Current Affairs - International

Namibia is the first country where the National Payments Corporation of India (NPCI) entered into a technology agreement with the central bank to implement a UPI-like digital payments system. This move is part of a broader initiative to deepen economic ties between India and Namibia. In addition to digital payments, the two nations signed Memoranda of Understanding (MoUs) in several other areas, including health, medicine, entrepreneurship development, and bilateral cooperation. Establishing a digital payments framework reflects growing global interest in India's fintech solutions and marks a milestone in strengthening Indo-African economic and technological partnerships.

Bulgaria will officially join the eurozone on January 1, 2026, becoming the 21st member to adopt the euro as its official currency. The European Union finance ministers gave final approval for this move on July 8, 2025. Bulgaria will replace its national currency, the lev, at a fixed rate of 1.95583 lev per euro. The adoption of the euro is expected to improve economic stability, enhance integration with Western Europe, and shield the country from external influences. Despite internal political challenges and public concerns, the Bulgarian government views this as a landmark moment in the nation’s economic development.

On July 7, 2025, Trinidad & Tobago became the first Caribbean country and the eighth overall to offer Unified Payments Interface (UPI) services for Indian travellers. This development allows Indian tourists to use UPI apps like BHIM or PhonePe to pay directly in Indian rupees while shopping or dining in Trinidad & Tobago. The National Payments Corporation of India (NPCI) manages UPI and has partnered with various nations to expand its reach globally. The initiative helps Indian travellers avoid cash exchanges and international card fees, making transactions more seamless and cost-effective abroad.

The WE WISE initiative, focused on promoting women in innovation, science, and entrepreneurship, was launched by the Women Empowerment Vertical of the BRICS Chamber of Commerce and Industry (CCI). This initiative is designed to support women in taking leadership roles in technology-driven fields, particularly artificial intelligence. The program was unveiled during the BRICS Women Business Alliance (WBA) Annual Plenary Meeting held in Brazil. By encouraging female leadership in emerging tech sectors, BRICS aims to foster inclusive growth and diversify leadership representation in science and business within its member nations.

The Grand Renaissance Dam, recognized as Africa’s largest hydroelectric power plant, has been completed by Ethiopia. The dam is strategically constructed on the Blue Nile, a major tributary of the Nile River, which originates from Lake Tana in the Ethiopian Highlands. This massive project highlights Ethiopia’s ambition to harness its water resources for sustainable energy development. The Blue Nile flows northward to join the White Nile at Khartoum in Sudan, forming the Nile River, which then continues through Egypt. The dam has been a focal point of regional discussions due to its potential impact on water distribution and regional geopolitics.