Category: Finance

In what's becoming a predictable routine, high-level representatives from the world's wealthiest countries get together, express anguish over the rapid spread of COVID-19 in developing countries, issue a call for more equitable distribution of vaccines and then restate longstanding positions that bilateral creditors (read China) and bondholders ...

The Chinese government is becoming increasingly impatient with the persistent U.S. criticism that it isn't doing enough to support the G20's Debt Service Suspension Initiative (DSSI). U.S. officials have steadily increased their critiques in July in the run-up to the G20 finance ministers meeting in Italy that ...

Chinese President Xi Jinping has reportedly agreed in principle to reschedule the Republic of Congo's debts to Beijing in a move that will presumably pave the way for a half-a-billion dollar IMF rescue package to take effect. President Xi made the ...

This week's launch of the new Lagos to Ibadan Standard Gauge Railway may be the last time for a long while that a big multibillion dollars infrastructure project like this is built in Africa using Chinese loans. Chinese development ...

The chief economist at China's largest bank, the International Commercial Bank of China, and one of the world's largest financiers of fossil fuel projects said the bank will begin to phase out support for coal power projects.  Zhou Yueqiu told a ...

Leaders from the Group of Seven (G7) richest democracies unveiled a highly-anticipated plan over the weekend for how they intend to counter China's Belt and Road Initiative and stem Beijing's growing influence in Africa and other developing regions. The ...

The slowdown in Chinese infrastructure development lending in Africa is on vivid display in Nigeria, where the country's Transportation Minister acknowledged that he's no longer counting on Beijing to finance a pair of multi-billion railway projects, according to a Bloomberg report. ...

There's ample evidence of a sharp decline in Chinese lending to developing countries, specifically in Africa. But that doesn't mean that China is out of the development financing game altogether.  Zainab Usman, director of the Africa Program at Carnegie Endowment for ...

The Chinese-backed African fintech platform OPay is reportedly in talks with investors to raise as much as $400 million at a valuation of more than $1.5 billion, according to a report in The Information. That valuation, by the way, is three times higher than the ...

In an oft-cited 2019 working paper titled “China’s Overseas Lending,” we read that China has become the world’s “largest official creditor, easily surpassing the IMF or the World Bank…” Is this true in Africa (All references to Africa in this article refer to all of Africa, ...

China answered France's call to support the reallocation of billions of IMF funds that will come from an issuance of $650 billion in new Special Drawing Rights, according to a Foreign Ministry summary of remarks made by Vice Premier Han Zheng at this week's Franco-African ...

Ghanaian President Nana Addo Dankwa Akufo-Addo issued an urgent call for immediate economic relief, including the total cancellation of all debts owed by African countries, during his address on Tuesday at the Summit on Financing African Economies. Without the ‘fiscal room to breathe,’ Africa could truly become ‘the forgotten continent, ...