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Relations Between Russia, African Union Expanding—Lavrov

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Moussa Faki Mahamat and Sergey Lavrov Relations Between Russia African Union

By Kester Kenn Klomegah

On November 16, Foreign Minister Sergey Lavrov held diplomatic talks with his counterpart, Chairperson of the African Union Commission Moussa Faki Mahamat, who paid a working visit to Moscow, Russia. The talks, intended to strengthen political dialogue, also focused on the search for effective ways to scale-up development in Africa.

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As Sergey Lavrov concretely noted, “the relations between Russia and the African Union are on the rise and expanding in various areas. The first-ever Russia-Africa summit held in Sochi in October 2019 confirmed this.

“We have been collaborating in a variety of formats since then. But today, we have a perfect opportunity to consider the entire scope of ties between the Russian Federation and the African Union, to see how we can progress in the context of implementing the Sochi summit decisions and preparing for the second summit of the leaders of Russia and African countries.”

In the joint declaration, after the first summit, Russia and African Union have set goals and tasks for the further development of cooperation in all areas: politics, security, the economy, science and technology, culture and humanitarian sphere.

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It also highlighted development, trade and investment interaction. While much has theoretically remained unfulfilled, the November talks have, at least, proposed to move from an “ad hoc approach” to “a more comprehensive structured action plan” in dealing with Russia-African Union relations.

Lavrov and Mahamat agreed to transform the “documents approved by the first Russia-Africa Summit” into “An Action Plan 2022 – 2025” that will reinforce and determine the necessary directions for partnership with Africa. It, therefore, means concrete implementation of deals within the framework of the action plan will begin after the second Russia-Africa summit planned for autumn season 2022.

Lavrov has attached importance to establishing cooperation between African Union and the Eurasian Economic Union (EAEU), which until now remains a conceptual thought or a grandiose idea.

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The EAEU is an economic union comprising countries located in northern Eurasia, founded by Belarus, Kazakhstan and Russia by a treaty that entered into force on January 1, 2015. As of May 2018, two republics joined – Armenia and Kyrgyzstan.

EAEU’s key objectives include increasing cooperation and economic competitiveness for the member states, and the promotion of stable development in order to raise the standard of living in member states. It was created partly in response to the economic and political influence of the European Union and other Western countries that are desirous to penetrate the former republics of the Soviet Union.

With a view to expanding trade and cooperation, a memorandum of understanding was signed between the Eurasian Economic Commission (EEC) and the African Union Commission at the first summit of 2019. While Russia is the most active player among the EAEU group, Belarus and Kazakhstan have some interest, Armenia and Kyrgyzstan have extremely little interest in Africa, according to policy experts.

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With a concrete Action Plan, Russia will be moving one step forward from mere intentions, diplomatic niceties and rhetoric to concrete deeds and dealings that make Russia more visible in Africa. Both top most diplomats had an opportunity to discuss the entire spectrum of relations, to see how to advance in the context of implementing the decisions from the Sochi summit as well as bilateral cooperation in the UN.

Further, with the establishment of the Association of Economic Cooperation with African Countries (AECAS) under the Russian Ministry of Foreign Affairs, it is highly expected that specific ideas and projects promoted by the Russian business community will be addressing the Sustainable Development Goals (SDGs) and further to be instrumental in implementing the African Union’s main strategic document, Agenda-2063.

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El Salvador Buys Additional 150 BTC as price Falls Below $50,000

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El Salvador Bitcoin

Many in the cryptocurrency community are now calling the President of El Salvador a Chief Executive Officer (CEO) as he has managed his country like a CEO would a company. He has now allocated his ‘company’s’ treasury into Bitcoin, as he aims to ‘Buy the dip’, anytime there is a price drawdown in the asset class.

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Today ‘CEO’ Nayib Bukele took to Twitter to announce that his ‘company’, El Salvador, just bought an additional 150 BTC, adding to the 100 BTC the Latin American nation bought when Bitcoin’s price fell below $60,000.

He stated, “El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670 🥳 #Bitcoin 🎄” He further explained that he missed the bottom as Bitcoin traded as low as $42,874.62 according to coinmarketcap. He stated, “missed the f***ing bottom by 7 minutes.”

What you should know

This purchase puts El Salvador’s Bitcoin reserve at a total of 1,270 BTC, which is worth nearly $61.6 million at the time of writing. On the 26th of November, just 8 days ago, the President announced the purchase of 100 BTC.

The Salvadorean government game plan includes withdrawing unrealized BTC gains in U.S. dollars to fund various developmental projects while maintaining the overall value of the central reserve.

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President Nayib Bukele first announced that El Salvador would be making their first major BTC purchase on the eve of the country’s Bitcoin Law going into effect on Sept. 7, buying 200 BTC when the price was roughly $52,000. The nation has seen added 1,020 BTC, with the nation buying whenever there has been a major sell off in the price of Bitcoin.

Nayib Bukele has proposed several initiatives in the country around Bitcoin adoption and mining. The government has started construction of the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own Bitcoin City at the base of a volcano, funded initially by $1 billion in Bitcoin bonds.

Conclusion

Since the adoption of Bitcoin as a legal tender, the Salvadoran government has been investing gains onto various infrastructure development projects. In mid-October, the President announced that the $4 million from the profits of their Bitcoin Trust will be used to construct a new veterinary hospital in the capital, San Salvador. Early November, Bukele announced that the surplus earned from the state’s Bitcoin Trust account will be used for constructing 20 new schools.

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However, Many Salvadorans have pushed back against the crypto initiatives, specifically protesting Bukele and Bitcoin. In September, residents marching through the capital city destroyed one of the Chivo kiosks and defaced the remains with anti-BTC logos and signs.

Source: NairaMetrics

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Superalgos is the go to hub for day traders – Luis Molina, CEO

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Luis Molina

The SA token is the native token of the Superalgos platform. It was recently launched on PancakeSwap, a decentralized exchange (DEX), under the ticker ‘SA’. The launch comes after four years of development with tens of thousands of downloads during the open beta phase as the community builds up liquidity pools for its native Superalgos token on the DEX.

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Molina says, “Our token is a community token and it represents how much you have contributed to the project. The difference between the SA token and other tokens is that others use their token to incentivize security for their respective networks while we don’t need security for our network because our token runs on someone else’s network. What we do is we use 100% of the incentivization power of each token to incentivize contribution to the platform. In the first four years, the contribution was in the form of codes to the codebase to create these tools. We are transitioning to allowing people contribute trading intelligence in the form of indicators, strategies and also signals. The platform will be set up where people will be running bots which produces signals for traders and putting them in the Superalgos network for everyone to benefit.”

Molina concluded by telling us more about the Superalgos application and how traders can benefit from the #1 platform on GitHub. He also gave hints about his top five cryptocurrencies. Click here to watch the full interview.

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Source: NairaMetrics

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