{"id":10750,"date":"2022-12-17T12:16:02","date_gmt":"2022-12-17T12:16:02","guid":{"rendered":"https:\/\/www.africa-press.net\/cape-verde\/all-news\/us-wants-more-transparency-in-terms-of-africas-debts-to-china-us-official-says"},"modified":"2022-12-17T12:33:55","modified_gmt":"2022-12-17T12:33:55","slug":"us-wants-more-transparency-in-terms-of-africas-debts-to-china-us-official-says","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/cape-verde\/all-news\/us-wants-more-transparency-in-terms-of-africas-debts-to-china-us-official-says","title":{"rendered":"US Wants More Transparency in Terms of Africa\u2019s Debts to China, US Official Says"},"content":{"rendered":"

Africa-Press – Cape verde. <\/strong><\/span>The US-Africa Summit, which many experts consider to be an attempt to contain China’s influence in Africa, was held in Washington, DC, on December 13-15.<\/p>\n

The US will advocate for greater transparency regarding the terms of debt owed by African nations to China, US Under-Secretary of State for Economic Growth, Energy, and the Environment Jose Fernandez told Bloomberg on the sidelines of the US-Africa Leaders Summit in Washington. Speaking of the debt of African countries to China, Fernandez called it \u201ccrushing\u201d and said it \u201coppresses people\u201d.<\/p>\n

However, this week, China’s ambassador to the United States Qin Gang replied that similar accusations were made about the US, stating that “China’s investment and financing assistance to Africa is not a trap, it is a benefit,” thanks to which “you can see hospitals, highways, airports, stadiums” in Africa.<\/p>\n

Qin Gang also cited a report, according to which Africa owes three times more debt to private Western lenders than to China. The US-Africa Summit, according to experts, was aimed at countering Beijing’s growing influence in Africa. The US officials, however, denied such accusations, saying that Washington didn\u2019t intend to put Africa in front of a choice between the US and China.<\/p>\n

Meanwhile, China is currently Africa\u2019s biggest direct investor and trading partner. China\u2019s projects in Africa embrace such spheres as industry, infrastructure construction, public facilities, agriculture, educational development, healthcare, and climate initiatives. At the same time, experts note that China, unlike the West,<\/b> adheres to a principle of non-intervention and does not use its aid as a political tool.<\/p>\n

According to the analysis conducted by the US-based Center for Global Development, during the period of 2007-2020, China’s two main overseas development banks invested $23 billion in infrastructure projects in Africa, which was $8 billion more than the combined investments of the continent’s other top eight lenders, including the World Bank, African Development Bank and Western development banks.<\/p>\n

A significant share of China’s infrastructure projects in Africa takes place under the Asian country’s Belt and Road initiative, designed to assist developing countries in infrastructure development.<\/p>\n

According to Liu Pengyu, a spokesman for the Chinese Embassy in the US, China, at the same time is the largest contributor to the G20 Debt Service Suspension Initiative. A study carried out by the Johns Hopkins University School of Advanced International Studies, which targeted China’s debt relief case, showed that China forgave at least $3.4 billion of African countries’ debts in 2019. In August, China announced that it will cancel 23 interest-free loans to 17 African nations and will also fund them with $10 billion of its IMF reserves.<\/p>\n

For More News And Analysis About Cape verde<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Cape verde. The US-Africa Summit, which many experts consider to be an attempt to contain China’s influence in Africa, was held in Washington, DC, on December 13-15. The US will advocate for greater transparency regarding the terms of debt owed by African nations to China, US Under-Secretary of State for Economic Growth, Energy, […]<\/p>\n","protected":false},"author":84,"featured_media":10749,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,331,328],"class_list":["post-10750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-cape-verde","tag-cape-verde"],"yoast_head":"\nUS Wants More Transparency in Terms of Africa\u2019s Debts to China, US Official Says - Cape Verde<\/title>\n<meta name=\"description\" content=\"The US-Africa Summit, which many experts consider to be an attempt to contain China's influence in Africa, was held in W ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/cape-verde\/all-news\/us-wants-more-transparency-in-terms-of-africas-debts-to-china-us-official-says\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Wants More Transparency in Terms of Africa\u2019s Debts to China, US Official Says - 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