Musings From Abroad

Brazil’s Lula da Silva wants more members for BRICS

Published

1 year ago

August 3, 2023

Brazilian President, Luiz Inácio Lula da Silva has expressed support for the inclusion of more countries in the BRICS group which currently consists of Brazil, Russia, India, China, and South Africa.

Lula’s remarks came after it was reported that Brazil had objected to the joining of more countries because some Brazilian diplomats were worried that doing so may reduce the influence of current members.

“We are going to discuss the entry of new countries (to Brazil, Russia, India, China, and South Africa bloc), and I am of the opinion that as many countries want to enter if they are in compliance with the rules we are establishing, we will accept the countries’ entrance,” explained President Lula.

Lula also praised the potential of the BRICS bank, better known as the New Development Bank, which is now sponsoring infrastructure projects in Brazil.

“I think the BRICS bank needs to be more effective and more generous than the IMF. That is, the bank is there to help save countries and not to help sink countries, which the IMF often does,” he added.

Lula’s position might influence Africa’s involvement with BRICS as the South American leader has a rich history of relations with Africa, having been president for two terms before his current term which began in January.

A few African countries have indicated an interest in joining BRICS. Last month, Algerian President, Abdelmadjid Tebboune was reported to be keen on his country becoming a shareholder member of the BRICS Bank with an investment of $1.5 billion.

The spokesperson of Ethiopia’s Foreign Ministry, Meles Alem in June also told journalists that Ethiopia “has applied for membership and we expect BRICS to give us a positive response to the request we have made”

Both Egypt and Algeria had previously expressed a desire to join the group. Bangladesh, Argentina, Iran, Indonesia, Saudi Arabia, and Turkey have all indicated a desire to join the alliance in addition to Africa.

South Africa, the only African state in the group, will host the 15th BRICS Summit at the Sandton Convention Centre in Sandton, Johannesburg, from 22 to 24 August 2023.

Related Topics:Brazil BRICS Featured President Lula

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Musings From Abroad

Swiss company Mercuria partners Zambia’s IDC in new metals trading firm

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

According to a statement released by Swiss commodities trader, Mercuria, on Thursday, it has established a metals trading arm with Zambia, the second-largest producer of copper in Africa.

The trading unit is jointly owned by Mercuria and an arm of Zambia’s Industrial Development Company (IDC), and its purpose is to allow Zambia to engage directly in the minerals trading market.

The joint venture “envisages the establishment of a vehicle to market and trade Zambian copper by mutual leverage,” according to a statement from Cornwell Muleya, the CEO of IDC.

The southern African nation wants to increase copper output to roughly 3 million metric tonnes within the next ten years, and in 2023, it produced roughly 698,000 tonnes of copper, down from 763,000 metric tonnes the year before.

In June, the Zambian government announced that it would establish a minerals trading unit.

Investors including First Quantum Minerals and Barrick Gold are ramping up production, with output set to receive a further boost once Vedanta Resources’ Konkola Copper Mines restart activity.

“Our joint venture with IDC marks a significant milestone for Zambia as it positions itself more strategically in the global minerals market,” Kostas Bintas, Mercuria’s global head of metals and minerals, said in the statement.

Musings From Abroad

Blinken to reveal UN Sudan funding additions

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

Additional financing for humanitarian aid to Sudan and initiatives to strengthen civil society in the nation, where a conflict has killed tens of thousands of people and displaced millions, will be announced by U.S. Secretary of State Antony Blinken at the United Nations on Thursday.

Blinken will make many announcements when he leads a UN Security Council meeting on Sudan on Thursday, which will centre on humanitarian aid and civilian protection, Deputy U.S. Representative to the UN Ned Price told reporters on Wednesday.

According to Price, the announcements would include more money for humanitarian help, initiatives to strengthen civil society, and the return of democracy.

“Sudan, unfortunately, has risked becoming a forgotten conflict,” Price said.

“So part of the reason the secretary … opted to convene a signature event on this very topic is to make sure it remains in the spotlight,” Price said.

For almost 18 months, the paramilitary Rapid Support Forces and Sudan’s army have been engaged in combat, resulting in a severe humanitarian crisis that has forced over 12 million people from their homes and made it difficult for U.N. organisations to provide aid.

A power struggle between the RSF and the Sudanese Armed Forces preceded a planned shift to civilian administration, which sparked the conflict in April 2023.

Although the army declined to join this year’s U.S.-mediated peace negotiations in Geneva, the warring parties did pledge to increase assistance access, which prevented any movement towards a ceasefire.

Price stated that before President Joe Biden’s term ends next month, the United States would keep collaborating with allies to enhance humanitarian access in Sudan and eventually end hostilities.

“We are going to leave nothing on the field in our efforts to work with allies, with partners, with the Sudanese stakeholders themselves, on the issues that matter most – humanitarian access, the provision of humanitarian assistance, ultimately, the process by which we can work to get to a cessation of hostilities, which is most urgently needed,” he said.