Title : Does Africa Have A 'Debt Problem' With China?
link : Does Africa Have A 'Debt Problem' With China?
Does Africa Have A 'Debt Problem' With China?
Chinese president Xi Jinping with African counterparts during the Forum on China-Africa Cooperation (FOCAC) 2018 Beijing Summit last September. HOW HWEE YOUNG/POOL VIA REUTERS
Yomi Kazeem, Quartz: The truth about Africa’s “debt problem” with China
Two months ago, the Chinese embassy in Nigeria was forced to deny plans to seize any of Nigeria’s national assets amid local debates over the possibility of “losing” sovereignty to China over bad debts. It was an episode that finely captured the scale of misunderstanding of Africa’s debt commitment to China in the wake of the Asian giant’s deepened influence on the continent over the past two decades.
As more African countries have looked to China for financing and technical support to rapidly boost infrastructural development, there have been loud musings about the scale of China’s lending to African countries as well as the Asian giant’s motives, which have been described in some quarters as “debt trap diplomacy.”
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WNU Editor: The above article says only a few African countries have a debt problem with China. Maybe so, but that list is growing. And because of debt China is getting what it wants in Africa, Case in point. Being owed a lot of money did help China did get a military and naval base in Djibouti .... China’s Engagement in Djibouti (Congressional Research Service).
But it is not only through debt that China can squeeze certain African nations. Trade and investment is giving China a lot of influence ....
.... According to statistics from the General Administration of Customs of China, in the first half of 2019, China’s total import and export volume with Africa was $101.86 billion, up 2.9% year-on-year. The total value of Chinese investments and construction in Africa is closing in on $2 trillion since 2005, according to the American Enterprise Institute (AEI) China Global Investment Tracker. (CNBC).
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