The World Bank’s president, David Malpass, has expressed alarm over some of China’s loans to African developing nations, urging for “more transparent” terms and conditions.
This comes amid concerns that countries such as Ghana and Zambia are having difficulty repaying their loans to China.
Yet, China claims that any such lending is done in accordance with international law.
Developing nations frequently take out loans from foreign countries or multilateral organizations to fund economic growth-oriented industries like infrastructure, education, and agriculture.
But, because a large portion of that borrowing is done in foreign currencies like US dollars or euros, sharp increases in interest rates in the US and other major countries over the last year are making loan repayments more expensive.
As a result, addressing this issue and its effects was one of the primary motivations for US Vice-President Kamala Harris’s visit to three African nations this week. According to reports, Tanzania and Ghana would receive significant financial support as a result of her visit.
The statement that “for governments in Africa, they shouldn’t be using collateral as an inducement to make a loan, because it locks it up for generations, was also included. That has been the case with China, the head of the World Bank claimed.
Beijing has become one of the biggest sources for loans to developing economies in recent years. A new study led by the Kiel Institute for the World Economy shows that globally, China lent $185bn (£150bn) in bailouts to 22 countries between 2016 and 2021.
However, China refutes suggestions that it is exploiting other countries with its financial support.
At a press conference, Foreign Ministry Spokesperson Mao Ning said China “respects the will of relevant countries, has never forced any party to borrow money, has never forced any country to pay, will not attach any political conditions to loan agreements, and does not seek any political self-interest”.
Mr Malpass said the problems were not unique to Chinese financing but things were improving.
The World Bank’s president, David Malpass, has expressed alarm over some of China’s loans to African developing nations, urging for “more transparent” terms and conditions.
This comes amid concerns that countries such as Ghana and Zambia are having difficulty repaying their loans to China.
Yet, China claims that any such lending is done in accordance with international law.
Developing nations frequently take out loans from foreign countries or multilateral organizations to fund economic growth-oriented industries like infrastructure, education, and agriculture.
But, because a large portion of that borrowing is done in foreign currencies like US dollars or euros, sharp increases in interest rates in the US and other major countries over the last year are making loan repayments more expensive.
As a result, addressing this issue and its effects was one of the primary motivations for US Vice-President Kamala Harris’s visit to three African nations this week. According to reports, Tanzania and Ghana would receive significant financial support as a result of her visit.
The statement that “for governments in Africa, they shouldn’t be using collateral as an inducement to make a loan, because it locks it up for generations, was also included. That has been the case with China, the head of the World Bank claimed.
Beijing has become one of the biggest sources for loans to developing economies in recent years. A new study led by the Kiel Institute for the World Economy shows that globally, China lent $185bn (£150bn) in bailouts to 22 countries between 2016 and 2021.
However, China refutes suggestions that it is exploiting other countries with its financial support.
At a press conference, Foreign Ministry Spokesperson Mao Ning said China “respects the will of relevant countries, has never forced any party to borrow money, has never forced any country to pay, will not attach any political conditions to loan agreements, and does not seek any political self-interest”.
Mr Malpass said the problems were not unique to Chinese financing but things were improving.
The World Bank’s president, David Malpass, has expressed alarm over some of China’s loans to African developing nations, urging for “more transparent” terms and conditions.
This comes amid concerns that countries such as Ghana and Zambia are having difficulty repaying their loans to China.
Yet, China claims that any such lending is done in accordance with international law.
Developing nations frequently take out loans from foreign countries or multilateral organizations to fund economic growth-oriented industries like infrastructure, education, and agriculture.
But, because a large portion of that borrowing is done in foreign currencies like US dollars or euros, sharp increases in interest rates in the US and other major countries over the last year are making loan repayments more expensive.
As a result, addressing this issue and its effects was one of the primary motivations for US Vice-President Kamala Harris’s visit to three African nations this week. According to reports, Tanzania and Ghana would receive significant financial support as a result of her visit.
The statement that “for governments in Africa, they shouldn’t be using collateral as an inducement to make a loan, because it locks it up for generations, was also included. That has been the case with China, the head of the World Bank claimed.
