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Africa Starts to Have Second Thoughts About That Chinese Money (Bloomberg)

July 22, 2020

From the article:

"In Africa, Beijing was eager to fill the vacuum left when U.S. and European interest in the continent waned following the end of the Cold War. Governments there were hungry for loans not tied to austerity programs imposed by Western financial institutions, and China was quick to approve credit, with scant concern about the money going to regimes accused of corruption or human-rights violations. 'For China, as the newest power on the block, the only region of the world that was uncontested was Africa,' says Gyude Moore, Liberia’s former minister of public works and now a senior fellow at the Center for Global Development in Washington. 'When people complain about Chinese loans, it’s not as if most African countries have a plethora of options.'"

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Photo of W. Gyude Moore
Senior Policy Fellow