Is it the deal of the century or Africa’s great Chinese takeout?
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