Tag: finance
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New Complaint Adds to Kenya’s Chinese Contractor Woes
A Chinese contractor has slapped the Kenya Electricity Transmission Company (Ketraco) with a bill for 1.1 billion Kenyan shillings ($9.6 million) in interest for delayed payments. The contractor, Nari-PCGE, complained to the Kenyan Parliament that it hadn’t been paid for its work on the 428-kilometer Loiyangalani-Suswa transmission line. ...
The Shanghai Model: A Potential Solution for Debt Distressed Countries?
By Ying Qian At this year’s first G20 Finance Ministers and Central Bank Governors Meeting in Jakarta, Indonesia, members issued a communiqué highlighting the unevenness of the global economic recovery from the COVID-19 pandemic. Among many factors, debt distress and increased commodity ...
World Bank Overtakes China as Kenya’s Creditor of Choice
There's been a major shift in Kenya's borrowing patterns over the past three years marked by a sharp increase in loans from the World Bank while lending from China has slowed considerably, according to new Treasury data. ...
China’s Relatively Small Share of Kenya’s Total Public Debt
Kenya's total public debt now stands at $72.2 billion with $6.92 billion or just 9% owed to Chinese creditors, according to new figures from the Treasury in Nairobi. When measured against Kenya's total external, China's share ...
German Construction Companies Struggle to Find a Way to Compete Against Chinese Rivals in Africa
European leaders have made it very clear in recent weeks that they intend to compete vigorously against Chinese rivals for a larger slice of the African infrastructure construction market. While that may sound nice, in practice it's going to be difficult. ...
It’s That Time Again For G20 Finance Ministers to Get Together To Discuss All of the World’s Problems, Except Debt Relief
Finance ministers and central bank heads from the world's twenty largest economies will meet on Thursday and Friday in the Indonesian capital Jakarta to talk about how to revive the global economy from the COVID-19-induced downturn in many developing countries. But if the past two G20 meetings ...
Like It Or Not, the EU’s New Infrastructure Push in Africa is Being Framed as a Challenge to China
European Union President Ursula von der Leyen seemingly went out of her way to avoid saying the C-word during her brief two-day trip to Africa last week that included stops in Morocco and Senegal. The C-word, of course, is China. Beijing's ...
EU Chief Unveils First Global Gateway Projects in Africa
It's official! The European Union's answer to China's Belt and Road Initiative is now a reality. European Commission President Ursula von der Leyen unveiled the first initiatives under the EU's new Global Gateway program during a two-day visit to Morocco and ...
Report: China Financed More Infrastructure in Africa Than All of the World’s Major Donors… Combined
It's been obvious in recent years that China has provided far more financing for African infrastructure development than any other country or multilateral development finance institution (DFI). Now, however, for the first time, we know how much more... and it's a lot.
You’ve Heard of the Brady Plan, But What About the “Shanghai Plan” to Restructure Developing World Debt?
This week's revelation from the AfDB that Africa's total public debt now stands at $546 billion, more than all of the revenue collected in 2021 by governments across the continent, is the latest indication that the debt issue is blooming into a full-blown crisis ...
China Risks Repeating Debt Restructuring Mistakes of the Past Say Research Trio “HRT”
Chinese creditors' obsession with secrecy and their outright refusal to cancel debts held by low-income countries will undermine the chances of success of any major sovereign debt restructuring initiative, argue World Bank economists Sebastian Horn and Carmen Reinhart along with University of Kiel economist Christoph Trebesch.
The Future of Chinese Infrastructure Finance in Africa
Nigerian Transportation Minister Rotimi Amaechi acknowledged this week that he will no longer rely on China to fund two major railways and will have now have to look elsewhere for the money. The minister's comments shouldn't come as a big ...