Uganda: China's $10bn Welcome But What Are the Terms?

Post date: Nov 14, 2009 8:55:28 PM

Uganda

President Museveni this week returned from the Forum

on China-Africa Cooperation in Sharm el Sheik, Egypt,

full of praises for the rising power in the East.

China-Africa cooperation

Chinese Premier Wen Jiabao did not disappoint,

announcing a $10 billion lending facility to

African countries at concessionary rates.

$1bn for SME small enterprises.

Free trade for Africans

Tax free exports for African enterprises to China

Captain-president Camara Guinea

$7bn deal bauxite mining (Aluminium) with Guinea

Bilateral China-Africa economy $100bn

China Investments Africa $50bn

$10bn from China as much as World bank...

In a time of a global credit crunch and nervous investors,

China's $10 billion credit facility - which is about as much

as the World Bank advanced to the whole of Sub-Saharan

Africa last year

Chinese use own workers, no jobs for Africans

Furthermore, Chinese contractors in many African countries,

to wit Angola, tend to bring along many of their unskilled and

semi-skilled workers to do menial work on the projects they fund,

denying locals the opportunity to acquire skills.