Huawei-Built Mobile Money Platform, Telebirr, Launches in Ethiopia Amidst Pursuit of Cashless Economy

On May 11, Ethiopia’s state-owned telecommunications company Ethio Telecom launched the country’s first mobile money platform, TeleBirr, which was developed by Huawei. The new mobile app will allow Ethio Telecom customers to send, store, and receive money through their telephone number. State-owned Ethio Telecom, which has a monopoly over Ethiopia’s telecommunications service, expects TeleBirr to facilitate 40-50% of Ethiopia’s total ...

Chinese Role in Major Turkish Canal Project May Be More Likely as Turkish Lenders Express Reluctance

On April 27, senior banking sources in Turkey disclosed to Reuters that Turkish lenders are reluctant to finance the $13 billion Kanal Istanbul waterway project, citing the project’s environmental risks and exorbitant costs. As Beijing has shown consistent interest in both the financing and construction of Kanal Istanbul since its introduction in 2011, the resistance of Turkish banks could push the Erdogan administration toward China. ...

China to Assist with Transition of Power Grids in Africa and Central America to Renewable Energy

On April 12, the state-owned State Grid Corporation of China (SGCC) signed a memorandum of understanding (MoU) with the International Renewable Energy Agency (IRENA), whereby the two entities agreed to cooperate in the transitioning of national and regional power sectors to sustainable energy both in China and in IRENA’s “Clean Energy Corridor” regions abroad. These regions presently include Africa and Central America, aligning with the ...