Thursday, June 9, 2011

China Giving More Loans To Africa

Than the World Bank. I heard Stephen Sackur mention this yesterday on Hardtalk. He was grilling Obi Ezekwisili the Bretton-Woods institution's VP for Africa. The latter said something interesting: inequality is a time bomb that destroys your society. Couldn't agree more. Which has been after all the basic trigger for the Arab Spring. That would explain why The House of Saud is spending USD130 billion to buy peace in the Kingdom.

Here too, bean-counting policies have seriously harmed the fabric of our society during the last five years. For some thoughts on this check our little multimedia collection. No subscriptions required.

10 comments:

Anonymous said...

Are you praising China here my friend? Don't forget that the Chineese dream is to spread their own imperialist agenda just like the US. China or the World Bank, to me they are all the same.

Here in Mauritius china builds most infrastructre, china lends the money, imposes Chineese contractors and banks back all the money and asks for a profit in the form of interest. What a clever way of getting the Chineese employed!

I wonder who will build the BBJohn Dam - Ireko Construction maybe?

Sanjay Jagatsingh said...

Just stating the facts here. China is a force growing at an impressive clip. Along with India, it's her turn to shine again.

Did you know that at one time Patna used to be the biggest city in the world?

Anonymous said...

Pata, biggest city? In what sense, biggest economic power,trade etc or most populated area?

To be honest I still dont undestand how China loans out money when it has a huge poverty problem in the villages

akagugo said...

@ Anonymous of June 14, 2011 8:44 AM
Ireko is a building contractor and may not be qualified for the construction of dams. Who knows, maybe by partnering with a Chinese contractor specialising in dam construction...?

@ Anonymous of June 14, 2011 11:47 AM
"Greatest" in this sense (at "cite_note-13") which leads to this or this (at page 127).

According to a French historian major ancient cities thrived on their proximity to navigable waters. Patna being at the confluence of 4 rivers, it couldn't be otherwise.

@ SJ
Thanks for reminding me that I was previously fond of reading about history of ancient cities, how they became famous, how they were lead, what caused their downfall...

Anonymous said...

China loves Ramgoolam I am told, me thinks why he doesnt go over there - he will fit so well among the comrades of the communist party.The local branch is called Ptr here!

Sanjay Jagatsingh said...

Me tu le plezir e pu mwa akagugo. Sa inn pus mwa pu met sa clip Story of India la. Na pa kit soz sa!

akagugo said...

About China giving loans to African countries, did you see who are currently building Bagatelle Dam, the extension to the Colville Deverell Bridge, the new airport terminal, the thrid lane from C Deverell to Pailles, the major upgrading of link roads across Dodoland, etc... Which equipment to they use, how they are serviced? Whay materials they use? What labour they use? And what do these people eat, who prepares it? All Chinese sourced, supplied, prepared, manufactured, maintained and sold, no multiplier effect seen into the Mauritian economy at all. While Mauritian construction contractors/sub-contractors, specialists and material suppliers are forced into idleness.
There's no wonder as to why the Chinese are so fond of bouzwa-la...
And now that we've taken these loans, just imagine that if the RMB were allowed to float freely and appreciate overnight, what do we do?

Sanjay Jagatsingh said...

No multiplier effect, eh? A bit like all the bragging we heard about the IRS billions. And we haven't even started talking about all of our murdered Mozarts, have we?

Sanjay Jagatsingh said...

China has also lent more money to Latam than the World Bank and IADB together did since 2005.

Plus it is expected to overtake the US as the world's biggest economy by 2019. Think there was an article about that in The Economist.

Sanjay Jagatsingh said...

Things are not exactly improving in Saudi Arabia.