Tag: loans
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China, DRC Sign Three Agreements to Reduce Debt and Provide New Aid
Chinese ambassador to the DRC Zhu Jing and Foreign Affairs Minister Christophe Lutundula Apala posed for a ceremonial fist-bump at the Foreign Ministry in Kinshasa following the signing earlier this month of three new accords that will provide additional Chinese aid to the DRC while eliminating some of ...
We Now Know More About Zambia’s Debt… And It’s Not Good
The Zambian government owes creditors close to $27 billion, according to new data released by the Finance Ministry on Wednesday. The majority of those debts, $16.86 billion, are owed to foreign creditors and also include half a billion dollars of penalties for late payments. ...
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 ...
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 ...
New Nigerian Chinese-Built Railways Generating Enough Revenue to Pay Off the Loans, Says Transport Minister
Nigeria's new Chinese-financed Standard Gauge Railways are already generating enough revenue to repay the loans needed to build them, said Transportation Minister Rotimi Amaechi. Passenger usage of the Lagos to Ibadan line has been quite ...
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 ...
The Case For Better African Governance in Managing Chinese Development Projects
There's been mounting criticism of Chinese development projects in Africa by both political and civil society actors in response to rising debt levels, environmental degradation, and the maltreatment of local workers by Chinese managers. While many put the burden of responsibility ...
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 ...
Why Zambia is An Outlier Among African Countries That Owe Money to China
Zambia owes at least 18 Chinese creditors $6.6 billion, nearly twice as much as previously stated, according to a new report published by the China-Africa Research Initiative (CARI) at Johns Hopkins University. And that figure may be even higher as it ...
FOCAC Is About 6 Weeks Away. Here’s What Might Be On the Agenda
With everything surrounding the upcoming Forum on China-Africa Cooperation (FOCAC) summit shrouded in secrecy and uncertainty, previewing what will happen at the Dakar event is admittedly a risky undertaking. So, these predictions are suggestive at best, given how much hearsay is swirling around the summit.
Key Takeaways From AidData’s New Report on How China’s Finances the BRI
AidData, the development research lab at William & Mary College in Virginia, published a landmark report this week that provides the most comprehensive overview to date of Chinese financing of projects along the Belt and Road. Researchers pored through 13,247 projects ...
China’s Role in the Burgeoning Debt Challenge in Africa
The debt situation in Africa is changing very quickly as some countries race to negotiate urgent bailouts with the IMF while others are struggling to service their debts amid the ongoing pandemic. Pretty much every country across the continent is struggling ...