Browsing: China

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COP28: Early win with $260 million for climate damages

Countries
  • Around 200 countries have agreed on how to run the Climate Loss and Damage Fund to help vulnerable nations address more extreme weather conditions.
  • Germany and the UAE have pledged $100 million each to the climate damages initiative.
  • The World Bank will host the Climate Loss and Damage Fund on a trial basis. 

Around 200 countries have agreed on how to run the Climate Loss and Damage Fund to help vulnerable nations address more extreme weather conditions. Consequently, rich nations have pledged at least $260 million to kickstart the program, making a breakthrough as global climate deliberations opened in Dubai, the United Arab Emirates (UAE).

Delegates at the COP28 summit on Thursday adopted a framework for the World Bank to host the Loss and Damage Fund following months of negotiations. This year’s host, the UAE, indicated it would contribute $100 million, adding another $100 million from Germany. The United Kingdom …

Russia’s charm-offensive for ties with Africa continues

Countries
  • In recent years, Moscow has focused on building new Russia-Africa ties.
  • Russia is interested in searching for new economic markets and geopolitical influence in Africa.
  • Russia’s trade with African economies stood at only $18 billion in 2022.

In recent years, Moscow has focused on building new Russia-Africa ties. Russia is invigorating alliances developed during the Cold War when the former Soviet Union supported socialist movements across Africa.

Following the Soviet Union’s collapse in 1991, Moscow largely withdrew from the continent. However, since at least 2007, Russia has refocused its involvement and influence in Africa.

Over the years, Russia has contracted with over 30 African countries to provide military equipment and armaments. Businesses, including state-backed commercial interests, have invested significantly in technology security sectors and industries that extract natural resources, including oil, gas, gold, and other minerals.

“Russia is clearly interested, in search of new economic markets and geopolitical influence in …

Kenya’s role in a new African climate change approach

Countries

A considerable gap exists between symbol and substance regarding an African climate change approach. Foreign leaders often nod to how Africa accounts for only four per cent of global emissions but bears the brunt of the devastating climate change effects. Rising temperatures, extreme weather conditions, and ecosystem disruptions threaten millions of Africans’ livelihoods.

For many communities across the continent, the climate threat is already existential. With 18 per cent of the global population, Africa has 16 of the 20 countries most vulnerable to climate change, according to Notre Dame Global Adaptation Initiative.…

All eyes on BRICS Summit as leaders meet in South Africa

Countries
  • Heads of State from China, Brazil, and India, except Russia will attend the 15th BRICS summit in Johannesburg South Africa, starting August 22.
  • President Vladimir Putin will participate in the summit virtually but will be represented in Johannesburg by Foreign Minister Sergei Lavrov.
  • The bloc is also expected to discuss how to boost local currency fundraising and lending within the New Development Bank.

The five nations, Brazil, Russia, India, China and South Africa (BRICS) are now a band of economies showcasing their ambition to maximize their emerging economies potential, across geopolitics axis. In one day time, heads of state from China, Brazil, and India, (except Russia) will attend the 15th BRICS summit in Johannesburg South Africa from August 22-24.

South African President Cyril Ramaphosa, Chinese President Xi Jinping, Brazil’s President Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi are expected to discuss a number of items as …

BRICS Summit 2023: a defining moment in the shifting global economic axis

Business

The BRICS countries bear a profound responsibility amid a shifting global economic axis. They have the extraordinary chance to reshape the world order, bestowing more significant equity and amplified voice upon the realms of the Global South.

A defining moment in the global economic axis awaits as the BRICS Summit 2023 gathers in South Africa. It signals the member countries to seize this opportunity to shape an unprecedented global economic governance system, an inclusive, all-encompassing, and efficient system.…

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Kenya-US relations: President Ruto’s intentions vis-à-vis the ‘Look East Policy’

Countries

President William Ruto's election in August 2022 introduced an element of uncertainty in Kenya's foreign policy landscape. While it is challenging to predict the exact trajectory, his past statements suggest a more pragmatic and balanced approach to international relations. While emphasizing the importance of regional integration and South-South cooperation, President Ruto has also acknowledged the significance of Kenya's longstanding relationship with the United States. This nuanced stance implies that the government might not abandon the Look East Policy entirely but rather recalibrate to strike a more balanced approach between the East and the West.…

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Niger’s deal with China after French Uranium catastrophe

Industry and Trade
  • China signs deal to reopen closed uranium mining site in crisis-hit Niger.
  • Niger further agrees to give Chinese Company an oil pipeline deal.
  • China to build an industrial park for manufacturing, real estate, mining.

China has signed a deal with troubled West African nation of Niger for the reopening of a controversial uranium mining site. Before China, there was France, and now the question is, will Chinese leave Niger in a better condition than the Frenchmen?

China is actually looking to score a broad-based investment deal that will include the construction of an industrial park, and an oil pipeline among other investments. The industrial park is also to be the site for the development of the uranium mine in question or maybe a site for enrichment, the details of the deal are not yet clear.

Niger China uranium mining

Jiang Feng, the Chinese ambassador to Niger, made the revelations recently. …

Under Tshisekedi, DRC evolves into a new hub for investments in Africa

Industry and Trade
  • Since President Félix Tshisekedi took power in January 2019, DRC has been pitching and welcoming international and regional investors in Kinshasa. 
  • President Tshisekedi has struck mining and agriculture investment agreements with Chinese companies.
  • In July, UAE signed a $1.9 billion deal with a state mining firm in the DRC to develop four mines in eastern Congo. South Africa struck electric batteries deal with DRC in July, too.

Across the Democratic Republic of Congo—the second largest country in Africa—the weather is friendly, and the policymakers in Kinshasa have been steadily turning the tide, making DRC a hub for investments.

A stroll down the streets of Kinshasa, a city of over 13 million bustling with activity, heavy clouds are keeping the glare of the tropical sun at bay. The capital’s streets are busy and crowded. The traffic is congested and millions rub shoulders on the sidewalks. To my utter shock, in Kinshasa,…

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The United States’ role in Africa’s economic transformation

Industry and Trade

In recent years, Africa has emerged as a promising destination for global investment, with its vast natural resources, expanding consumer markets, and growing middle class. As the continent’s economies continue to strengthen and diversify, global players increasingly recognise the potential for mutually beneficial partnerships. The United States has significantly contributed to Africa’s economic transformation among these partners.…

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