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B3W vs. BRI

Leaders from the Group of Seven (G7) richest democracies unveiled a highly-anticipated plan over the weekend for how they intend to counter China's Belt and Road Initiative and stem Beijing's growing influence in Africa and other developing regions. The ...

Analysis from Cobus van Staden

Sanctions and Anti-Sanctions

For those tracking the development (and high-level normalization) of ‘the new cold war,’ this week has been a doozy. U.S. President Joe Biden departed for the G7 summit in Cornwall with a rare bipartisan win in his pocket. His U.S. Innovation and Competition Act, a $250 billion bill aimed at countering Chinese competition in a number of hi-tech areas like semiconductors and robotics, passed with a 68-32 majority. Some predict that it could ...

Nigeria Gives Up on Chinese Lenders to Finance Two Railway Projects, Talks With Standard Chartered Now Underway

The slowdown in Chinese infrastructure development lending in Africa is on vivid display in Nigeria, where the country's Transportation Minister acknowledged that he's no longer counting on Beijing to finance a pair of multi-billion railway projects, according to a Bloomberg report. ...

A 2021 Update On What We Know About Chinese Lending to African Countries

There's ample evidence of a sharp decline in Chinese lending to developing countries, specifically in Africa. But that doesn't mean that China is out of the development financing game altogether.  Zainab Usman, director of the Africa Program at Carnegie Endowment for ...

OPay Seeks to Raise $400 Million For Expansion Signaling Chinese VCs May Be Ready to Return to Africa

The Chinese-backed African fintech platform OPay is reportedly in talks with investors to raise as much as $400 million at a valuation of more than $1.5 billion, according to a report in The Information. That valuation, by the way, is three times higher than the ...

Who is the Bigger Official Lender in Africa: China or the World Bank?

In an oft-cited 2019 working paper titled “China’s Overseas Lending,” we read that China has become the world’s “largest official creditor, easily surpassing the IMF or the World Bank…” Is this true in Africa (All references to Africa in this article refer to all of Africa, ...

China Backs Reallocation of IMF Funds to African Countries

China answered France's call to support the reallocation of billions of IMF funds that will come from an issuance of $650 billion in new Special Drawing Rights, according to a Foreign Ministry summary of remarks made by Vice Premier Han Zheng at this week's Franco-African ...

Ghana President Akufo-Addo Calls For the Cancellation of All African Debts

Ghanaian President Nana Addo Dankwa Akufo-Addo issued an urgent call for immediate economic relief, including the total cancellation of all debts owed by African countries, during his address on Tuesday at the Summit on Financing African Economies. Without the ‘fiscal room to breathe,’ Africa could truly become ‘the forgotten continent, ...

So, What Exactly Did Emmanuel Macron Accomplish With His African Finance Summit? Nothing Substantive.

The day-long Summit on the Financing of African Economies wrapped up in Paris on Tuesday and left a lot of people scratching their heads wondering what exactly was the purpose of the gathering. Unlike Monday's event that focused on Sudanese debt ...

South African Telco CEO Ralph Mupita is Looking to China For Both Ideas and Cash

Ralph Mupita, head of the largest pan-African telecom group MTN, wants his South Africa-based telco to draw inspiration and attract more investment from China.  On the investment side, Mupita recently partnered with the Chinese state-back Silk Road Fund that funnels ...

The DRC Wants to Renegotiate Some of Its Chinese Contracts. Hopefully, for Their Sake, They Read the Fine Print.

DR Congo President Félix Tshisekedi apparently wants to renegotiate some of the contracts that his predecessor, Joseph Kabila, signed with the Chinese, according to a report by Africa Intelligence.  Argentina too, like the DRC, tried to ...

As Zambia’s Presidential Election Campaign Heats Up, China Isn’t an Issue…Yet

Zambia's presidential election campaign is now shifting into high gear following last weekend's nomination of President Edgar Lungu as the ruling Patriotic Front's candidate. Meantime, the country's main opposition leader, the United Party for National Development's Hakainde Hichilema (photo), indicated that he's ...
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