Musings From Abroad

President Macron hosts African leaders

Published

1 year ago

June 22, 2023

As leaders across the world gather in France for the New Global Financial Pact scheduled to hold between June 22 and 23, French President, Emmanuel Macron on Wednesday received President Mahamat Idriss Deby Itno of Chad and Gabon’s President, Ali Bongo.

The meeting of the presidents had on its agenda, debt restructuring in the African countries in which France is a major creditor, along with China, the Paris Club, and the International Monetary Fund (IMF).

Part of the issue at stake is the repercussions of the multiple climate, energy, health, and economic crises, particularly in the most vulnerable countries. The financing needed to address these crises will also be central to the event’s success.

The Paris Club President, Emmanuel Moulin, stated on Wednesday that “the delays have been quite protracted, there is undoubtedly a need for technical work, but we can’t let countries wait more than two years before receiving debt treatment.”

A user’s manual based on the experiences of Chad and Zambia was also requested by the club’s president to “better explain to potentially eligible nations” how the common framework operates and “provide debtor countries greater clarity.”

Most African countries like Zambia, Ghana, Tunisia, Chad, and Kenya have faced difficulty performing debt obligations since the COVID-19 pandemic in 2020. Some, like Ghana and Zambia, were forced to default and are currently rounding off discussions for debt restructuring.

About 50 heads of state and government are attending the Paris Talks with an interest in overhauling the world’s development banks like the IMF and the World Bank, and helping them operate in the face of the climate crisis, which has further fragilized developing nations.

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Musings From Abroad

Brazilian meatpacker JBS invests $2.5 billion in Nigeria, builds six facilities

Published

3 hours ago

November 22, 2024

Ifeoluwa Dada

Brazilian meatpacker JBS says it has inked a memorandum of understanding with the Nigerian government for a $2.5 billion investment plan that will include the construction of six new plants in the African nation.

Three of the plants would deal in poultry, two in beef, and one in pork, according to a statement from JBS.

In accordance with the memorandum of understanding, JBS stated that it would develop a five-year investment plan in Nigeria, which would include budget estimates, feasibility studies, and an action plan for the development of the local supply chain.

The Nigerian government would then guarantee the sanitary, regulatory, and economic conditions required for the project’s viability, JBS continued.

Musings From Abroad

China’s Xi meets with Morocco’s Crown Prince

Published

4 hours ago

November 22, 2024

Ifeoluwa Dada

Morocco’s official media reports that Chinese President, Xi Jinping, visited Morocco briefly on Thursday.

According to Morocco’s MAP, Crown Prince Moulay El Hassan welcomed Xi in Casablanca. The visit demonstrated the close ties of camaraderie, collaboration, and solidarity between the Moroccan and Chinese peoples, it said.

China’s official broadcaster, CCTV, said that Xi and Hassan had a “cordial conversation” at the airport after being received by the Crown Prince and Moroccan Prime Minister Aziz Akhannouch.

After attending the G20 Summit in Brazil, Xi paid the visit.

In recent years, China has increased its investments in Morocco’s rail and infrastructure. Morocco is desirable for Chinese electric car battery manufacturers because of its proximity to Europe, free trade agreements with important EU and US markets, and an established automotive sector.

Morocco was chosen by Chinese EV battery company Gotion High Tech in June to establish Africa’s first gigafactory, which will cost $1.3 billion in total.