Loading svg Please wait while we translate the article
BALANCED: South Africa's President, Cyril Ramaphosa. PHOTO REUTERS
BALANCED: South Africa's President, Cyril Ramaphosa. PHOTO REUTERS

China not pushing Africa into 'debt trap', SA president says

Joe Cash
South African President Cyril Ramaphosa said on Thursday he did not believe Chinese investments in Africa were pushing the continent into a "debt trap" but were instead part of a mutually beneficial relationship.

Ramaphosa made the remarks on the sidelines of a China-Africa summit in Beijing, where delegates from more than 50 African nations gathered this week.

"I don't necessarily buy the notion that when China [invests], it is with an intention of, in the end, ensuring that those countries end up in a debt trap or in a debt crisis," Ramaphosa said when asked by reporters about China's pledge at the summit of US$51 billion in new funding for Africa.



Competition

In addition to the financial support over three years, China promised to carry out three times as many infrastructure projects across resource-rich Africa, which in recent years has become the focus of intense geopolitical competition between global powers like China, Europe and the United States.

Without providing details, Ramaphosa also said South Africa had reached agreement with China on aspects of its energy security. He said South Africa could learn from China on reforming its energy sector.

"They already have done exactly what we are seeking to do. So there are lessons for us to learn from China and how to do it," he said.

South Africa has been plagued for years by rolling power blackouts that have constrained economic growth.

Ramaphosa also said South Africa would look to attract China's electric vehicle manufacturers including its largest, BYD.

"We had good exchanges with BYD, which has shown a great interest to come and invest in South Africa," he said.

-REUTERS-

Kommentar

Allgemeine Zeitung 2024-11-08

Zu diesem Artikel wurden keine Kommentare hinterlassen

Bitte melden Sie sich an, um einen Kommentar zu hinterlassen

#N/A Currency: GBP to NAD 22.61 | EUR to NAD 18.83 | CNY to NAD 2.44 | USD to NAD 17.51 | DZD to NAD 0.13 | AOA to NAD 0.02 | BWP to NAD 1.25 | EGP to NAD 0.35 | KES to NAD 0.13 | NGN to NAD 0.01 | ZMW to NAD 0.63 | ZWL to NAD 0.04 | BRL to NAD 3.03 | RUB to NAD 0.18 | INR to NAD 0.21 | USD to DZD 132.95 | USD to AOA 909.05 | USD to BWP 13.4 | USD to EGP 49.25 | USD to KES 129.2 | USD to NGN 1664.84 | USD to ZAR 17.51 | USD to ZMW 27.2 | USD to ZWL 321 | Stock Exchange: JSE All Share Index Same 0 | Namibian Stock Exchange (NSX) Overall Index 1878.29 Up +1.09% | Casablanca Stock Exchange (CSE) MASI 14487.67 Up +1.33% | Egyptian Exchange (EGX) 30 Index 31267.47 Up +0.72% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 692.23/OZ DOWN -0.0054 | Copper US$ 4.32/lb DOWN -0.0222 | Zinc US$ 3 012.30/T DOWN -1.63% | Brent Crude Oil US$ 74.68/BBP DOWN -0.0164 | Platinum US$ 978.29/OZ DOWN -0.0189 #N/A