https://sputnikglobe.com/20221216/us-wants-more-transparency-in-terms-of-africas-debts-to-china-us-official-says-1105515840.html
US Wants More Transparency in Terms of Africa’s Debts to China, US Official Says
US Wants More Transparency in Terms of Africa’s Debts to China, US Official Says
Sputnik International
In this article you will read about US demanding more transparency in terms of Africa’s debts to China
2022-12-16T12:57+0000
2022-12-16T12:57+0000
2022-12-16T12:59+0000
africa
china
east africa
us
summit
debt
debt relief
development
industry
cooperation
https://cdn1.img.sputnikglobe.com/img/07e6/0c/10/1105518449_0:0:3072:1728_1920x0_80_0_0_f8cd05ca66c906140b106ec520cb9d37.jpg
The US will advocate for greater transparency regarding the terms of debt owed by African nations to China, US Under-Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez told Bloomberg on the sidelines of the US-Africa Leaders Summit in Washington.Speaking of the debt of African countries to China, Fernandez called it “crushing” and said it “oppresses people”.However, this week, China's ambassador to the United States Qin Gang replied that similar accusations were made about the US, stating that "China's investment and financing assistance to Africa is not a trap, it is a benefit," thanks to which "you can see hospitals, highways, airports, stadiums" in Africa.Qin Gang also cited a report, according to which Africa owes three times more debt to private Western lenders than to China.The US-Africa Summit, according to experts, was aimed at countering Beijing's growing influence in Africa. The US officials, however, denied such accusations, saying that Washington didn’t intend to put Africa in front of a choice between the US and China.Meanwhile, China is currently Africa’s biggest direct investor and trading partner. China’s projects in Africa embrace such spheres as industry, infrastructure construction, public facilities, agriculture, educational development, healthcare, and climate initiatives. At the same time, experts note that China, unlike the West, adheres to a principle of non-intervention and does not use its aid as a political tool.According to the analysis conducted by the US-based Center for Global Development, during the period of 2007-2020, China's two main overseas development banks invested $23 billion in infrastructure projects in Africa, which was $8 billion more than the combined investments of the continent's other top eight lenders, including the World Bank, African Development Bank and Western development banks.A significant share of China's infrastructure projects in Africa takes place under the Asian country's Belt and Road initiative, designed to assist developing countries in infrastructure development.According to Liu Pengyu, a spokesman for the Chinese Embassy in the US, China, at the same time is the largest contributor to the G20 Debt Service Suspension Initiative. A study carried out by the Johns Hopkins University School of Advanced International Studies, which targeted China's debt relief case, showed that China forgave at least $3.4 billion of African countries' debts in 2019. In August, China announced that it will cancel 23 interest-free loans to 17 African nations and will also fund them with $10 billion of its IMF reserves.
https://sputnikglobe.com/20221213/china-rejects-africa-debt-trap-allegations-calls-for-dropping-geopolitical-games-on-continent-1105412026.html
https://sputnikglobe.com/20221130/china-cancels-rwandas-debt-as-sign-of-healthy-bilateral-cooperation-1104853783.html
africa
china
east africa
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2022
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
us wants debt transparency, africa's debt to china, africa's debt to west, us and china in africa, us-africa summit
us wants debt transparency, africa's debt to china, africa's debt to west, us and china in africa, us-africa summit
US Wants More Transparency in Terms of Africa’s Debts to China, US Official Says
12:57 GMT 16.12.2022 (Updated: 12:59 GMT 16.12.2022) The US-Africa Summit, which many experts consider to be an attempt to contain China's influence in Africa, was held in Washington, DC, on December 13-15.
The US will advocate for greater transparency regarding the terms of debt owed by African nations to China, US Under-Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez
told Bloomberg on the sidelines of the US-Africa Leaders Summit in Washington.
Speaking of the debt of African countries to China, Fernandez called it “crushing” and said it “oppresses people”.
However, this week, China's ambassador to the United States Qin Gang replied that similar accusations were made about the US, stating that "China's investment and financing assistance to Africa is not a trap, it is a benefit," thanks to which "you can see hospitals, highways, airports, stadiums" in Africa.
13 December 2022, 10:17 GMT
Qin Gang also cited a
report, according to which Africa owes three times more debt to private Western lenders than to China.
The US-Africa Summit, according to
experts, was aimed at countering Beijing's growing influence in Africa. The US officials, however, denied such accusations, saying that Washington didn’t intend to put Africa in front of a choice between the US and China.
Meanwhile, China is currently Africa’s biggest direct investor and trading partner. China’s projects in Africa embrace such spheres as industry, infrastructure construction, public facilities, agriculture, educational development, healthcare, and climate initiatives. At the same time, experts
note that China, unlike the West
, adheres to a principle of non-intervention and does not use its aid as a political tool.
According to the
analysis conducted by the US-based Center for Global Development, during the period of 2007-2020, China's two main overseas development banks invested $23 billion in infrastructure projects in Africa, which was $8 billion more than the combined investments of the continent's other top eight lenders, including the World Bank, African Development Bank and Western development banks.
A significant share of China's infrastructure projects in Africa
takes place under the Asian country's Belt and Road initiative, designed to assist developing countries in infrastructure development.
According to Liu Pengyu, a spokesman for the Chinese Embassy in the US, China, at the same time is the largest contributor to the G20 Debt Service Suspension Initiative. A
study carried out by the Johns Hopkins University School of Advanced International Studies, which targeted China's debt relief case, showed that China forgave at least $3.4 billion of African countries' debts in 2019. In August, China announced that it will cancel 23 interest-free loans to 17 African nations and will also fund them with $10 billion of its IMF reserves.
30 November 2022, 10:30 GMT
