China’s President Xi pledges another $60 billion for Africa..”loans from China do not come with political obligations”

https://edition.cnn.com/2018/09/03/asia/focac-china-africa-development-intl/index.html

Chinese President Xi Jinping has announced a $60 billion package of aid, investment and loans to Africa, against a backdrop of growing concern about rising debt distress on the continent.

The announcement was made during the Forum on China-Africa Cooperation (FOCAC) in Beijing, a triennial meeting between senior Chinese leaders and their counterparts from across Africa.

The financial package is the same amount Beijing pledged at the previous FOCAC summit in 2015, and is in line with analysts’ expectations that Xi would not vastly increase the amount of Chinese money flowing into Africa.

Over the past nearly two decades, the numbers coming out of FOCAC have generally risen with each event. The pledge in 2015 was three times the figure announced at the 2012 forum.

Jeremy Stevens, international economist for the Standard Bank Group, said many felt it would not be “politically appropriate” to pledge huge loans given concern that Africa is becoming overloaded with Chinese debt.

Stevens said Beijing’s decision not to hike loans to Africa shouldn’t be interpreted as a step back in relations. “In reality it’s not — it’s a maturation and a natural evolution of the relationship,” he said.

https://www.sbs.com.au/news/xi-tells-african-leaders-no-strings-attached-to-chinese-loans

President Xi Jinping told African counterparts and business leaders Monday that China’s investments on the continent have “no political strings attached”, even as Beijing is increasingly criticised over its debt-heavy projects abroad.

Xi spoke before the start of a two-day China-Africa summit that is expected to focus on his cherished Belt and Road initiative, a global trade infrastructure programme.

The massive scheme is aimed at improving Chinese access to foreign markets and resources, and boosting Beijing’s influence abroad.

It has already seen China loan billions of dollars to countries in Asia and Africa for roads, railways, ports and other major infrastructure projects.

But critics warn that the Chinese leader’s pet project is burying some countries under massive debt.

“China’s investment in Africa comes with no political strings attached,” Xi told a high-level dialogue with African leaders and business representatives hours before the Forum on China-Africa Cooperation (FOCAC).

“China does not interfere in Africa’s internal affairs and does not impose its own will on Africa,” he said.

————

we have been reporting on this for many years now..

from west to east..and if you think china will let you off the hook when you cant pay then you are a fool..

they will take the important pieces of infrastructure straight out of the offending countries hands..

“Xi Jinping told African counterparts and business leaders Monday that China’s investments on the continent have “no political strings attached”,

yeah right..

“Jeremy Stevens, international economist for the Standard Bank Group, said many felt it would not be “politically appropriate” to pledge huge loans given concern that Africa is becoming overloaded with Chinese debt.”

401

~ by seeker401 on September 5, 2018.

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