Xi Jinping wants bigger returns, fewer headaches from African debt deals

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Xi Jinping wants bigger returns, fewer headaches from African debt deals - Business Standard

Quick Summary:

In central Africa, the Democratic Republic of Congo announced an agreement with China to build $7 billion in infrastructure by 2040, backed by the proceeds of a cobalt-and-copper mining joint venture known as Sicomines.

Some projects that typify China’s new approach include a $20 billion iron ore mine and railway in Guinea, a $5 billion oil pipeline in Uganda and Tanzania and a $400 million cash-for-oil loan in Niger that the military regime says it needs to “run the country.

When Chinese President Xi Jinping welcomes African leaders to Beijing this week, he’ll be holding a smaller checkbook and will have a clearer sense of what China wants in exchange: bigger returns and fewer headaches.