China has committed to investing US$60 billion in Africa over the following three years while cancelling debt from countries struggling to repay debts.
Ironically it has a reputation of “debt trap” diplomacy in Africa after it has accumulated over US$100 billion of debt on the continent.
Originally published in the Mining Review Africa’s newsletter 2018/09/04
China has defended its multi-billion-dollar investments and loans to Africa with President Xi Jinping making a point of stating that this investment has no strings attached.
Jinping is adamant that his country is no longer trying to trap the continent – and that China is also not trying to impose its will on African countries by seeking political gains in them.
The President of South Africa, Cyril Ramaphosa, has emphasized that he believes China’s investments in Africa are an attempt to colonize countries on the continent.
“We look to China as a valuable, trusted and committed partner in advancing agenda 2063.”
Time will tell if free lunches going forward are in fact free.