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The scale of China’s accelerating financial flows were revealed to the Financial Times on Thursday by Donald Kaberuka, president of the African Development Bank (AfDB). The sums involved are beginning to outstrip individual contributions from traditional donors, including multilateral development agencies. Their combined pledges – towards a special fund intended to assist sub-Saharan Africa to tackle shortfalls in electricity supply, roads and other infrastructure – are about $7 billion, Kaberuka said.
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The $20 billion would go partly towards projects already announced, including the rehabilitation of railway networks in Angola and Nigeria, and the building of a hydroelectric dam in Ethiopia. Kaberuka, a former Rwandan finance minister, said Chinese premier Wen Jiabao had assured him China was alert to the dangers of a new debt pile-up. But the Chinese took a longer-term approach to debt sustainability, he said.
Source: World Bank
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