Jeffrey Sachs: China has left the west on the sidelines in Africa

One of the most riveting moments of the MDG summit came when a senior adviser of the China Development Bank set out some of today’s global realities. She explained on Tuesday that the Bank has $600bn of assets and plans to boost its Africa portfolio.

She noted China’s world-leading speed in building infrastructure, and its intention to help do so in Africa. And she expressed China’s intention to work not only with national governments but also with international institutions, including the World Bank and the African Development Bank, to get the job done.

The room was electrified, as it were, by the prospect of Africa being electrified so rapidly, with China’s investment, technology, and support. The World Bank, African Union, and African Development Bank had projected a series of maps on the screen indicating Africa’s needs for regional roads, rail, power, and fibre optic grids.

Suddenly, all of it seemed quite doable, in a new world economy in which China uses its vast reserves, talents, and economic interests to help get the job done. read more...