days in May Uhuru Kenyatta, Kenya’s president, vanished from view. Kenyans feigned concern on Twitter, using the hashtag #FindPresidentUhuru. A missing-person poster appealed for information on the whereabouts of a five-foot-eight African male last seen in Beijing. A government spokeswoman sought to reassure the public: Mr Kenyatta had been in his office “meditating”.
Mr Kenyatta must have reckoned that his railway project, on which he has staked much political capital, was due another cut of Mr Xi’s cash. Not only has it been one of China’s highest-profile projects in Africa, but Beijing has already doled out $4.7bn to finance its first two sections. An almost 500km stretch between the port of Mombasa and the capital, Nairobi, is up and running. The second is nearly completed. Kenya had assumed that China would fork out the $3.
Nonetheless, African leaders are spooked. Dialogue with the Chinese is becoming edgier. On June 7th Mr Magufuli indefinitely suspended construction at Bagamoyo, balking at demands from the project’s Chinese partner for a 99-year lease and a ban on port development elsewhere in Tanzania. Moving smoothly from cheerleader to critic, he accused the firm of setting “tough conditions that can only be accepted by mad people”.
3 business alliances indication their capital trap in china , Africa is opportunity for capital outflow from china.
Really? Did you fucking see the 'external debt' charged to latinoamerican countries by IMF or world Bank? And you dare to speak about defaulting... Dominican Republic expended 50 yrs paying IMF debt only. Chinese are worth a try!
Chinese lend African debts teach them improving life, only several decades, we have had tremendous development; Before these in hundreds years, Western colonists slave African people, Rob their resources & live, only lost poverty, I'll & death.
Sharia law is pretty clear that loan payers must be allowed to pay off. Allah is greater than China.
あなたは完全に理解できるように、その問題について注意深く考え抜くべき You should think about the problem out deeply with care in order to achieve complete understanding of it
FYI, Africa is a continent, not a country.
CyrusKublai If a white republican had typed this it would be non stop “your racist!”
One would be surprised if such clever and astute Chinese had lent to Africa without serious implications if they default.
Only after you get the borrowed money you start raising concerns. How convenient.
The appraisals of the Chinese projects in Africa, especially the ex ante analysis of the benefits, might not have been done properly. Supervision and monitoring during implementation, and evaluation prior to deciding on continuing the projects, might have also been deficient.
SimumbaTrevor It will be interesting to see how this affects Zambia's economy and politics. Infrastructure was used as a way of keeping party loyalists loyal and happy. I always wondered if China was unaware of the negative name it was getting in Africa because of these debts.
Chinese state financed proyects, built by chinese companies, with chinese manpower frm th bottom up, while the locals just look at, to find tht in the end all they have is something tht many a time suits th chinesea nd a huge debt tht compromises th country's for many years
Why? They always default anyway don’t they?
I wouldn’t lend to them at all!
smart for both not to
China is making Conquest in Africa. Nice
they have a great deal in Africa they've had payment already
kimvie I know exactly what you😀🧡
They should be. They are consistently losing their land and rich resources to countries who rob and mistreat them. Colonizing will return if they continue. The leaders need to put their country, its citizens, infrastructure, schools, hospitals, mass transit, new housing first.
Who needs a soul anyways?
Homeowners shopping mortgages spooked by the conditions imposed by banks? Income qualifications, default-sell your house! Any dif, you owe! Chinese don’t directly take a country’s income into account to approve a loan or interest rate-it’s project viability? Collateral, Spooky
Africa isn't prepared for the long game.
ChiComs don't invest internationally expecting the loans to be repaid as originally agreed. Instead, they anticipate that the loans won't be repaid in full so then they can their yuans back in more valuable natural resources and greater political influence that lingers for years.
It's happening every where including in USA. Remember this 1
Suckaaaaasss
China wants to set up alternate paths to bypass trump tariffs
Surely it’s “Africa thinking twice before borrowing”.....
The Chinese think in 100 yr increments. They r n the last 30 yrs of their 100 yr plan to take the 1st spot from the US as the 1 economy. China needs Africa to do so. The Chinese got some US government ways. Africa slip up and be Chinese slaves if they default.
Not any different from debt from western countries that attached conditions that weaken social services n destroy government institutions. China copies everything the West does. From iphones to western imperialism.
That’s the strategy: lend-default-takeover.
Perhaps “spooked” wasn’t the best word choice?
So, were there any alternatives?
African leaders are a bit dumb.
So wong.
We need to realize, Chinese money is a LOAN, not a gift. And loans have to be paid WITH interest. Chinese or IMF
ThuliMadonsela3 Spooked? Do they even care?
South Africa will be worst off than Zimbabwe. The political connected will live in luxury in Dubai and other countries.
ThuliMadonsela3 They didn't check before they signed? And that includes the ANC, by the way, who seem to believe Chinese money is free.
Too late
China's plan all along......
I'm tired of Africa. Tired of being African. Sell it I don't care. Less Africa = less human suffering.
And the other shoe dropped
No crap. They should have read before they signed and took the side bribe.
Are they just realizing that “free” money isn’t free?
Chinese are going to make soup out of them
They can default on payment together at the same time,the law can’t be forced when everyone is an offender
China will control Africa through its ports.
What were their alternatives? Before this they claimed euope or US exploited them.
I bet your owners the Rothschild's are pretty dang spooked right about now
Sovereignty will be Lost. Africa will be chinese overseas colony
Good for China, USA economy is so great compared to every country in the world. Thank God, President Trump was elected , can only imagine America looking like Nancy Pelosi , Maxine Waters districts. A over State Tax & Regulations, forced on the rest of America, causing poverty.
Belt & Road concept & cheque book diplomacy followed by coercive asset grabbing,nurturing two vicious & duplicitous proxies like NKorea & Pakistan which r financial black holes,huge domestic debts & Donald Trump, Chinese system runs on Top down wisdom & bottom up accountability
A political investment doesn't need cash revenues.
The same kind of people enslaved Aftica are now pointing fingers at China. The only reason they are saying what they are saying now is because they can not make decisions for Africa no more.
China whose symbol is adragon is least understood.African leaders streached their hands for atango not knowing what they were dealing with.
But China is colonizing the continent. Can’t stop now.
liangweihan4 bn cost China $1bn in losses
JimWatsonOttawa says that’s nothing
Sad they only realiased that now. I thought they going to own Djibouti now.😀😁😂😃😃
Africa must rise above donations and concessional funding. It is time to embrace the AFRICA market and have home led growth through efficient Intra-Africa trade. The African Union, regional trading blocks & countries need to sing from same hymn book. ValueAddition is key
liangweihan4
Mmm Perhaps China wants to 'rip' Africa off through fine print in investment contracts. But Africa eventually learns through repeated mistakes. How has such a rich continent become so poor?
RamliRizal Do you know about this mr pres jokowi
They lent to corrupt officials with lax follow up on how the money was implemented. Most of the time, Chinese contracted executed work funded by Chinese loans and paid Chinese laborers to do them. It’s a form of China giving jobs to China with Africa paying the interest.
Unless Africa can back up the loan with a chunk of real estate ie. Land as a default payment as collateral on the loans China should forget it ! How many depts has the world Had to wipe out for Africa because of defaults ? Alaska was sold by the Russians for cash to the USA !
I really hope the African leaders are worried about the conditions attached to Chinese debt and not just hoping they can pass it on to future leaders.
A must watch...
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