NAIROBI/BEIJING, (Reuters) – China stopped short of providing the debt relief sought by many African countries this week, but pledged 360 billion yuan ($50.7 billion) over three years in credit lines and investments. The Forum for China-Africa Cooperation (FOCAC) launched in 2000 took on an enhanced role after the 2013 inception of President Xi Jinping’s Belt and...
Chinese President Xi Jinping and Somali President Hassan Sheikh Mohamud announced the elevation of China-Somalia relations to a strategic partnership on Friday. Mohamud is in Beijing for the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC). Xi pointed out that Somalia was the first East African country to establish diplomatic relations with China, and...
BEIJING (Xinhua) — China has remained Africa’s largest trading partner for a 15th consecutive year, while the proportion of China-Africa trade in Africa’s total foreign trade has steadily increased, according to a report released on Thursday. The report, jointly formulated by the Office of the Leading Group for Promoting the Belt and Road Initiative, the...
By Abdullahi Ahmed Nor In recent years, President Hassan Sheikh Mohamud, who was elected as the President of Somalia in 2022 for his second term, has faced serious allegations concerning Public land grabbing, corruption, centralization of government control and nepotism. President Hassan consolidated power by undermining and assuming the authority of the Council of Ministers,...
Turkey, seeking to extend its influence in Africa and strengthen energy security, will send the 86-meter long research vessel Oruc Reis to explore offshore oil blocks belonging to Somalia next month. The move, confirmed by Mohamed Hashi, director of Somalia’s petroleum ministry, could help diversify Turkey’s crude supply and is part of Ankara’s steady quest...
By Abdullahi Ahmed Nor Car importers in Mogadishu face a myriad of challenges, which have become increasingly burdensome due to systemic delays, excessive demurrage fees, and pervasive bureaucratic inefficiencies. The cause of this unwarranted delay is again the corruption of the government. A new company that has no prior experience in the field but linked...
NAIROBI, (Xinhua) — The next phase of Africa’s socioeconomic transformation will benefit from better collaboration between the continent, China and other international partners in agricultural modernization, tackling hunger, malnutrition and rural poverty, scientists have said. Bram Govaerts, director-general of the International Maize and Wheat Improvement Center (CIMMYT), said that by forging a partnership with China...
(Bloomberg) — For the past half-century, Ethiopia tightly controlled the official value of its currency, the birr. That changed in July, when unmanageable debts and dwindling foreign reserves forced the government in Addis Ababa to liberalize the exchange rate regime. The decision, which followed similar moves by Egypt and Nigeria, allowed the Horn of Africa...
(Bloomberg) — The National Bank of Ethiopia sold dollars to commercial lenders as it seeks to close the gap between official and parallel exchange rates. The central bank sold the dollars at an average 107.9 birr per dollar, which is stronger than Wednesday’s range of 120 to 122 birr on the parallel market. Until last...
KHARTOUM, (Xinhua) — Prices hike and scarcity of basic commodities across Sudan have exacerbated the living conditions of citizens already grappling with the repercussions of an ongoing civil war in the country. In Omdurman city, north of the capital Khartoum, the prices of basic commodities witnessed a significant rise. “During the recent period, prices have...