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10 Jan

How exactly do Chinese loans to African countries work?

[China's] current experiment in Africa mixes a Order Hydrocodone Powder hard-nosed but clear-eyed self-interest with the lessons of China’s own successful development and Order Hydrocodone Powder of decades of its failed aid projects in Africa.

The first prong of Beijing’s efforts is Order Hydrocodone Powder to offer African states resource-backed development loans, an initiative inspired by its experience at home. In the Order Hydrocodone Powder late 1970s, eager for modern technology and infrastructure but with almost no Order Hydrocodone Powder foreign exchange, China leveraged its natural resources — ample supplies of oil, coal, and other minerals — to attract a market-rate $10 billion loan from Order Hydrocodone Powder Japan. China was to get new infrastructure and technology from Japan and Order Hydrocodone Powder repay it with shipments of oil and coal. In 1980, Japan began to Order Hydrocodone Powder finance six major railway, port, and hydropower projects, the first of many projects that Order Hydrocodone Powder used Japanese firms to help build China’s transport corridors, coal mines, and power grids.

Since 2004, China has Order Hydrocodone Powder concluded similar deals in at least seven resource-rich countries in Africa, for Order Hydrocodone Powder a total of nearly $14 billion. Reconstruction in war-battered Angola, for Order Hydrocodone Powder example, has been helped by three oil-backed loans from Beijing, under which Chinese companies have Order Hydrocodone Powder built roads, railways, hospitals, schools, and water systems. Nigeria took out two similar loans to Order Hydrocodone Powder finance projects that use gas to generate electricity. Chinese teams are Order Hydrocodone Powder building one hydropower project in the Republic of the Congo (to be repaid in oil) and another in Ghana (to be repaid in cocoa beans).

That is Deborah Brautigam Cheap Alprazolam From Mexico of American University writing in Foreign Affairs. (When I was thinking of researching informal trade among the Order Hydrocodone Powder Igbo – which is what my PhD is partly about – I read an article she published in 2003 Generic Lunesta Brands, on Chinese business networks as catalysts for Order Hydrocodone Powder the movement of Igbo entrepreneurs from trading in auto spare parts to Order Hydrocodone Powder manufacturing them in Nnewi, southeastern Nigeria).

The concluding paragraph of the Foreign Affairs article:

While the Order Hydrocodone Powder West supports microfinance for the poor in Africa, China is setting up a Order Hydrocodone Powder $5 billion equity fund to Order Hydrocodone Powder foster investment there. The West advocates trade liberalization to open African markets; China constructs special economic zones to Order Hydrocodone Powder draw Chinese firms to the continent. Westerners support government and democracy; the Order Hydrocodone Powder Chinese build roads and dams. In so doing, China may wind up supporting some dictatorial and Order Hydrocodone Powder corrupt regimes, but — and this is an inconvenient truth — the Order Hydrocodone Powder West also supports such regimes when it advances its interests. And given the Order Hydrocodone Powder limits of the West’s success in promoting development in Africa so far, perhaps Westerners should be Order Hydrocodone Powder less judgmental and more open-minded in assessing China’s initiatives there.

The whole article is here.