Tibor Peter Nagy, the US Assistant Secretary of State for African Affairs, has warned African countries running up debt that they should not expect to be bailed out by western-sponsored debt relief. Referring to the International Monetary Fund and World Bank’s Heavily Indebted Poor Countries (HIPC) Initiative, Tibor warned African nations that the US would […]
The Chinese government has disbursed $134 million to build new infrastructure in Uganda, mainly roads, that are part of a network of over 700 km planned to service the country’s petroleum sites. According to Allen Kagina, director of the Ugandan Highway Authority, nearly 30% of the planned work would be carried out by local companies. […]
China’s foreign minister, Wang Yi, on Thursday said Beijing will continue supplying loans to African governments despite accusations that China’s increased investments on the continent are aimed at gaining political influence. Wang Yi made the statement after a closed-door meeting with his Ethiopian counterpart WorkinehGebeyehu in the Ethiopian capital Addis Ababa. “China upholds the principle […]
China’s Zhejiang Huayou Cobalt Co will invest $147.2 million to build a copper project in Democratic Republic of Congo (DRC), the company said on Tuesday. Democratic Republic of Congo is Africa’s top copper producer and the world’s leading miner of cobalt, a mineral which has seen a surge in demand due to the manufacture of […]
Chinese President Xi Jinping on Thursday pledged to help promote further development of a comprehensive strategic partnership between China and Algeria. Thursday marks the 60th anniversary of the establishment of diplomatic relations between the two nations. In a congratulatory message to his Algerian counterpart, Abdelaziz Bouteflika, Xi said China and Algeria have enjoyed profound traditional […]
Early signs suggest that the US-China rivalry will find its way to the African continent in 2019. While the US is multiplying warnings about the perils of Chinese debt-fueled spending for economic stability, China will continue to broaden its engagement across the continent, with particular focus on East Africa. This is one of the key […]
Zimbabwe’s information minister on Friday said Chinese officials have pledged $46 million for a new parliament building, to be built on a plot of farmland outside the capital Harare. The building, extending over a total floor area of 33,000 square meters, will replace the current parliament building, built in the colonial era. An artist’s impression […]
Sierra Leone’s government has terminated a $400 million deal to build a new airport with Chinese labor and loans, Reuters reported. The plan had repeatedly been criticized by international financial institutions for the additional burden it would place on Sierra Leone’s external debt. Sierra Leone has accumulated more than $220 million Chinese debt in the […]
South Africa got investment commitments of $35 billion as part of plans to attract $100 billion over the next five years to revive the country’s flagging economy, said presidential economic advisor on Wednesday. President Cyril Ramaphosa’s appointed a team of business and finance experts earlier this year to scour the globe for $100 billion in […]
The United States Senate has adopted with an overwhelming majority the creation of the United State Development Finance Corporation (USIDFC). This mega-agency, which will have the capacity to mobilize $60 billion, is mainly meant to counter China’s growing economic influence in Africa and is seen as a response to the Chinese initiative “One belt, one […]
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