China, Africa and Aid
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The document discusses China's increasing economic engagement with Africa. It highlights China's commitments made at the Beijing Summit to double aid, provide duty-free access to African exports, set up investment funds, and build schools and hospitals. It notes that China's Export-Import Bank is expected to commit $20 billion over 3 years for Chinese business in Africa, compared to $17 billion from the World Bank. However, some argue China only targets countries with natural resources, does not ensure proper use of funds, and could worsen corruption. African leaders appreciate China's focus on infrastructure but some Western donors criticize China's non-interference and "no strings attached" approach.
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Oxfam's Africa-China Dialogue Platform will hold a multi-stakeholder dialogue, under the theme "African countries’ engagement with China and other Partners to achieve SDGs and Agenda 2063". The dialogue will focus on Africa’s strategy to make good use of the opportunities arising from Africa-China/other development partners’ cooperation from development financing perspectives under the framework of SDGs and Agenda 2063. See Concept Note and Agenda
Playing the Long Game: China's Investment in Africa
China’s growth and appetite for foreign direct investment (FDI) has made Africa its largest investment destination, according to a new report written by the Economist Intelligence Unit (EIU) for leading global law firm, Mayer Brown. The report, “Playing the Long Game: China’s Investment in Africa”, finds that whilst energy and mineral resources have attracted the most Chinese FDI, investments and activities that support Africa’s physical infrastructure is underestimated.
Exploring the opportunities and challenges facing Chinese investors in Africa, the report highlights increased African trade, more direct investment and a surge in export credit financing as the primary drivers of China’s current economic policy towards Africa and looks at the diversity and success of projects that have been financed. It also documents the perception of Chinese investment in Africa and the unique political, cultural and legal challenges of realising projects across such a diverse range of countries.
GIB2015_Instruments for Increasing Capital Flows_Zhang
This presentation was held during the 5th GIB Summit, May 27-28 2015.
The presentation and more information on the Global Infrastructure Basel Foundation are available on www.gib-foundation.org
AIIB Article- Banking Insight
The document discusses China's new Asian Infrastructure Investment Bank (AIIB) and its potential implications. In 3 sentences:
The AIIB aims to address Asia's large infrastructure funding gap and could give China significant influence in global finance by providing an alternative to Western-dominated institutions like the World Bank. While many countries have joined the AIIB, seeing potential economic benefits, others like the US and Japan remain absent due to concerns the bank could undermine their interests. The success and impact of the AIIB remains uncertain as it faces challenges in balancing the interests of members and maintaining standards of governance and environmental sustainability.
Conference on building resilient industries and infrastructure for economic t...
CONFERENCE ON BUILDING RESILIENT INDUSTRIES AND INFRASTRUCTURE FOR ECONOMIC TRANSFROMATION IN AFRICA: THE ROLE OF CHINA HOSTED BY INSTITUTE FOR DEMOCRATIC GOVERNANCE (IDEG)
(4TH AND 5TH JULY, 2017, ACCRA, GHANA)
OPENING SPEECH/GHANA’S ROLE IN INDUSTRIALISATION AND INFRASTRUCTURAL DEVELOPMENT IN THE ECOWAS REGION
BY
HIS EXCELLENCY DR. MAHAMUDU BAWUMIA VICE PRESIDENT OF THE REPUBLIC OF GHANA
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China, Africa and Aid
- 2. “His ‘gifts’ were tangible and generous”, a South African newspaper commented when Chinese President Hu Jintao signed several aid agreements during his 2007 visit to Mozambique. But for many people, the “gifts” borne by the Chinese dragon are more mysterious than tangible, and much more ambiguous than simply generous. Deborah Brautigam, 2009. The Dragon’s Gift: The Real Story Of China In Africa. Oxford University Press
- 3. Highlights of the Beijing Summit New strategic partnership Deepening of economic cooperation with African countries Pledges to double aid Ratchet up concessional finance for trade and infrastructure Allow duty free entry for many African exports China to set up fund for investment in Africa Build a hundred rural schools and 30 hospitals Establish up to 5 trade and economic cooperation zones across the continent
- 4. Post Summit Financing Commitments Li Ruogu, head of China’s Export Import Bank (Eximbank) predicted that 6 months after the summit that his bank would commit $20 billion over the next 3 years to finance Chinese exports and business in Africa The loan commitments by World Bank to countries in Africa over a similar 3 year period totaled just over $17 billion
- 5. China’s Promise “win – win cooperation” “mutual benefit” Non interference in domestic affairs (even engaging with dictators shunned by many other governments: Sudan and Zimbabwe) “no strings attached” aid
- 6. A Rogue Donor? Skepticism about China’s Aid Are they targeting aid only to countries with rich natural resources and questionable governance? Mauritius for example has no natural resources to speak of, save an interesting volcanic landscape, beautiful beaches, and rich soils that support a sugar cane crop. China reinventing Mauritius as a “cyber island”. Huawei has moved its Africa research, finance and administrative centers to Mauritius near the national university. China does not demand proper accounting of funds. Lack of conditions on governance will worsen corruption in regions already plagued by official malfeasance.
- 7. The African Complaint Donors have systemically dismissed African needs for infrastructure and ignored the need for development of the local private sector (Former President of Mozambique Joaquim Chissano) Despite 60 years of aid, wealthy countries still do not have a way to ensure that their assistance will actually promote development and reduce poverty Transitions from: occupation with infrastructure and industry to integrated rural developmental programs and basic human needs, to structural adjustment, then governance and democracy to Grameen Bank inspired microfinance, conditional cash transfers and so on
- 8. The Chinese Solution Influenced mainly by their own experience of development and by the requests of recipient countries Emphasis on infrastructure, production and university scholarships
- 9. Why China? China is different as a donor and strategic partner because it is also a developing country, and its development success (its rapid economic transformation and its reduction of poverty) give it a great deal of credibility as a partner with relevant experience. “Clearly, for us, in Africa, we have a lot to learn from China, beyond its financial capacity to assist. China has made the most progress over the past several decades in reducing poverty. That experience is of great interest to us”. Liberia’s former Finance Minister Antoinette Sayeh.
Editor's Notes
- China has given aid to every country in Africa save Swaziland because of its ties with Taiwan.
- Oxford University Press professor Paul Collier, former head of research at the World Bank, declared in his book The Bottom Billion: “In the bottom billion (governance) is already unusually bad, and the Chinese are making it worse”.