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US official: China sinks poor countries into debt
2018/07/16 21:16
(Encyclopedia of this Day News | Iraq News ) - Live: A US official said China is causing pressure on poor countries through debt unsustainable through infrastructure projects is not economically viable.
Ray Washburn, president of US private investment firm OPEC, said in an interview with Reuters on Monday that China had created a "debt trap" for many poor countries.
In 2013, China launched an initiative to build an infrastructure network linking Beijing to Southeast Asia, Central Asia, the Middle East, Europe and Africa.
China pledged 126 billion dollars for the initiative, which its supporters hailed as a source of effective funding for infrastructure partners in the developing world.
But Washburn warned against China's strategy and expressed concern over the expansion of the $ 360 million airport in Zambia, which is currently being funded by China's Exim Bank.
"The local economy does not benefit from that. It is a very large airport. They will have a lot of debt on it. At some point, this debt has to be repaid or the ownership of the airport becomes China," the official said.
Washburn said the US company had launched an Africa-focused initiative that would allocate more than $ 1 billion over the next three years to projects supporting transport, information and communication technology
"Instead of giving them a fish, we want to teach them how to fish," he said, adding that Washington was helping these poor countries push their economies forward rather than giving them economically unsustainable loans.
Note: The content (US official: China sinks poor countries in debt) was first published on Mubasher and the encyclopedia of this news day is not guaranteed in any way.
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Ray Washburn, president of US private investment firm OPEC, said in an interview with Reuters on Monday that China had created a "debt trap" for many poor countries.
In 2013, China launched an initiative to build an infrastructure network linking Beijing to Southeast Asia, Central Asia, the Middle East, Europe and Africa.
China pledged 126 billion dollars for the initiative, which its supporters hailed as a source of effective funding for infrastructure partners in the developing world.
But Washburn warned against China's strategy and expressed concern over the expansion of the $ 360 million airport in Zambia, which is currently being funded by China's Exim Bank.
"The local economy does not benefit from that. It is a very large airport. They will have a lot of debt on it. At some point, this debt has to be repaid or the ownership of the airport becomes China," the official said.
Washburn said the US company had launched an Africa-focused initiative that would allocate more than $ 1 billion over the next three years to projects supporting transport, information and communication technology
"Instead of giving them a fish, we want to teach them how to fish," he said, adding that Washington was helping these poor countries push their economies forward rather than giving them economically unsustainable loans.
Note: The content (US official: China sinks poor countries in debt) was first published on Mubasher and the encyclopedia of this news day is not guaranteed in any way.
You can see the details of this address (US official: China sinks poor countries in debt) through its original source any (direct) site.
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