Concern Over China's Role in Africa ‘Hullabaloo,’ AfDB Head Says
- Africa needs Chinese money to help close infrastructure gaps
- Asian country serves as good learning experience for Africa
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Concern about the abundance of Chinese lending to African nations is overblown, and the country is a good development partner for the world’s poorest continent, the head of the African Development Bank said.
China this year surpassed the U.S. and former colonial powers in Europe as the biggest source of funding to African nations. In 2015, Africa received $12 billion in loans from China compared with $100 million in 2000. Still, critics have warned against African countries -- like Zambia -- becoming over-indebted or swapping future output of commodities in exchange for funds on overly favorable terms.