Beijing has become one of the biggest sources for loans to developing economies in recent years. A new study led by the Kiel Institute for the World Economy shows that globally, China lent $185bn (£150bn) in bailouts to 22 countries between 2016 and 2021.
However, China refutes suggestions that it is exploiting other countries with its financial support.
At a press conference, Foreign Ministry Spokesperson Mao Ning said China “respects the will of relevant countries, has never forced any party to borrow money, has never forced any country to pay, will not attach any political conditions to loan agreements, and does not seek any political self-interest”.
Mr Malpass said the problems were not unique to Chinese financing but things were improving.
The World Bank’s president, David Malpass, has expressed alarm over some of China’s loans to African developing nations, urging for “more transparent” terms and conditions.
This comes amid concerns that countries such as Ghana and Zambia are having difficulty repaying their loans to China.
Yet, China claims that any such lending is done in accordance with international law.
Developing nations frequently take out loans from foreign countries or multilateral organizations to fund economic growth-oriented industries like infrastructure, education, and agriculture.
But, because a large portion of that borrowing is done in foreign currencies like US dollars or euros, sharp increases in interest rates in the US and other major countries over the last year are making loan repayments more expensive.
As a result, addressing this issue and its effects was one of the primary motivations for US Vice-President Kamala Harris’s visit to three African nations this week. According to reports, Tanzania and Ghana would receive significant financial support as a result of her visit.
The statement that “for governments in Africa, they shouldn’t be using collateral as an inducement to make a loan, because it locks it up for generations, was also included. That has been the case with China, the head of the World Bank claimed.
Beijing has become one of the biggest sources for loans to developing economies in recent years. A new study led by the Kiel Institute for the World Economy shows that globally, China lent $185bn (£150bn) in bailouts to 22 countries between 2016 and 2021.
However, China refutes suggestions that it is exploiting other countries with its financial support.
At a press conference, Foreign Ministry Spokesperson Mao Ning said China “respects the will of relevant countries, has never forced any party to borrow money, has never forced any country to pay, will not attach any political conditions to loan agreements, and does not seek any political self-interest”.
Mr Malpass said the problems were not unique to Chinese financing but things were improving.
The World Bank’s president, David Malpass, has expressed alarm over some of China’s loans to African developing nations, urging for “more transparent” terms and conditions.
This comes amid concerns that countries such as Ghana and Zambia are having difficulty repaying their loans to China.
Yet, China claims that any such lending is done in accordance with international law.
Developing nations frequently take out loans from foreign countries or multilateral organizations to fund economic growth-oriented industries like infrastructure, education, and agriculture.
But, because a large portion of that borrowing is done in foreign currencies like US dollars or euros, sharp increases in interest rates in the US and other major countries over the last year are making loan repayments more expensive.
As a result, addressing this issue and its effects was one of the primary motivations for US Vice-President Kamala Harris’s visit to three African nations this week. According to reports, Tanzania and Ghana would receive significant financial support as a result of her visit.
The statement that “for governments in Africa, they shouldn’t be using collateral as an inducement to make a loan, because it locks it up for generations, was also included. That has been the case with China, the head of the World Bank claimed.
Beijing has become one of the biggest sources for loans to developing economies in recent years. A new study led by the Kiel Institute for the World Economy shows that globally, China lent $185bn (£150bn) in bailouts to 22 countries between 2016 and 2021.
However, China refutes suggestions that it is exploiting other countries with its financial support.
At a press conference, Foreign Ministry Spokesperson Mao Ning said China “respects the will of relevant countries, has never forced any party to borrow money, has never forced any country to pay, will not attach any political conditions to loan agreements, and does not seek any political self-interest”.
Mr Malpass said the problems were not unique to Chinese financing but things were improving.
The World Bank’s president, David Malpass, has expressed alarm over some of China’s loans to African developing nations, urging for “more transparent” terms and conditions.
This comes amid concerns that countries such as Ghana and Zambia are having difficulty repaying their loans to China.
Yet, China claims that any such lending is done in accordance with international law.
Developing nations frequently take out loans from foreign countries or multilateral organizations to fund economic growth-oriented industries like infrastructure, education, and agriculture.
But, because a large portion of that borrowing is done in foreign currencies like US dollars or euros, sharp increases in interest rates in the US and other major countries over the last year are making loan repayments more expensive.
