Posted on 02/16/2022 12:42:53 PM PST by nickcarraway
Chinese banks provided more loans to fund developmental projects in sub-Saharan Africa than some of the world's greatest economies combined from 2007 to 2020, according to a new study.
The Washington- and London-based Center for Global Development on Thursday also reported that Chinese development banks provided a whopping $23 billion to finance public-private partnerships in the region.
The figure is more than double the combined amount of $9.1 billion lent by banks in the U.S., Japan, Germany, the Netherlands, France and South Africa, the report found.
"This is well short of what the region needs for roads, dams and bridges," said Nancy Lee, lead author of the study.
The global think tank examined more than 500 infrastructure projects in the region with a private sector component that reached financial closure during the period.
"There's a lot of criticism of China, but if Western governments want to boost productive and sustainable investments to meaningful levels, they need to deploy their own development banks and press the multilateral development banks to make these investments a priority," Lee said.
The report also found that despite the 2015 "billions to trillions" vision launched by multilateral development banks, institutions such as the World Bank provided only $1.4 billion per year to fund infrastructure projects in sub-Saharan Africa from 2016 to 2020.
The lack of transparency and use of collateralized loans by China has been of great concern to stakeholders in recent years.
Economists at the International Monetary Fund and the World Bank have warned that several low-income countries face or are already in debt distress.
Lee, a senior fellow at the Center for Global Development, said Western countries have been slow to hike investments despite "much rhetoric."
"There's a real opportunity for the U.S. to provide more leadership on infrastructure finance in Africa," Lee noted.
It’ll be fun to watch the efforts of our intellectual class to justify the imperialism of China. Especially when those loans go bad.
I suppose folks have not realized the catch to them China loans yeah? You fail making payments, China takes the sh*t.......
“China” and “loans” shouldn’t be in the same sentence unless it’s discussion about how many decades it’s been since China paid on the $1.6 trillion in debt Americans bought from China for things like their railroad project.
World Bank and US banks have refused to provide loans for building energy infrastructure because they need to use fossil fuels to get in their feet. Green racism against Africans.
This is exciting to see the CHICOMS piss money away into 3rd world black holes rather than us.
Oh yes, but I don't think the CHICOMS will just walk away, shrugging and saying "oh well it's only taxpayer money" the way our State Department does. I think they'll get a bit nastier.
In the end, they'll learn the ancient lesson: "Africa wins again!"
China is taking our worthless dollars and using them to own these 3rd world, mineral-rich, black holes.
LOL. China loans money like Tony Soprano loaned money.
“World Bank and US banks have refused to provide loans for building energy infrastructure because they need to use fossil fuels to get in their feet. Green racism against Africans.”
Don’t forget what the EU does to African countries if they accept US made GMO agricultural products. It doesn’t matter if they could feed their populace, they can’t sell a single thing to Europe if they use GMO’s. They can’t even except the food for their consumption.
Add into this that the cancellation of superior insect poisons like DDT have caused an estimated one billion additional deaths due to insect born disease. And, here in America people are concerned about “micro agressions.”
But China’s loan all come with ‘strings attached’
It’s The Chinese Communist Party’s way of stealing all their stuff when they default on the loans
China’s raid on Entebbe:
The Chinese see Sub Saharan Africans as “farm equipment”. They’re just going to run the cotton plantations in Africa to save transportation and feeding costs.
Even then, just watch. The Africans will still be better off than they typically are under their own leadership. Case in point, Rhodesia.
Bkmk
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.