World Bank Expresses Concern About Sustainability of China Loans to Africa – Forbes

Just as China is being praised for moving from a recipient of World Bank aid to a donor, the World Bank president has expressed concern about China’s loan programs to Africa (while also acknowledging that the World Bank will cooperate with a Chinese bank on an Africa-based project next year). From Forbes:

China is investing heavily in the continent as it looks to secure resources to fuel its rapid economic growth. However, the country’s policy in Africa has drawn criticism from some in the west who claim the loans are unscrupulous and are a form of neo-colonialism.

Zoellick said there is a worry that China is causing the debts of some African nations to pile up again, but he acknowledged that the Chinese are aware of this potential problem.

… Zoellick confirmed that the two banks will cooperate on projects in Africa next year, but he did not elaborate.

The World Bank and China Eximbank signed a memorandum of understanding in May to cooperate further in the field of development, with a particular focus on Africa. [Full text]

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