Tag: Zambia
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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 ...
Ethiopia To Default on Bond Payment
Ethiopia is set to join Zambia, Sri Lanka, and Ghana on the debt chopping block following the announcement that it can’t pay a $33 million bond coupon due on Monday. The country will officially be in default once a 14-day grace period elapses. ...
A Primer on China’s Role in the Worsening Zambian Debt Crisis
Zambia's debt restructuring deal that was hailed earlier this year as a "landmark" breakthrough for developing countries is now in shambles. Talks broke down a couple of weeks ago when bilateral creditors led by China and France objected to the terms ...
The Implosion of Zambia’s Debt Deal Signals Wider Worries
Delays in restructuring Zambian debt are weighing on the country’s economy and raise wider questions about the future of debt relief mechanisms around the world. Zambia appears stuck since the announcement last Monday that its committee of official creditors rejected a deal between ...
WEEK IN REVIEW: Zambia Debt | Lula’s China Diss | China-Africa Journalism
Zambia suffered a major setback this week in its nearly three-year odyssey to restructure $32 billion of debt when the country's bilateral creditors led by China and France pushed back against bondholders. Plus, Brazilian President Luiz Inácio Lula da Silva issued ...
Kenyan-Chinese Smartphone Assembly Plant Debuts
Kenyan President William Ruto launched the country’s first smartphone assembly plant earlier this week. Located in a town outside of Nairobi, the East Africa Device Assembly Kenya plant is a joint venture between Kenyan telecom companies Safaricom and Jamii and the Chinese mobile device dealer Shenzhen TeleOne Technology. ...
As Debt Resolution Deadlock Looms, Which Scenarios Face Us?
China’s rapid rise as a global lender has also made it a significant disrupter of the business-as-usual of debt restructuring. While Western stakeholders have framed China’s role as a ‘barrier,’ Beijing insists that it is being treated unfairly in comparison to Western-led ...
$1.3 Billion Chinese Investment in Zambian Copper Sector as EU Readies Competing Deal
The Chinese mining giant China Non-Ferrous Metals Mining Company (CNMC) announced a plan to invest $1.3 billion in Zambia across a range of sectors. The agreement, announced by CNMC chairperson Xi Zhengping, includes a $400 million investment in the Chambishi copper mine, run by its subsidiary Non-Ferrous Corporation ...
Zambian President Returns Home From Week-Long Visit to China, No Updates on Debt Restructuring Deal
Zambian President Haikinde Hichilema returned home this weekend from a week-long trip to China that appeared to be as much about sightseeing as it was about conducting substantive diplomacy. During the last stop of his tour in Beijing on Friday, Hichilema met ...
Zambian President Haikinde Hichilema Does the Rounds of Shenzhen’s Tech Giants
Zambian President Haikinde Hichilema devoted the third day of his week-long China tour to visiting some of the country's largest tech companies headquartered in the southern megacity of Shenzhen. The president visited the headquarters of internet giant Tencent, automaker BYD and ...
Forget About Everything Else, Hichilema’s in China to Resolve Zambia’s Still Unfinished Debt Restructuring Deal
Zambian President Haikinde Hichilema is spending much of this week visiting Chinese business hubs in Shenzhen and Shanghai, but the real focus of this trip will be dealt with later in Beijing, where he will tackle the sensitive issue of debt. ...
Zambian President Arrives in China for Crucial Debt Talks
Zambian President Haikinde Hichilema landed in the southern Chinese megacity of Shenzhen on Sunday to kick off a six-day visit to China that will include highly-anticipated talks with his Chinese counterpart Xi Jinping to finalize the details of a debt restructuring deal signed last June.