Congo’s $6 Billion China Accord

Congo’s $6 Billion China Accord

Beijing is feeding its “Made in China” machine by cranking out mega-deals to develop Africa’s infrastructure in return for rights to grab resources, such as minerals and oil.

Published March 2, 2011

Chinese president Hu Jintao and Republic of Congo President Denis Sassou Nguesso.  (Photo by Tomohisa Kato-Pool/Getty Images)

While Washington is preoccupied with war in Afghanistan and Arab liberation movements, Beijing is feeding its insatiable “Made in China” machine by cranking out mega-deals to develop Africa’s infrastructure in return for rights to grab resources, such as minerals and oil.

Some African leaders compare these resource-for-infrastructure swaps to Marshall Plans — deals big enough to jumpstart economies. But critics in the West say the swaps amount to a “Great Chinese Takeout” or a series of sweetheart deals for the Asian colossus.

China’s biggest bet on the continent is a $6 billion accord with Congo, a country buried in debt but rich in virtually every known mineral, from gold and diamonds to coltan, a key element in cell phones, computer chips, nuclear reactors, and PlayStations. Congo has 80% of the world’s coltan reserves.

Read the full article at The Atlanta Post.

 

 

Image:  Tomohisa Kato-Pool/Getty Images

Written by The Atlanta Post

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