Thu Jul 19, 2012, 04:57 AM

China strengthens Africa ties with $20 billion in loans

Source: Reuters

(Reuters) - Chinese President Hu Jintao on Thursday offered $20 billion (12.7 billion pounds) in loans to African countries over the next three years, boosting a relationship that has been criticised by the West and given Beijing growing access to the resource-rich continent.

The loans offered were double the amount China pledged for the previous three-year period in 2009 and is the latest in a string of aid and credit provided to Africa's many poverty-stricken nations.

The pledge is likely to boost China's good relations with Africa, a supplier of oil and raw materials like copper and uranium to the world's most populous country and second-largest economy.

But the loans could add to discomfort in the West, which criticises China for overlooking human rights abuses in its business dealings with Africa, especially in Beijing's desire to feed its booming resource-hungry economy.

Read more: Link to source

5 replies, 1206 views

Reply to this thread

Always highlight: 10 newest replies | Replies posted after I mark a forum

Replies to this discussion thread

5 replies	Author	Time	Post
China strengthens Africa ties with $20 billion in loans (Original post)	dipsydoodle	Jul 2012	OP
Ruh Roh! The IMF and World Bank better watch out!	DCKit	Jul 2012	#1
dipsydoodle	Diclotican	Jul 2012	#2
china is just another empire trying to rob africa of it`s wealth	madrchsod	Jul 2012	#3
because god forbid anyone investing in Africa	SemperEadem	Jul 2012	#4
Good points	Franker65	Jul 2012	#5

Response to dipsydoodle (Original post)

Thu Jul 19, 2012, 05:50 AM

DCKit (18,330 posts)

1. Ruh Roh! The IMF and World Bank better watch out!

China is using their own tactics against them.

Unfortunately, like any IMF or World Bank "loan", the rulers get the money and the people are on the hook to pay it back. Since Africa has little infrastructure (to privatize), I will assume China is going after their mineral wealth.

Reply to this post

Response to dipsydoodle (Original post)

Thu Jul 19, 2012, 06:32 AM

Diclotican (3,793 posts)

2. dipsydoodle

dipsydoodle

I have the feeling, and the suspection that China would discover the same problem the West have had for the last 60-70 year, that Africa is not an easy continent to give loans to.. Specially when it is time to get the money back, and the bank is emty and it exist nothing to get their hands on...

But, why not maybe PRC have better experience with Africa than the white man had... Good luck, PRC wil need it

Diclotican

Reply to this post

Response to dipsydoodle (Original post)

Thu Jul 19, 2012, 06:53 AM

madrchsod (55,747 posts)

3. china is just another empire trying to rob africa of it`s wealth

the chinese have already run into problems in some nations with the treatment of the native population.

Reply to this post

Response to dipsydoodle (Original post)

Thu Jul 19, 2012, 12:53 PM

SemperEadem (7,998 posts)

4. because god forbid anyone investing in Africa

Last edited Thu Jul 19, 2012, 12:56 PM USA/ET - Edit history (1)

The continent is to be hated with the heat of 1,000 white hot suns.

Pineapples rot on the ground in Ghana because Dole's monopoly on trade in the commodity doesn't want the competition.

There is no reason in the world why that continent should be starved of investment. What reason does the US have for not
beating China to the punch? Their blinding hatred of all things African.

Reply to this post

Response to dipsydoodle (Original post)

Wed Jul 25, 2012, 04:37 AM

Franker65 (252 posts)

5. Good points

I agree, there should be way more investment. In fairness to the Americans, they did try to help in Somalia and it didn't go too well. Seemed to scare them away.

Reply to this post

Latest Breaking News (Forum)