EU and Italy announce major debt-relief deal for Africa
" The entire 10-year operation will allow us to convert some 235 million euros ($270.67 million) of debt into development projects to be implemented locally," Italian Prime Minister Giorgia Meloni, said.
In addition to the EU-led efforts, Italy is advancing its strategic framework, the Mattei Plan for Africa, which aims to accelerate growth in agriculture, energy, and infrastructure across African nations, according to Reuters.
The European Union's involvement complements these efforts through its Global Gateway strategy, launched in 2021 to foster sustainable, high-standard investment as an alternative to China's Belt and Road Initiative.
One of the flagship projects under this collaboration is funding for a new transport corridor connecting Angola's Lobito port with Zambia and the Democratic Republic of the Congo, a crucial mineral export route.
"Investing in infrastructure is not just building railways, bridges and dams. It is also investing in training for local workers because that builds capacity and that is how transfer of expertise happens. And this results in positive spillovers all across the local economies of Africa. There is no better example than our work on the Lobito corridor," President of the European Commission, Ursula von der Leyen said.
Meloni also stressed the urgency of addressing Africa's growing debt burden, warning it could 'undermine all other efforts' toward inclusive and sustainable development if left unaddressed.
She revealed that a new initiative is being developed to reduce the debt load of low- and middle-income African countries by up to 50%.
While she did not provide specific details, she emphasized that addressing debt was central to Italy's broader strategy for fostering long-term growth and stability in Africa.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hill
15 minutes ago
- The Hill
Hegseth's office calls Pentagon Signalgate review a ‘political witch hunt'
Defense Secretary Pete Hegseth's office has rejected the Pentagon watchdog's investigation of his actions in sending sensitive attack plans over the Signal messaging app in March, calling the independent inquiry 'a political witch hunt.' In a statement to The Hill on Wednesday, chief Pentagon spokesman Sean Parnell claims without evidence that details of the Defense Department Inspector General's inquiry – started in April after Republican and Democratic members of the Senate Armed Services Committee requested it do so – were leaked to the media by 'Biden administration holdovers.' 'This Inspector General evaluation is clearly a political witch hunt by Biden administration holdovers as evidenced by [the] fact that they've already started leaking to the failing New York Times,' Parnell states. He also reveals for the first time publicly that Hegseth has provided a statement to the DOD IG 'which points out why this entire exercise is a sham, conducted in bad faith and with extreme bias.' The response comes after The Washington Post last week reported that the Pentagon watchdog was told the messages Hegseth sent to at least two unsecure Signal chats regarding the U.S. plans to bomb Houthi targets in Yemen came from an email labeled 'SECRET/NOFORN.' The attack plans had initially been shared with more than a dozen Defense officials via a classified email sent over a classified system by U.S. Central Command head Gen. Michael 'Erik' Kurilla, according to the Post. Hegseth has come under intense scrutiny for posting the details of the plans in the unclassified Signal group chat directly before Washington launched its attacks on March 15. He also shared the information in a separate chat that included his wife, brother and personal attorney. Invoking the words 'witch hunt' takes a page out of President Trump's playbook when it comes to hitting back at public scrutiny, often seen as a method to delegitimize findings that contradict his administration's viewpoint. But the IG review began after Senate Armed Services Committee Chair Roger Wicker (R-Miss.), and ranking member Jack Reed (D-R.I.) requested the inquiry, making it difficult for the Trump administration to dismiss it as a Democrat-led attack. The watchdog report, anticipated in the next several weeks, is expected to find whether Hegseth and his team correctly followed Pentagon policy in using commercial messaging applications for official business. The Trump administration, meanwhile, has repeatedly and adamantly claimed that no classified information was shared in the Signal group chats, which were revealed because the editor in chief of The Atlantic was inadvertently added to one. DOD IG spokesperson Mollie Halpern declined to comment to The Hill on the review, citing its long-standing policy that bars the watchdog from doing so while a case remains open.
