Tag: Africa
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Why Africa Shouldn’t Count on Janet Yellen for Debt Help
U.S. Treasury Secretary Janet Yellen is in Africa touting the Biden administration’s reenergized Africa policy. Her visit comes as several African countries are struggling with debt distress and Zambia and Ghana have officially defaulted. Debt’s prominence as a talking point is somewhat awkward, considering ...
China’s Overseas Development Finance Totaled $10.5 Billion in 2020-21, Lowest in Recent Years
By Rebecca Ray After providing a staggering amount of finance for overseas development projects in the wake of the global financial crisis, Chinese overseas development finance has been on a general downward trend for several years. New data shows the pandemic ...
U.S. Treasury Secretary Blames China for Delays in Zambia Debt Restructuring
U.S. Treasury Secretary Janet Yellen accused China of blocking progress for Zambia's drawn-out debt restructuring process that is now entering its second year. “I know the Chinese have been a barrier to concluding the negotiations,” she said in Lusaka on Monday, the ...
Lavrov Visit and Upcoming Joint Naval Exercises With China Spark Anger in South Africa
The South African government is coming under intense criticism for welcoming Russian Foreign Minister Sergey Lavrov and for next month's joint naval exercises with both Russia and China. SA Foreign Minister Naledi Pandor dismissed the criticism on Monday at a press conference ...
Uganda to Become Africa’s Newest Oil Exporting Country With Inauguration of New Chinese-operated Drilling in Lake Albert
Ugandan President Yoweri Museveni's long-held ambition to export oil via the controversial East Africa Crude Oil Pipeline (EACOP) will move closer to reality on Tuesday when he commissions the country's first new drilling site in Lake Albert. The President will inaugurate ...
Buhari Commissions Port of Lekki, One of China’s Most Consequential Infrastructure Projects in Africa
Nigerian President Muhammadu Buhari officially opened West Africa's largest port facility on Tuesday when he commissioned the new Lekki Deep Sea Port in Lagos State. The opening coincided with the docking of the first cargo vessel, the French-flagged CMA CGM Mozart, to ...
Is the DRC Making Progress in Reshaping Its Controversial Chinese Deals? Maybe.
The Democratic Republic of Congo could be closer to overhauling two controversial Chinese deals. Finance Minister Nicolas Kazadi told Reuters the government is in active talks with Sicomines, a joint venture between the DRC’s state mining company Gécamines, and Sinohydro and China Railway Group, who were supposed to ...
China’s Provinces as Global Actors: Evidence From China-Africa Relations
By Charlotte Lenz With the launch in the early 2000s of China’s ‘Going Global’ Strategy, Chinese provinces became one group of actors participating in China’s South-South relations. This has complicated our perception of China, which is often still seen as a ...
Uganda Cancels Chinese Rail Deal After 8-Year Financing Lag
The government of Uganda announced that it canceled a 2015 contract with China Harbor Engineering Co. (CHEC) to build a rail line linking the capital of Kampala and the Kenyan border. This follows an eight-year lag as the contractor failed to get Chinese policy bank funding for the ...
South African Rail Company Puts Out Tender to Fix Faulty Chinese-Made Trains
South Africa’s state railway company Transnet has put out a tender for any company that can fix non-operational Chinese-made locomotives acquired under a corrupt deal. The original manufacturer of the locomotives, China Railway Rolling Stock Corp (CRRC), refused to supply the needed ...
U.S. Treasury Secretary’s Africa Tour Takes on China, Debt
U.S. Treasury Secretary Janet Yellen is heading to Africa for a 10-day trip to Senegal, South Africa and Zambia. The continent’s green transition will feature prominently, with Yellen visiting South African coal country to champion the implementation of an $8.5 billion deal, ...
Decoding China’s Record-Breaking 2022 Trade With Africa
China's trade with countries in Africa broke a new record in 2022 at $282 billion, up 11% from last year's $254 billion in two-way trade. The data reaffirms China's position as the continent's largest bilateral trading partner and shows it's solidly ...