As a result, addressing this issue and its effects was one of the primary motivations for US Vice-President Kamala Harris’s visit to three African nations this week. According to reports, Tanzania and Ghana would receive significant financial support as a result of her visit.
The statement that “for governments in Africa, they shouldn’t be using collateral as an inducement to make a loan, because it locks it up for generations, was also included. That has been the case with China, the head of the World Bank claimed.
Beijing has become one of the biggest sources for loans to developing economies in recent years. A new study led by the Kiel Institute for the World Economy shows that globally, China lent $185bn (£150bn) in bailouts to 22 countries between 2016 and 2021.
However, China refutes suggestions that it is exploiting other countries with its financial support.
At a press conference, Foreign Ministry Spokesperson Mao Ning said China “respects the will of relevant countries, has never forced any party to borrow money, has never forced any country to pay, will not attach any political conditions to loan agreements, and does not seek any political self-interest”.
Mr Malpass said the problems were not unique to Chinese financing but things were improving.
The World Bank’s president, David Malpass, has expressed alarm over some of China’s loans to African developing nations, urging for “more transparent” terms and conditions.
This comes amid concerns that countries such as Ghana and Zambia are having difficulty repaying their loans to China.
Yet, China claims that any such lending is done in accordance with international law.
Developing nations frequently take out loans from foreign countries or multilateral organizations to fund economic growth-oriented industries like infrastructure, education, and agriculture.
But, because a large portion of that borrowing is done in foreign currencies like US dollars or euros, sharp increases in interest rates in the US and other major countries over the last year are making loan repayments more expensive.
As a result, addressing this issue and its effects was one of the primary motivations for US Vice-President Kamala Harris’s visit to three African nations this week. According to reports, Tanzania and Ghana would receive significant financial support as a result of her visit.
The statement that “for governments in Africa, they shouldn’t be using collateral as an inducement to make a loan, because it locks it up for generations, was also included. That has been the case with China, the head of the World Bank claimed.
Beijing has become one of the biggest sources for loans to developing economies in recent years. A new study led by the Kiel Institute for the World Economy shows that globally, China lent $185bn (£150bn) in bailouts to 22 countries between 2016 and 2021.
However, China refutes suggestions that it is exploiting other countries with its financial support.
At a press conference, Foreign Ministry Spokesperson Mao Ning said China “respects the will of relevant countries, has never forced any party to borrow money, has never forced any country to pay, will not attach any political conditions to loan agreements, and does not seek any political self-interest”.
Mr Malpass said the problems were not unique to Chinese financing but things were improving.
The World Bank’s president, David Malpass, has expressed alarm over some of China’s loans to African developing nations, urging for “more transparent” terms and conditions.
This comes amid concerns that countries such as Ghana and Zambia are having difficulty repaying their loans to China.
Yet, China claims that any such lending is done in accordance with international law.
Developing nations frequently take out loans from foreign countries or multilateral organizations to fund economic growth-oriented industries like infrastructure, education, and agriculture.
But, because a large portion of that borrowing is done in foreign currencies like US dollars or euros, sharp increases in interest rates in the US and other major countries over the last year are making loan repayments more expensive.
As a result, addressing this issue and its effects was one of the primary motivations for US Vice-President Kamala Harris’s visit to three African nations this week. According to reports, Tanzania and Ghana would receive significant financial support as a result of her visit.
The statement that “for governments in Africa, they shouldn’t be using collateral as an inducement to make a loan, because it locks it up for generations, was also included. That has been the case with China, the head of the World Bank claimed.
Beijing has become one of the biggest sources for loans to developing economies in recent years. A new study led by the Kiel Institute for the World Economy shows that globally, China lent $185bn (£150bn) in bailouts to 22 countries between 2016 and 2021.
However, China refutes suggestions that it is exploiting other countries with its financial support.
At a press conference, Foreign Ministry Spokesperson Mao Ning said China “respects the will of relevant countries, has never forced any party to borrow money, has never forced any country to pay, will not attach any political conditions to loan agreements, and does not seek any political self-interest”.
Mr Malpass said the problems were not unique to Chinese financing but things were improving.
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