to speed development of safe and effective drugs, tests and vaccines to prevent, diagnose and treat COVID-19, the lung disease caused be the novel coronavirus – and ensure equal access to treatments for both rich and poor. “We are facing a common threat which we can only defeat with a common approach,” WHO Director General, Tedros Adhanom Ghebreyesus, said as he opened the virtual meeting.
South African leader Cyril Ramaphosa is the chair of the African Union. Currently, Russia holds the rotating chair of BRICS. BRICS is also coordinating efforts of its members to help in finding solution to COVID-19. Russia, India and China are in very strong positions in the group or association. China and India have huge population. Despite its vast territory, Russia’s population is slightly higher than Japan in the Pacific Ocean.
China, a leading global player and business footprint, said it would donate a further $30 million to the World Health Organization, which is seeking more than $1 billion to fund its battle against the coronavirus pandemic that has killed more than 180,000 people worldwide. “At this crucial moment, supporting WHO is supporting multilateralism and global solidarity,” Hua Chunying, spokeswoman of China’s Foreign Ministry, said on Twitter.
The donation aimed to support the global fight against COVID-19, in particular strengthening health systems in developing countries, she said, adding that China had already donated $20 million to the WHO on March 11.
According to an executive decree posted to Kremlin’s website, Russia will contribute $1 million to the World Health Organization (WHO) to fight the coronavirus. “Allocate budget funding of $1 million from the federal budget for one-time voluntary contribution to the World Health Organization for coronavirus infection fight measures implementation,” the document reads.
The same decree earmarks about $804,795 to fund expenses of the Vector Institute and the Central Research Institute of Epidemiology, “connected to production and shipment of tools for laboratory diagnosis of the novel coronavirus infection, and material and technical support to countries of Eastern Europe, Trans-Caucasus, Central and Southeast Asia, the Middle East, Africa and South America.”
As stipulated by the guidelines, Russia assumed the rotating presidency of the BRICS (Brazil, Russia, India, China and South Africa) regional association since January, 2020. BRICS has established as a multilateral structure, and as reliable association pushing for fair, democratic and multipolar world order.
Russia continues to expand strategic partnership of the organization, working on strengthening foreign policy coordination on various multilateral platforms. Russian Foreign Minister Sergey Lavrov heads the foreign ministers of the BRICS association of countries. On April 28, this group plans to hold an extraordinary videoconference to exchange opinions on possible joint measures to oppose the coronavirus pandemic.
“At Russia’s initiative, the foreign policy chiefs of the BRICS countries will hold an extraordinary conference in a video format under Russian Foreign Minister Sergey Lavrov’s chairmanship on April 28,” the Foreign Ministry said in a statement.
The foreign ministers will “focus on aspects of the influence of the crisis prompted by the outbreak of the coronavirus infection on international relations. The ministers will exchange opinions on possible joint measures the five countries could take to oppose Covid-19 and address the financial, trade-economic, and social consequences of the pandemic,” the statement said.
“The parties will also consider relevant aspects of the development of a five-sided strategic partnership, including a calendar of events during Russia’s presidency of the BRICS this year,” it said.
Russian Deputy Foreign Minister Sergey Ryabkov said during an online launch of the Moscow-based Higher School of Economics’ report on Russia’s foreign policy, “Our organization keeps an eye on the fight against COVID-19. Russia considers various aspects of the issue during its chairmanship of BRICS. Health experts maintain contacts. We will also consider various political aspects of the situation within BRICS.”
The Russian diplomat added that BRICS was an appropriate platform for such cooperation, “given the scientific capabilities of its members, particularly in the fields of healthcare and pharmaceutical industry.” “Each of the countries is making its own contribution to these efforts. We will bring it all together during our chairmanship so that at the end of the year we can say that BRICS has made another step forward,” Ryabkov emphasized.
On April 23, TASS report said that BRICS member states could increase their funding of the World Health Organization and expand medical cooperation with other states due to the US decision to withdraw its contributions to the organization.
“A few days ago, the US announced that it would withdraw or suspend funding of the World Health Organization. BRICS states could make a statement, in which they would announce their increased contributions to this organization that plays a central role in the global anti-pandemic governance,” according to Dmitry Suslov, deputy head of the Center for Comprehensive European and International Studies of the Higher School of Economics National Research University. “BRICS states could announce further coordination in their approaches to aiding other states, states with weaker healthcare systems than those of BRICS states.”
