"What we have seen is that when there is a shock to the economies in these regions, Africa gets hit straight in its face," said Ndikumana. "And diversifying the destination of its exports and the origin of its foreign capital inflows is a good thing for African countries."
Some economists are worried that such trade could stifle the development of manufacturing sectors in Africa, while also increasing what often is called the resource curse. The phrase refers to the paradox that many African regions have highly sought after natural resources, but often experience repeated political violence and extreme poverty.
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Showing posts with label west. Show all posts
Showing posts with label west. Show all posts
Wednesday, September 22, 2010
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...
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...
Sunday, May 30, 2010
A new dawn in Africa
One is a successful fashion designer, a second runs a commodity exchange, a third owns an international call centre, and a fourth runs a farm of 25,000 acres. All of them have lived, worked or studied in Europe and America, and all have abjured the soft life on offer in the West to make their futures back at home. Home is Africa, a continent that is widely regarded as a “basket case” filled with half-starved beggars living off charitable funds solicited by the likes of Bono and Geldof. So why did they return? read more
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