ZCZC
BCN-42
AFRICA-CHINA-FINANCIAL-SUPPORT
Chinese financial support boosting Africa’s growth, not debt burden:
Kenyan scholars
NAIROBI, Sept. 20, 2018 (BSS/Xinhua) – The financial support China has
been extending to African countries has propelled their socio-economic
transformation as opposed to worsening their debt burden, Kenyan scholars
said on Tuesday.
The scholars who attended a roundtable on Chinese aid to Africa organized
by Nairobi-based pan African policy think-tank, Africa Policy Institute
(API), said loans and grants from China have sustained Africa’s growth
momentum without placing burden on taxpayers.
Peter Kagwanja, the chief executive officer of Africa Policy Institute,
said Chinese financial support to Africa which is advanced on friendly terms
has provided answer to the continent’s endemic challenges like poverty,
disease, infrastructure bottlenecks and skills gap.
He noted that Chinese investments have stimulated economic growth in Africa
while opening new job opportunities for the continent’s youthful population.
“China’s Belt and Road Initiative is funding infrastructure and opening up
Africa for business. China has filled the vacuum created by the diminishing
support from western donors,” Kagwanja remarked.
David Owiro, the executive director of Nairobi-based Africa Development
think tank, noted that Chinese aid to Africa has been earmarked in areas that
have direct benefits to ordinary citizens yet they are not attached to
geopolitical considerations.
“China has made a deliberate effort to respond to Africa’s development
needs like connectivity,” said Owiro, adding that China’s lending to Africa
has not disrupted the continent’s fiscal health contrary to the false
narrative of “Debt Trap” advanced by critics.
Anzetse Were, an economist and public policy analyst said that a
conversation involving key players like policymakers, academia and media is
key to help counter the false narrative that Chinese lending practices have
imposed a fiscal burden on African countries.
BSS/XINHUA/HR/1500