The expert stressed that the spread of the disease in less developed countries would threaten the security of BRICS member states. Suslov, however, noted that BRICS is interested in strengthening the healthcare system in such states.
Cui Zheng, deputy head of the Research Center for the Economies and Politics of Transitional Countries at Liaoning University, expressed a similar opinion. He noted that China actively helps their partners within BRICS to combat the novel coronavirus pandemic.
“The most important thing for us is international cooperation within BRICS. The member states have clearly stated their solidarity, uniting in the fight against the coronavirus,” the expert stated. “Not only do China and Russia actively help each other, they are supplying materials needed to combat the coronavirus to other states.”
While coronavirus is currently the urgent task, reiterating here that, besides all, the BRICS is interested in increasing financial and economic cooperation among the participating countries, effective industrial interaction and practical cooperation in developing and implementing new joint energy, telecommunications and high-tech projects.
The coronavirus disease appeared first in 2019 in Wuhan city in China. The disease was, first identified in Wuhan and Hubei, both in China early December 2019. The original cause still unknown, it remains a puzzle and an enigma for the world scientific community. Since then, cases of the novel coronavirus – named COVID-19 by the WHO – have spread around the world.
According to the latest statistics, over 2,700,000 people have been infected worldwide and more than 191,000 deaths have been reported. In addition, so far, over 750,000 individuals have recovered from the illness across the globe.
The BRICS member countries (Brazil, Russia, India, China and South Africa) collectively represent about 26% of the world’s geographical area and are home to 3.6 billion people, about 42% of the world’s population and a combined nominal GDP of $16.6 trillion.
Kester Kenn Klomegah writes frequently about Russia, Africa and the BRICS.
World
Abidjan-Lagos Corridor Highway Under Construction
By Kestér Kenn Klomegâh
Never underestimate the power of the Economic Community of West Africa States (ECOWAS), also known as CEDEAO in French and Portuguese, created on 28th May 1975 as a regional political and economic union bringing together fifteen (15) countries of West Africa. Per the date of its establishment, this so-called regional bloc marks its 50th year in 2025, a significant historical celebration.
Considered one of the pillar regional blocs of the continent-wide African Economic Community (AEC), ECOWAS generally has its primary common goal of working consistently towards achieving, what is first referred to, as “collective self-sufficiency” for its member states by creating a single large trade bloc by building a full economic and trading union. Additionally, ECOWAS aims to raise the living standards of an estimated population of over 425 million people and to promote economic development based on the principles of interdependence, solidarity, and cooperation.
Until writing this article, ECOWAS has frequently been discussing and reviewing the Abidjan-Lagos Corridor Highway Development Project, one single regional infrastructure project these several years. It has shown its total commitment to looking for funding while billions have been siphoned by leaders into foreign banks. African leaders are quick negotiating and paying for foreign military weapons but are grossly unsuccessful in soliciting similar assistance from these external partners to invest in infrastructure development such as the Abidjan-Lagos Corridor Highway Development Project.
West African Highway Launched in 2017
The construction of this proposed grandiose West African highway has its chequered history. The proposed project was successfully launched in 2017, and since then it has had a series of high-powered meetings and conferences, technical studies have been conducted, and the construction to its feasibility and practical operationalization. The Abidjan-Lagos highway, the six-lane dual carriage highway, is estimated at $15.1 billion.
On resource mobilization, it was explicitly noted that ECOWAS had adopted a new regulatory framework on the Public Private Partnership (PPP) – an incentive for the entry of the private sector in large investments like the nature of this project. The African Development Bank (AfDB) on behalf of the development partners offered its assurance for unwavering commitment to the realization of the highway.
Akinwunmi Adesina, President of the African Development Bank (AfDB) has several times highlighted the importance of the Abidjan-Lagos highway as an infrastructure project in West Africa that would ease the free movement of people, goods and services, generate social and economic activities, and ultimately promote cross-border trade within the region, its economic viability and enormous potentials especially now that African Union looks to implement the African Continental Free Trade Area (AfCFTA). Noticeably, Africa has long been considered a frontier for manufacturing, technology, for food production. Africa is getting ready for business, it is busily building the world’s largest single market of 1.4 billion people.
