Metro

AU Chairperson equates Africa to ‘collateral victim’ of Ukraine war

Published

2 years ago

May 25, 2022

Chairperson of the African Union Commission, Moussa Faki Mahamat, has described the continent as the “collateral victim” of the ongoing Russia-Ukraine war.

Mahamat who disclosed in a message on Wednesday as the AU marks African Day, said the situation has further dented the continent’s ability to fulfil its “enormous promise and potential.”

The African Day is celebrated every year on May 25, which is the anniversary of the founding of the Organisation of African Unity (OAU) on May 25, 1963, which later metamorphosed into the African Union in July 2002.

In the message as the AU begins a three-day summit in Equatorial Guinea, Mahamat said as a result of the Russian-Ukraine war, Africa has been thrown into an economic crisis as many countries in the continent depended heavily on Russia and Ukraine who both produce approximately a third of global wheat and barley, and two-thirds of the world’s exports of sunflower oil used for cooking.

Mahamat added that the conflict has damaged Ukraine’s maritime and agricultural infrastructure, and that could limit its agricultural production for years which would continue to have a telling effect on Africa.

“By profoundly upsetting the fragile global geopolitical and geostrategic balance, it has also cast a harsh light on the structural fragility of our economies.

“The war in Ukraine is creating a perfect storm for developing countries, especially in Africa.

“This crisis is resulting in soaring costs for food, energy and fertilizer with devastating consequences on nutrition and food systems, while making it even more difficult for the continent to mobilize the financial resources needed to invest in its people.

“The most emblematic sign of these fragilities is the food crisis following the climatic disorders, the health crisis of COVID-19, amplified today by the conflict in Ukraine.

“This crisis is characterised by a shrinking world supply of agricultural products and a soaring inflation of food prices.

“And now, the continent has been hit hard by rising food costs caused partly by disruptions linked to the war,” the AU chair said.

Related Topics:Africa African Union Featured Russian-Ukraine War

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Metro

World Bank pledges $3b to support Zambia’s development goals

Published

16 hours ago

November 14, 2024

Isaac Dachen

The World Bank Group has pledged to avail Zambia with approximately $3 billion to support the country’s development goals under the new Country Partnership Framework (CPF) for 2025-2029, with nearly half of the funds already disbursed.

World Bank Country Manager, Achim Fock, who made this known at the CPF launch at the Mulungushi Conference Centre in Lusaka on Wednesday, outlined the global lender’s focus areas, which included enhancing jobs, human capital, and climate resilience.

Fock highlighted that $200 million had been approved to strengthen Zambia’s social protection programs, including the Refugee and Host Community Project.

He also expressed optimism for upcoming approvals, including the Climate and Economic Resilience Financing and the Zambia-Tanzania Interconnector.

Zambia’s Finance and National Planning Minister, Situmbeko Musokotwane, who also spoke at the event, noted that 2.3 million Zambian households have so far benefited from social protection interventions such as the Cash for Work Programme, emphasizing the government’s commitment to safeguarding lives amid crises like the recent drought.

Musokotwane further reiterated the government’s commitment to protecting lives during times of crises such as the recent drought.

“More than two thirds of the Zambian population was affected by the drought. It was the government’s view that the first priority was to save lives,” Musokotwane stated.

Metro

Chinese mining giant CNMC set for $1.6 billion investment in Zambia

Published

2 days ago

November 13, 2024

Isaac Dachen

A Chinese mining giant, China Nonferrous Metal Mining Company (CNMC), has announced the investment of over $1.6 billion in Zambia, following successful discussions with President Hakainde Hichilema at the State House on Tuesday.

CNMC Chairman and Chief Executive Officer, Wen Gang, who held the discussions with Hichilema along with the Chinese Ambassador to Zambia, Han Jing, confirmed the company’s commitment to furthering Zambia’s economic development.

“We are actively investing in critical sectors of Zambia’s economy,” Gang said after the meeting.

He noted that CNMC was currently pumping water from Shaft 28 at Luanshya Copper Mine, where 29.9 million cubic liters have been cleared as part of intensified dewatering efforts, adding that the company plans to inject an additional $200 million to develop a greenfield mine on the Copperbelt.

President Hichilema who welcomed CNMC’s commitment, highlighted the potential economic impact of the firm’s investment which will include job opportunities for Zambians.

“This $1.6billion investment, alongside advanced technology and expansion, will extend operations and create more jobs and opportunities for Zambians, especially in mining contracting and supply,” the President said.

He also expressed gratitude to Chinese President Xi Jinping and the Chinese government for their shared commitment to fostering growth and cooperation between the two countries.