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Musings From Abroad

African, world leaders congratulate France President Emmanuel Macron on his re-election

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African and several leaders around the world have been sending congratulatory messages to France President Emmanuel Macron, after his re-election victory where he defeated his of opponent and far-right leader, Marine Le Pen, in runoff elections Sunday.

The African leaders including Rwandan President, Paul Kagame, Senegal’s Macky Sall, Ethiopian Prime Minister Abiy Ahmed and Gabon President Ali Bongo Ondimba, were the early birds to congratulate Macron on the election win.

While Sall who is the current African Union (AU) Chairman, on behalf of the Union, sent his best wishes to Macron’s on the win which made him the first French President to win a re-election since 2002.

On his part, Ethiopia’s Ahmed said he looked forward to working with Mr Macron to strengthen ties between the two countries, while Kagame hailed Macron’s leadership that “seeks to unite and not divide.”

Ondimba whose country is a former French colony, hailed Macron’s “brilliant re-election,” saying the two two countries “more than a shared past, as our two countries have a future to build,” he said in online comments.

Some world leaders were also not left out of the accolades on Macron’s victory with the likes of US President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Boris Johnson, embattled Ukraine President Volodymyr Zelensky, Australian Prime Minister Scott Morrison, and a host of others congratulating Macron.

Here are some of their reactions:

Joe Biden: “France is our oldest ally and a key partner in addressing global challenges. I look forward to our continued close cooperation including on supporting Ukraine, defending democracy, and countering climate change.”

Germany Chancellor Olaf Scholz: “French voters have sent a strong vote of confidence in Europe today. I am happy that we will continue our good cooperation.”

Boris Johnson: “I congratulate France President Emmanuel Macron on his victory. France is one of our closest and most important allies,” Johnson wrote in a tweet, adding that he looked forward “to continuing to work together on the issues which matter most to our two countries and to the world”.

Volodymyr Zelensky: “I wish him further success for the sake of the (French) people. I appreciate his support and I am convinced that we are moving together towards new common victories,” he wrote on Twitter in both Ukrainian and French.

Australian Prime Minister Scott Morrison said Macron’s victory was a “great expression of liberal democracy in action in uncertain times”.

“We wish you and France every success, in particular your leadership in Europe and as an important partner to Australia in the Indo-Pacific,” he tweeted.

Canadian Prime Minister Justin Trudeau: “I am looking forward to continuing our work together on the issues that matter most to people in Canada and France, from defending democracy, to fighting climate change, to creating good jobs and economic growth for the middle class”.

Indian Prime Minister Narendra Modi congratulated his “friend” on being re-elected.

“I look forward to continue working together to deepen the India-France Strategic Partnership,” Modi wrote.

Italian Prime Minister Mario Draghi described Macron’s victory as “great news for all of Europe”.

Spanish PM Pedro Sanchez: “The citizens have chosen a France committed to a free, strong and fair EU. Democracy wins. Europe wins. Congratulations Emmanuel Macron.”

Belgium Prime Minister Alexander De Croo said French voters had made a “strong choice”, opting for “certainty and Enlightenment values”.

Ireland Prime Minister Micheal Martin hailed Macron’s “principled and dynamic leadership” as “important not only for France, but for Europe”.

Swedish Prime Minister Magdalena Andersson also sent her “warmest congratulations”, adding,”Let’s continue our close cooperation – bilaterally and for a competitive, green and resilient European Union,” she tweeted.

Musings From Abroad

UAE’s IRH to consider stake in Zambia’s Lubambe copper mine

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A division of the International Holding Company of Abu Dhabi, International Resources Holding (IRH), has announced that it plans to submit a proposal for a share in Zambia’s Lubambe Copper Mine.

 

The deal has opened up more potential to profit from Africa’s second-largest copper producer, according to IRH, which just acquired a 51% stake in Mopani Copper Mines in Zambia.

 

 

Even after Chinese firm JCHX Mining agreed to buy the stake, it was reported on March 22 quoting sources, indicating that IRH, a division of the most valuable company in Abu Dhabi, is interested in purchasing an 80% stake in Lubambe held by EMR Capital.

 

 

“IRH’s commitment (at Mopani), has opened doors for additional investment opportunities in Zambia, including an intention to bid for a stake in the Lubambe Copper Mine,” the company said.

 

Due to the company’s interest in Lubambe, which may be among Zambia’s biggest copper mines, a bidding battle between Shanghai-listed JCHX, a mine maintenance and contracting company, and itself may result.

 

Wealthy oil companies from Saudi Arabia and the United Arab Emirates have recently begun to follow China’s lead and engage in African businesses to acquire resources to diversify their economies and capitalize on the move to electric vehicles (EVs). In addition to making bids for mining projects, IRH stated that it was actively investigating a range of investment prospects.

 

“In the forthcoming years, our goal is to seek diversification opportunities beyond copper… (with) targeted investments in other pivotal energy transition minerals, such as cobalt, nickel, rare earth elements, manganese, graphite, and the 3T minerals – tin, tungsten, and tantalum,” it said.

 

The Zambian government currently plans to increase copper production from approximately 850,000 metric tonnes to 3 million metric tonnes annually by 2032.

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Musings From Abroad

China, Zambia’s major creditor, cooperating on debt rework— Official

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A spokesperson of Zambia’s foreign ministry has stated that one of its major creditors, China, has remained supportive of Zambia’s debt restructuring.

The diplomat did not, however, disclose whether China approved of a planned agreement the country in southern Africa made with foreign bondholders.

On Monday, Zambia and the bondholder group announced that they had come to a fresh understanding to restructure $3 billion in foreign notes. The proposal was given the go-ahead by Zambia’s formal creditors, the largest of which is China.

On Monday, Zambia announced that it has reached a deal with a group of private creditors on the restructuring of $3 billion of its foreign notes, which is a noteworthy achievement that brings the country closer to ending its lengthy debt restructuring.

Being the first nation in Africa to miss payments on its foreign debt during the Covid-19 outbreak, they have expressed a strong desire for the debt to be restructured. Unfortunately, the protracted delays in the process have strained the local financial systems, impeded desperately needed investments, and delayed economic progress.

Zambia defaulted more than three years ago and its debt rework process has hit many obstacles, including in November when the official creditors rejected a previous bond deal because it did not offer comparable debt relief to theirs.

“China, as co-chair of the Zambian Debt Committee, has made concerted efforts with all parties concerned to promote significant progress in the disposal of Zambia’s debt,” Lin Jian, a spokesperson for China’s Ministry of Foreign Affairs, said in a regular press conference.

“China will also continue to coordinate and cooperate with all parties concerned to steadily advance the work related to Zambia’s debt disposal,” he said when asked for China’s response to the latest bondholder deal.

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