Source: Sudan Tribune

By Peter Bosshard

May 7, 2007 — Africa's finance ministers are currently boarding their planes for an exciting trip. On May 16-17, they will convene in Shanghai for the annual meeting of the African Development Bank. The location illustrates the key role which China is currently playing in financing Africa's development. Beijing has spent $6 billion on development assistance to Africa, and promised another $5 billion in soft loans in late 2006. Trade between China and Africa is expanding rapidly, and expected to reach $100 billion per year by the end of the decade.

China and Africa have always had friendly relations. The Chinese government stresses that its support is "sincere, unselfish and has no strings attached". This is a welcome departure from the harsh economic conditions that Western governments have for decades imposed on Africa through the International Monetary Fund. China's hands-off attitude offers African governments a unique opportunity to pursue development policies of their own choice. They should not squander this historic opportunity.

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Posted by pichu at May 8, 2007 9:44 PM