Country: Zambia
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Zambia is Very Close to Finalizing Its Debt Restructuring, But There’s Still One More Chinese Obstacle in the Way
Zambia's breakthrough deal on Monday to restructure $3 billion of Eurobond debt helps the southern African country move tantalizingly close to finally ending three years of brutal negotiations with its various creditors. Even though President Haikinde Hichilema's government has already negotiated a ...
Letting Some Get Wealthy First
By Felix Brender 王哲謙 This week, the Communist Party set a rather ambitious GDP growth target of 5%, doubling down on China’s growth narrative and development success story without qualifications. At the same time, CNN and Al Jazeera are reporting on PRC citizens ...
Investors Celebrate Zambia’s Debt Deal With China by Snapping Up Government Bonds
Zambian bonds traded at their highest levels in 18 months on Monday following news that Lusaka reached a debt deal last week with official Chinese creditors. “China agreeing on terms means that we can get on with the private-creditor restructuring,” Sam ...
China Proposes Billion-Dollar Revamp of the Legendary Tazara Railway
The competition between the United States and China to refurbish some of Africa's decrepit railways intensified this week when the Chinese government presented a billion-dollar proposal to rebuild the Tazara railway linking Zambia's copperbelt to the Tanzanian port of Dar es Salaam. ...
Africa’s Debt Dilemma: The Urgent Need for More Equitable Borrowing
For the first time in years, a few African countries are venturing back into the bond market to raise funds for infrastructure and to pay down their debts. However, borrowing more from private creditors is a risky move given the difficulties ...
China Proposes Billion-Dollar Revamp of the Legendary Tazara Railway
The competition between the United States and China to refurbish some of Africa's decrepit railways intensified this week when the Chinese government presented a billion-dollar proposal to rebuild the Tazara railway linking Zambia's Copperbelt to the Tanzanian port of Dar es Salaam. ...
Zambia Expresses Optimism It Can Allay Chinese Concerns Over Debt Deal
The Zambian Finance Minister Situmbeko Musokotwane said he's hopeful his country's three-year debt restructuring odyssey can finally be resolved sometime before June. Musokotwane was cautious about providing any specific timetable but said on Wednesday that he's nonetheless optimistic he can resolve Chinese concerns ...
U.S. Mining Start-Up Makes Huge Copper Discovery in Zambia
A California-based mining start-up, KoBold Metals, announced that it had discovered Zambia's largest copper deposit in a century. KoBold president Josh Goldman said on Monday the company's Mingomba mine in northern Zambia is poised to become one of the world's top ...
WEEK IN REVIEW: Nauru Officially Switched Diplomatic Allegiance From Taiwan to China
Indian naval forces are closely monitoring the movements of a Chinese research vessel operating in the Indian Ocean that is making its way towards the Maldives. Although these Chinese research ships are not officially designated as military vessels, the Indian government suspects the data they collect is used ...
Frantic Attempts to Rescue Seven Workers Trapped in Chinese Mine in Zambia
Zambian authorities are rushing to pump water and mud from a Chinese-owned mine in time to rescue five Zambian and two Chinese workers trapped underground. The workers were caught by an inrush of water on Monday at the Macrolink mine, about ...
Zambian and Chinese Miners Trapped Underground
Seven miners, including five Zambians and two Chinese nationals, are reportedly stuck in Zambia’s Chinese-owned Macrolink Mine. The mine is still under construction and hasn’t been commissioned yet. The miners are trapped 235 meters below the surface by rising water. One ...
WEEK IN REVIEW: Ethiopia Debt Update | China @COP28 | Chinese Energy Projects in Africa
Ethiopia is the latest African country that is now teetering on the verge of default after the government announced this week that it would not be able to make a $33 million bond payment. Eric speaks with Mark Bohlund, a senior ...