While some were surprised that Africa sent a delegation to Europe to try to settle the Ukraine War, as your Eyewitness noted yesterday, this is only one example of the continent asserting its place in the new evolving global order. Even as the piece was being published, President Ramaphosa of South Africa announced he’ll be inviting all the African Heads of States to the BRICS meeting this August in his country. While they’ll be observers, Ramaphosa’s fulfilling his commitment to raise Africa’s profile. Egypt and Algeria have already applied to become members of BRICS – which some think can challenge present American dominance of world affairs.
But Africa isn’t just trying to piggyback on the big emerging economies of China and India – they’ve made concrete moves to develop institutions to independently promote their interests. One of the most important of these is the Afreximbank that was brought to our attention last December when they offered a US$1.5 billion line of credit to Caricom. At a just concluded meeting by the Bank in Accra, Ghana, some leaders of Caricom – such as Mia Mottley and Bahamas PM Philip Edward ‘Brave’ Davis, current Chairman of Caricom – linkages were firmed up. There came news that our newly launched local New Hayven Merchant Bank –– headed by African-Guyanese Floyd Hanes – has just signed an MOU with the Bank to facilitate investments and trade. There’d already been an announcement that there’s gonna be a meeting in October in Guyana.
Now, we’d heard about the Indian Exim Bank – which has been facilitating Indian economic activities in our development for decades – the latest being the ferry to Reg One and the Ogle-Diamond Bypass Highway. Few knew that the Afreximbank had been formed since 1993 – just a decade after India’s – and has been operating successfully to fulfil its mission of facilitating intra and external trade with Africa. It has assets of US$3 billion with capital of US$5 billion – nothing to sneeze at!! It’s headquartered in Egypt, and has regional branches that span the continent.
Meanwhile, the Afreximbank President, Benedict Oramah, reminded participants at the 30th anniversary of the Bank’s launching that the Bank was also, “working with some African and Caribbean airlines to commence commercial operations between the two regions…A new Middle Passage is emerging; one underpinned by trade, investment, and socio-cultural exchange, correcting the ills of slavery and fragmentation. We are supporting African investors to build ports, roads and power plants in the Caribbean; we are promoting cross acquisition of banks. Afreximbank is proud to be home to numerous interns from the Caribbean since 2021.”
Now, that’s news, innit?? Has Guyana been sending some of these Bank interns for training?? We should publicise this kind of news to boost Africa’s image!!
…India
Your Eyewitness knows that PM Modi likes challenges – but is he sure he wants to have Elon Musk in India?? The Tesla and Starlink satellite internet service operated by Musk’s company, SpaceX, are being wooed to set up shop in India, and Modi opened up his US tour by meeting Musk!! Ah…to be a fly on the wall to that meeting!! Yesterday, Modi bent UN leaders into shape to commemorate International Day of Yoga!
The Biden administration’s rolling out the red carpet for Modi but the anti-India lobby are out for blood. Imagine the chutzpah of some members of Congress, writing Biden to have Modi defend his government’s “democratic” credentials. When something as basic to democracy as the right to vote’s being suppressed in the US – especially for African- Americans!! Suppose Modi were to bring up these matters to Congress today?
But while the US wants to use India to checkmate China – Modi can use the photo ops with Biden to checkmate Western-oriented critics in India!!
…Guyana
Ever since the independence-era, Trinidad was the fulcrum of Caribbean relations because of its oil wealth. But while Eric Williams said, “Oil doan spoil”, one wag responded, “But it does done!!” And so said, so done, and we’re the new fulcrum!!
