President Macron tries to push back against Russian influence in Africa
July 27, 2022, 6:47 pm

President Macron tries to push back against Russian influence in Africa

French President Emmanuel Macron welcomes a guest at the Elysee Palace in Paris, France, May 16, 2022. REUTERS/Benoit Tessier

French President Emmanuel Macron is ready to step up support to African countries facing food and security concerns in a bid to stem Russia’s growing sway in the region, the Alarabiya English reported, citing Bloomberg.

It said that Macron is visiting Cameroon, Benin and Guinea Bissau this week while Russian Foreign Minister Sergei Lavrov tours other countries in the continent as Russia seeks to strengthen its relations in Africa following its invasion of Ukraine.

“Russia has started a new kind of hybrid world war,” Macron said Wednesday (July 27) in a joint press conference with his Benin counterpart Patrice Talon. “

Russia is one of the last imperial colonial powers -- it decides to invade a neighboring country to defend its interests.”

He added: “When you see them popping up over here, that’s what’s happening.”

African experts say that about 20 million women in African cities are keen to use birth control pills but cannot access them due to poverty, cultural myths and lack of awareness - Photo: Pixabay

Macron said in Cameroon’s capital Yaounde on Tuesday that Russia’s blockade of Ukrainian ports and attacks on grain warehouses have disrupted the global food supply and triggered shortages in Africa.

He promoted his so-called FARM initiative with which France and allies pledge to help developing countries boost their own agricultural capacity.

IMF warns neglecting Africa now will lead to labour shortages globally

His remarks were a response to Russia’s narrative, which Lavrov reiterated a few days earlier on a stop in Egypt.

Lavrov said food shortages and inflation are a consequence of “illegal Western sanctions.” African countries have largely refrained from criticizing Russia’s invasion of Ukraine.

Macron has pledged to revamp France’s military commitment to African security even as French soldiers leave Mali, pushed out by the junta in power there in favor of forces from Russia’s Wagner mercenary group.

French troops entered Mali in 2013 to stop al Qaeda-linked fighters from advancing toward the capital, Bamako. They ended up staying as violence spilled across borders in the Sahel region.

Africa to face 'very serious' famine if wheat problem not solved

Macron said Tuesday that France’s renewed engagement will extend beyond the Sahel, to the Gulf of Guinea and “countries which now have to face terrorist groups which are expanding and shaking up the whole region.”

Still, France’s military presence in Mali and other African countries has faced local protests and accusations, partly fueled by Russian allegations that it is perpetuating another form of colonial rule.

While Russia’s government denies having ties with the Wagner group, it stresses that security failures by Western countries in Africa prompt governments to seek alternative partners.

Source: alarabiyaenglish

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.