Special Meetings and Technical Consultations
Several meetings upon meetings and meetings have been held since the project was proposed in 2017. Since 2017, paid meetings have been held, and experts have been paid. The latest of such a paid meeting was held on November 10-11, 2024. This roundtable was initiated following the instructions given to the ECOWAS Commission. Late September 2024, such a roundtable meeting was held in Abidjan, the capital city of Côte d’Ivoire, under the auspices of the Commission of the Economic Community of West African States (ECOWAS), the African Development Bank (AfDB) and the ECOWAS Bank for Investment and Development (EBID).
The highway corridor is calculated to be approximately 1,080 km long. It will connect some of the largest and most economically dynamic cities Abidjan, Accra, Cotonou, Lomé and Lagos while covering a large proportion of West Africa’s population. It will also link very vibrant seaports in West Africa. In addition, it will serve all the landlocked ECOWAS member-states, for example, Burkina Faso, Mali and Niger in the region. Nearly 40 million people are estimated to be living along the Abidjan-Lagos corridor while 47 million people travel along the axis every year. These are expected to be direct beneficiaries of the development of the project touted to be a real backbone of trade in the region.
According to official documents, this highway project falls in line with the key objectives of the ECOWAS Vision 2050, including (i) facilitating the movement of people and goods, and (ii) accelerating trade and transport, regional and international, improving road infrastructure. It is eventually expected that the transport corridor will be transformed into a development corridor to stimulate investment, sustainable development and poverty reduction within the entire region.
West African Highway and AfCFTA
The focal point of controversy and debate, these several years, are centred on the mechanism of financing, and the state-of-the-art management of this new mega-highway – from planning through practical construction to its final commissioning, ready for cutting-edge usage by the transport industry. The idea of prioritizing highway innovation, signalling a bold leap in West Africa’s transportation infrastructure, is its recognizable potential transformative impact. Simply intended to improve and facilitate the movement of services, goods and people across the region. The Abidjan-Lagos Highway highlights its potential to enhance regional connectivity and drive economic growth, especially with the establishment of the African Continental Free Trade (AfCFTA), the ambitious flagship of the African Union (AU).
According to ECOWAS’ latest document issued after their two-day special meeting held on November 11 in Abidjan, Côte d’Ivoire, “experts have lauded findings of the study which has among others, unveiled a potential $6.8 billion investment prepared and ready to be implemented to unlock economic growth and enhance the viability of the proposed highway.” The overall objective is to identify and unlock the inherent and latent economic potential (short, medium and long-term) and commercial viability of economic and industrial value chain projects. These economic projects, once implemented, will also generate trade volumes and traffic to augment the viability of the highway.
The final draft reports were issued after groups revisited (that was not the first time) several tolled bridges and roads in Abidjan for knowledge and experience sharing strategy envisaged for the Abidjan-Lagos Highway. At the end of the exercise, the study report (re)validated commitment to unlock the inherent and latent economic potential of the highway construction and estimated $6.8 billion in potential investment in the region.
Final Construction Still Out of Sight
For the past few years, significant attention has been drawn by the widely publicized announcement of securing enough funds from African banks and external sources for the construction of this regional highway which could become a cornerstone, and the public narrative of achievement by ECOWAS, which marks its 50th year in 2025. However, transport industry analysts, researchers and experts have already cast serious doubts and skyline scepticism if ECOWAS could live up to this onerous task. Grandiose ceremony-infested ECOWAS future task of achieving its primary target of constructing a ‘speed-highway’ remains an eternal dream. Noticeably, ECOWAS has little to celebrate, except its existence by name, (the golden jubilee) at its 50th year in May 2025. At least, Africans will rather jubilate over the authenticity of reforming and transforming the Economic Community of West African States (ECOWAS).
World
Criticisms Trail $300bn Climate Finance Deal
By Adedapo Adesanya
After many delays and negotiations, richer countries agreed to take the lead on raising at least $300 billion per year by 2035 to support climate adaptation and emissions reduction projects in developing nations.
This came after two exhausting weeks of chaotic bargaining and sleepless nights at the Conference of Parties (COP29) held in Baku, Azerbaijan.
Other donors — including less wealthy countries, development banks, and private investors — were also invited to chip in. The agreement also called on all these parties to work, on a voluntary basis, toward the goal of $1.3 trillion.
