Washington, Usa (AFP) April 16, 2011
African officials said Saturday they need Chinese aid because they cannot get support from traditional partners, and called Western criticism of China's huge Africa support program unfounded.
"Most of our countries cannot access the markets to borrow. We are forced to turn to sources of concessional financing, which are now very, very limited," said Togo's Minister of Finance Adji Oteh Ayas at the IMF-World Bank meetings in Washington.
He called developing Africa's increasing reliance on Chinese financing "a very good thing," even though Western critics have described it as exploitative, providing China with valuable commercial inroads into the continent.
But he acknowledged there was not much choice.
"We are forced to fall back on Chinese loans, which are concessional and affordable for our country," he said at a news conference.
His counterpart from Chad, Ngata Ngoulou, said the Chinese offered a solid, inexpensive funding opportunity for much-needed but high-cost infrastructure.
He cited an oil refinery and a cement factory in Chad being built with Chinese support.
"If we had gently approached our traditional partners," he said, "they would have discouraged us."
Low-cost Chinese financial support helps African countries avoid pumping up their debt levels with expensive borrowings, the ministers said.
But their traditional supporters, Western governments, have criticized the absence of conditions attached to the Chinese support -- such as reform and transparency requirements.
"The important thing is that the debt we incur is viable. That means something," Ngoulou said.
"It is no longer like the '60s and '70s when the borrowings were simply squandered," he said.
Now, "when we go into debt for an industrial project, there is no reason that the project itself does not help repay the debt," he said.
"Even if the Western criticism is fair enough, still I do not think this is a bad thing for Africa," said Togo's minister.
Share This Article With Planet Earth
Africa News - Resources, Health, Food
Senegal opens Chinese-built theatre
Dakar (AFP) April 16, 2011
Senegalese President Abdoulaye Wade on Friday opened the capital city's national Grand Theatre, an imposing building constructed by the public Chinese company Complant, near the capital's station. Wade thanked China "for this majestic jewel" which cost 16 billion CFA francs (24 million euros/34.6 million dollars) and hailed the "dynamics, pragmatism and efficiency" marking the two countries' ... read more
Latvia's president marked by role at Chernobyl|
Clinton pledges reconstruction support
Martelly offers fresh hope to quake-hit Haiti
25 years later, Chernobyl fallout still an eco-hazard
Researchers Discover The Cause Of Irradiation-Induced Instability In Materials Surfaces
Robot readings in Japan nuke plant 'harsh'
Eco-Friendly Treatment For Blue Jeans Offers Alternative To Controversial Sandblasting
Ultra-Fast Magnetic Reversal Observed
Sizzling, landlocked Madrid gets cool new 'beach'
Want to cut shipping costs? Then go fly a kite
Sushi bars in Paris adjust to life after Fukushima
BP feels fishermen's fury over Gulf oil spill
Arctic coastline eroding with warming
Arctic Coasts On The Retreat
West Antarctic Warming Triggered By Warmer Sea Surface In Tropical Pacific
Arctic Sea Ice Flights Near Completion
Nationwide Study Finds US Meat And Poultry Is Widely Contaminated
Activists save Chinese dogs from cooking pot
Japan asks Brazil to ease food import rules
New Citrus Variety Released By Uc Riverside Is Very Sweet, Juicy And Low-Seeded
Liquefaction major culprit in Japan quake
6.6-magnitude quake hits off New Zealand: USGS
Increasing activity at Philippine volcano
Hundreds of aftershocks worsen Japan's quake trauma
Chinese aid good for Africa: ministers
Military helicopter crashes in Darfur, five dead: army
Senegal opens Chinese-built theatre
UN should not take sides in I.Coast: Medvedev
Human Rules May Determine Environmental Tipping Points
Scripps Research Scientists Identify Mechanism Of Long-Term Memory
Are Your Values Right Or Left? The Answer Is More Literal Than You Think
Negative Image Of People Produces Selfish Actions
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement|