Tag: finance
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China Reaffirms Commitment to Redistribute Its Share of the IMF’s New Special Drawing Rights
China's top diplomat for sub-Saharan Africa, Wu Peng, tweeted on Tuesday that Beijing remains committed to redistributing its share of the International Monetary Fund's recent issuance of $650 billion in new so-called "Special Drawing Rights" (effectively the currency of ...
Mounting Expectations that China Will “Bring a Big Checkbook to FOCAC 2021”
As the 8th Forum on China-Africa Cooperation (FOCAC) conference in Dakar nears, expectations in some quarters are rising that China will once again play the role of financier for African development and COVID-19 mitigation. At the previous two FOCAC summits, China ...
With New Chinese Money Hard to Come By, Kenya’s Treasury Turns to the Bond Market to Finance Infrastructure
The Kenyan government is making preparations to float its largest-ever bond offering, a record $1.3 billion (Sh150 billion) issuance. It will be used to settle debts with contractors, possibly including some Chinese companies, and to fund road projects that are currently in development.
Anzetse Were on the Current State of China-Africa Economic Relations
China-Africa trade figures for the first eight months of the year are in and they look solid. So good, in fact, that the two sides appear on track to surpass last year's $187 billion in two-way trade. But those big numbers ...
Nigeria Unveils a Chinese-Style Digital Currency Platform
Nigeria's President, Muhammadu Buhari, unveiled the country's new digital currency platform, eNaira, on Monday. It is Africa's first virtual currency. The new service will allow Nigerians to make contactless payments, move money between accounts and manage their accounts virtually. Unlike other ...
Ghana Points to Difficulties Ahead For African Governments’ Access to Capital
The premiums that investors are charging Ghana to buy its debt have surged six-fold to the highest levels since the beginning of the pandemic, making it a lot more expensive for the country to borrow money from global capital markets. The ...
African Iron Ore Exporters Keep a Wary Eye on China’s Falling Steel Output
Iron ore prices are holding steady... for now... but investors are becoming increasingly worried about the impact that the real estate crisis and China's slowing economy overall may have on-demand later in the year. Plus, Chinese officials have tried to limit ...
The Messy Politics of Building a Railway in Kenya With Chinese Money
Kenya's Standard Gauge Railway (SGR) is the showcase in Africa for China's debt-led infrastructure development drive. While critics accuse China of saddling Nairobi with unsustainable levels of debt to build the rail line that goes from the port of Mombasa to ...
African Countries At Risk From China’s Economic Deceleration
The South African rand has long served as a sort of early warning system for investors to gauge the impact of Chinese economic news. And yesterday, the alarms sounded as the value of the South African currency fell 1.1% in response to worse-than-expected third-quarter data ...
Two Totally Different Messages Emerge on the Same Day Over the Health of the Kenyan Economy
Kenya's Treasury Cabinet Secretary Ukur Yatani provided parliament with an upbeat forecast of the country's economic recovery in the post-pandemic era. Yatani reaffirmed on Wednesday his earlier projection that economic growth would remain at a healthy 6% next year and the country's ballooning fiscal deficit ...
African Borrowers Need to Wake Up to the Reality of Chinese Loans
Chinese lending to developing countries has come under sharp focus since the release of several reports that have reshaped the debate. Unsurprisingly, many news reports, like the BBC’s “China: Big spender or loan shark” are ringing the alarm bells. However, I’d argue that the reports should rather prompt new ...
Kenya Led the World in Finishing Chinese-Funded Infrastructure Projects Ahead of Schedule
Kenya completed more Chinese-financed construction projects ahead of schedule than any other country in the world, according to the findings from AidData's recently released report on Belt and Road financing. AidData, a research lab based at William & ...