The figures are far lower than what many in Baku had hoped for with delegates from countries like India, Kenya, and Vanuatu among others lamenting the agreed amount. Expectations were around $2.3 trillion.
“The amount that is proposed to be mobilised is abysmally poor. It’s a paltry sum,” said Indian delegate Chandni Raina.
“This document is little more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face.”
“The commitments made in Baku — the Dollar amounts pledged and the emissions reductions promised — are not enough. They were never going to be enough,” said Ralph Regenvanu, climate envoy from the island nation Vanuatu. “And even then, based on our experience with such pledges in the past, we know they will not be fulfilled.”
“This COP has been a disaster for the developing world,” said Mohamed Adow, the Kenyan director of Power Shift Africa, a think tank.
“It’s a betrayal of both people and planet, by wealthy countries who claim to take climate change seriously.”
Nations struggled to reconcile long-standing divisions over how much rich nations most accountable for historic climate change should provide to poorer countries least responsible but most impacted by Earth’s rapid warming.
The climate envoy of the European Union, Wopke Hoekstra said COP29 would be remembered as “the start of a new era for climate finance”.
Despite repeating that no deal is better than a bad deal, this did not stand in the way of an agreement, despite it falling well short of what most of these delegates wanted.
The final deal commits developed nations to pay at least $300 billion a year by 2035 to help developed countries green their economies and prepare for worse disasters.
A group of 134 developing countries had pushed for at least $500 billion from rich governments to build resilience against climate change and cut emissions of planet-warming greenhouse gases.
UN climate chief, Mr Simon Stiell acknowledged the deal was imperfect.
“No country got everything they wanted, and we leave Baku with a mountain of work still to do. So this is no time for victory laps,” he said in a statement.
The United States and EU have wanted newly wealthy emerging economies like China — the world’s largest emitter — to chip in.
The final deal encourages developing countries to make contributions on a voluntary basis, reflecting no change for China which already provides climate finance on its own terms.
The deal posits a larger overall target of $1.3 trillion per year to cope with rising temperatures and disasters, but most would come from private sources.
Wealthy countries and small island nations were also concerned by efforts led by Saudi Arabia to water down calls from last year’s summit in Dubai to phase out fossil fuels.
A number of countries also accused Azerbaijan, an authoritarian oil and gas exporter, of lacking the experience and will to meet the moment, as the planet again sets temperature records and faces rising deadly disasters.
The next COP will hold in Brazil in 2025.
World
Yellow Card Gets Crypto Asset Service Provider Licence in South Africa
By Adedapo Adesanya
Stablecoin-based infrastructure provider, Yellow Card, has been issued a Crypto Asset Service Provider (CASP) licence by the Financial Sector Conduct Authority (FSCA) in South Africa.
This is coming after the company announced the closing of its Series C financing valued at $33 million led by Blockchain Capital, with participation from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital in October.
Yellow Card, which launched in South Africa in 2020, has facilitated over $3 billion in transactions in the last several years and now operates in 20 countries across the continent.
Commenting on the FSCA’s decision to issue the licence to Yellow Card Financial South Africa, Mr Chris Maurice, Yellow Card’s co-founder and CEO, said, “The CASP licence underscores Yellow Card’s commitment to its customers in South Africa and regulatory compliance across the continent. This achievement reflects our dedication to providing secure, compliant and transformative solutions for our customers both in South Africa and across Africa.”
With the licensing and funding, the company plans to expand its B2B offerings by enhancing its stablecoin rails, upgrading infrastructure, and advancing its B2B API and Widget.
This will further help to drive stablecoin adoption, which is surging throughout Africa, with sub-Saharan Africa having the highest adoption rate in the world at 9.2 per cent.
In South Africa alone, where the number of total users of crypto assets is estimated to amount to 5.8 million people, stablecoins have experienced growth of 50 per cent month over month since October 2023, displacing bitcoin as the country’s most popular cryptocurrency. Stablecoins are cryptocurrencies pegged against the Dollar.
“As the stablecoin landscape continues to evolve, Yellow Card is committed to leading the charge in making digital assets accessible and secure for businesses across Africa,” Yellow Card said in a statement.
“These efforts will empower businesses with seamless solutions for liquidity management and their general operations,” the firm added.
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