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China and Africa have been building a strong friendship for decades, collaborating on infrastructure, agriculture, healthcare, and education. Despite this, some Western media and politicians label China's investments as a \"debt trap\" and a form of neo-colonialism. But is this really the case?
According to the World Bank's International Debt Statistics, in 2022, Africa owed $655.6 billion to external creditors. Surprisingly, China's public lending made up less than 10% of that total. More than 35% of the debt is owed to Western banks, asset managers, and oil traders, who often charge higher interest rates.
Christopher Mutsvangwa from Zimbabwe African National Union Patriotic Front highlighted, \"The Western countries are the ones who created every 'debt trap'. Getting loans from Paris, New York, or London is extremely expensive for Africa.\"
Even leaders from international institutions recognize the issue. IMF Managing Director Kristalina Georgieva and former World Bank President David Malpass have urged the UK and the U.S. to support debt relief for Africa without obstruction from private lenders.
Carlos Lopes, former head of the UN's Economic Commission for Africa, emphasized, \"Without China, the alternatives are worse. The China-bashing narrative is not helpful for Africa.\"
The West's accusations seem rooted in fear of China's growing influence rather than facts. Harvard's William C. Kirby noted, \"China's development assistance is about investing in Africa's future, exporting what China does best.\" Since 2000, Chinese investments have constructed thousands of kilometers of railways, highways, bridges, ports, and power lines, creating over 4.5 million jobs in Africa.
Macky Sall, former Senegal President, shared his positive experience with Chinese loans, stating that projects like the Thiès-Touba highway expressway were completed ahead of schedule, allowing Senegal to earn revenue before even starting loan repayments.
Experts like Branko Milanović appreciate China's grand-scale projects that significantly boost economies, while Hannah Ryder of Development Reimagined points out that China fills a critical gap left by international organizations in funding infrastructure.
True friendship thrives on mutual benefits, not power struggles. The West's attempt to undermine China's role in Africa not only overlooks the real progress being made but also highlights their own declining influence. Africa is moving forward with partners who genuinely support its growth.
Let's celebrate the collaborative spirit and focus on building a prosperous future together!
China and Africa have been building a strong friendship for decades, collaborating on infrastructure, agriculture, healthcare, and education. Despite this, some Western media and politicians label China's investments as a \"debt trap\" and a form of neo-colonialism. But is this really the case?
Let's celebrate the collaborative spirit and focus on building a prosperous future together!