The Hill
15 minutes ago
- The Hill
How Trump's tariffs could affect your grocery bill
President Trump's wide-ranging tariffs scheduled to go into effect Friday could raise food and grocery prices by several percentage points, according to analyses by two think tanks. The Yale Budget Lab estimated Monday that food prices would rise 3.4 percent in the short-run and stay 2.9 percent higher in the longer term. The Tax Foundation calculated that about 75 percent of the country's food imports would be impacted by the tariffs in some way, notably liquor, baked goods, coffee, fish and beer. Alex Durante, an economist with the Tax Foundation, said many people might choose to eat the cost of the tariff because many agricultural products don't have immediately available domestic alternatives. 'You can't make French wine in, say, California because then it ceases to be French wine,' he said. 'To that extent, consumers might have limited availability to switch to alternatives and they might just simply continue paying the tariff burden prince.' That said, not every item in Americans' grocery baskets could see price increases. Many agricultural products from Mexico and Canada, including some fruits, vegetables and meat products, are reportedly exempt under a trade agreement negotiated during Trump's first term. Potential duties on other imports and countries are still being worked out. Trump struck a trade deal with the European Union this week that established a 15 percent duty on goods from the bloc. But wine and spirits, for instance, still need to be negotiated, European Commission President Ursula von der Leyen said this week. 'The Administration has consistently maintained that the cost of tariffs will be borne by foreign exporters who rely on access to the American economy, the world's biggest and best consumer market,' a White House spokesperson told CNBC this week. The Hill reached out to the White House for comment. Here are five staples in your grocery cart that could see a price hike. Fish and seafood Canada, which makes up more than 15 percent of U.S. seafood imports, the most of any country, is currently locked in trade negotiations with Trump's trade representatives. The president's threat of a 35 percent tariff on the U.S.'s northern neighbor posed in April would reportedly exempt goods that comply with a trade deal negotiated during his first administration. Goods primarily produced in North America are tariff-exempt under the U.S.-Mexico-Canada agreement (USMCA). Indonesia (7.6 percent of U.S. seafood imports) will face a 19 percent tariff rate under a trade deal announced by the U.S. last week. Vietnam (6.9 percent) agreed to a 20 percent tariff, down from a 46 percent rate originally threatened by Trump. Coffee Brazilian coffee, which accounted for nearly a quarter of the country's 2024 coffee spending, could face a 50 percent tariff, along with all other imports to the U.S. Trump made the move in order to pressure the country's judiciary to drop the prosecution of Jair Bolsonaro, the former Brazilian president facing charges after his supporters stormed government buildings in early 2023. Switzerland, the source of 13.4 percent of American coffee imports, could also face a 31 percent rate. Trump also threatened tariffs on Colombia (16.8 percent of coffee imports) in January but later rescinded them. The average retail price of coffee is already up about $1 compared to what it cost in January. Rice The U.S. relies on Thailand, which could be subject to a levy as high as 36 percent, for more than half of its imported rice. The Southeast Asian nation's finance minister said Tuesday that he expected trade talks to be completed before Aug. 1 and that the final tariff rate would be lower than what Trump initially threatened, Reuters reported. India, another major importer, is also in trade talks with the U.S. Trump on Wednesday announced a 25 percent tariff on the country. Food Business News estimated in April that America's foreign rice supply faced an average added tariff of 33 percent. Rice exports from American producers have also been a sticking point for the Trump administration during negotiations with Japan, with the U.S. pushing to have more American rice bought in Japan tax-free. Alcohol Mexico, America's top source of spirits including tequila, is facing down a 30 percent tariff starting Thursday. The country also accounts for more than 83 percent of beer exports to the U.S. Domestic beer producers could also be impacted, the Cato Institute argued in July, because they depend on aluminum for cans and ingredients like hops, malts, and sugar imported from other countries. Any levies on wine imports from France and Italy remain to be negotiated as part of the EU's larger trade agreement with the US. New Zealand, another top source of wine (7 percent of U.S. imports), is subject to Trump's general 10 percent tariff increase but has not yet seen another duty imposed on top of that. Chocolate If the USMCA remains in place, Canadian and Mexican chocolate will continue to be exempt from American tariffs, regardless of where they source their cocoa. Several chocolate makers in Mexico and Canada told Reuters that the new tariffs actually boosted their businesses over American manufacturers, who have to import their cocoa from overseas that is tariffed under Trump's policies. Ivory Coast (9.4 percent) faces a reciprocal tariff of 21 percent, a move that the country's agriculture minister said in April would lead to higher cocoa prices.
Axios
15 minutes ago
- Axios
Miami's summer slowdown claims even more restaurants
Less than two months after Chef Nando Chang won a James Beard Award as the head chef of Itamae AO, the restaurant announced it was closing on Saturday — the latest in a summer of high-profile restaurant closures. Why it matters: This year's seasonal slowdown has been marked by a seemingly never-ending stream of social media posts thanking customers for their support and news outlets announcing final services. Between the lines: Itamae AO's future became unclear in late June after his sister, award-winning chef Valerie Chang, announced she was stepping away from Maty's, the Peruvian restaurant next door. Customers accessed Itamae through the adjoining Maty's space. In an Instagram post Tuesday night, the intimate, Michelin star restaurant said it wasn't going away for good: "We're excited to find our new home." The big picture: Just shy of the season's halfway mark, the Miami Herald this month reported that many local chefs and restaurant owners felt this summer was "shaping up to be the worst" one yet, citing "non-existent" foot traffic and a drop in reservations. Others blamed the rising cost of food, rent and insurance. State of plate: The outlet at the time listed nine recent closures, ranging from Michelin-stared restaurants like Maty's to longtime favorites like Miami Beach's Sardinia Italian restaurant, which closed after almost 20 years. Since then, a handful of others have shuttered, too: CHICA, which closed after six years; Piegari Italian restaurant, which closed after just one year; and Erba, the award-winning Italian restaurant, which operated in Coral Gables for about two years. What they're saying: "For a lot of our businesses, most of them being outdoors, heat" is a factor, Emi Guerra, co-founder of Breakwater Hospitality Group, which owns restaurants across South Florida, told Axios. Still, a restaurant's location — whether it's in a busy, walkable neighborhood or has a strong local clientele — plus its ability to pivot over the summer to things like events or parties, can also determine how hard it's hit during the summer slowdown, he said. Meanwhile, while speaking on a podcast in May, Felix Bendersky, founder of F&B Hospitality Leasing, said one of the reasons the summer slowdown is punching harder is because Miami's peak season is "getting less and less." While it used to end in June and start up again in September, Bendersky said it is now more likely to end after the Formula 1 Miami Grand Prix, which was the first weekend in May this year, and restart around Art Basel, which isn't until December.
