Month: September 2020
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G7 Finance Ministers Openly Frustrated With China on Debt Relief
Debt relief for developing countries is emerging as the latest front in China's rapidly escalating confrontation with the U.S, European countries, and Japan. Finance ministers from many of those countries, representing the Group of 7 (G7), met on Friday to discuss debt relief initiatives for ...
Here’s What the G20 Says DSSI Has Accomplished So Far
When the G20 says it has provided $14 billion of "estimated total immediate liquidity provided by official bilateral creditors in 2020 alone," consider that amount is spread across all regions around the world. It falls far short of calls by Ethiopian Prime Minister Abiy ...
First, Zambia Defaulted on Part of Its Debt, Then Came the Credit Downgrade, Now the Question is What Will China Do?
Zambia's financial situation is rapidly deteriorating following last week's announcement by the government that it would default on $3 billion of Eurobond debt. Soon after, the credit ratings agency Fitch downgraded Zambia's foreign-currency bonds, immediately increasing the cost of borrowing for Lusaka. ...
Is Default the Next Step for Kenya’s Embattled Standard Gauge Railway?
The Chinese-financed and built Standard Gauge Railway is losing money at an unsustainable rate of $9.2 million per month prompting renewed calls in parliament for the State House to renegotiate the $3.2 billion of loans used to construct the Nairobi to Mombasa ...
New U.S. Proposal to Limit Student Visas All But Hands the Educational Diplomacy Advantage in Africa to China
The United States government is proposing to severely restrict access to student visas from a majority of African countries in an effort to crack down on visa overstays. The new proposal by the Department of Homeland Security (DHS) calls for any ...
China Faces a Critical Test in Kenya
Kenya's difficulties in servicing its debts for the newly-built, Chinese-financed Standard Gauge Railway (SGR) is nearing a breaking point. Even before the COVID-19 outbreak, the railway failed to meet passenger and cargo volume targets and now the economic downturn brought on by the ...
Letter to the Editor: Contrasting Japanese vs. Chinese Investment in Africa
Dear Eric, As the Representative in Africa for JETRO (Japan External Trade Organization), I would like to comment regarding your column on September 24th, "What It Takes To Compete Against the Chinese in Africa," where you mentioned that ...
Fresh or Frozen: Should Kenya and China Renegotiate Their 2019 “Avocado Deal”?
Whether it is ordering a vegetarian wrap or having a healthy fruit and veggie smoothie, the most sought after ingredient I crave for is avocado! Today, be it Beijing or Shanghai, restaurant chains and smoothie bars, are now catering to their customers' healthy tastes, delivering on this ...
Reporter’s Notebook: China’s Controversial Distant Fishing Fleet
The presence of China's distant fishing fleet in African waters is increasingly becoming a contentious domestic political issues in a number of countries, particularly in West Africa. At a campaign rally in September, Ghanaian vice presidential candidate
China Sends a Heavy Hitter To Be Its New Ambassador To South Africa
China's ambassador-designate to South Africa, Chen Xiaodong, arrived at O.R. Tambo International Airport in Johannesburg yesterday to start his tour as Beijing's sixth envoy to Pretoria. Chen's appointment to the post reaffirms Beijing's view that South Africa remains its most important ...
Following President Xi’s UNGA Speech, Chinese Diplomats in Africa Double-down on Vaccine Accessibility Pledge
Chinese diplomats in Africa are reaffirming President Xi Jinping's pledge to make a COVID-19 vaccine available to people across the continent once it's tested and ready for distribution. Fang Yi, the political attaché at the Chinese embassy in Uganda,
Martyn Davies: “African Economies Have Pivoted Towards a China-Centric Asia”
Long-time China-Africa market analyst Martyn Davies, the managing director for emerging markets at Deloitte, explains why the once dominant "Chimerica" (China-America) is now giving way to a new era of "ChiAfrica" (China-Africa) trade. Watch the full ...