Smug European attack on China and Africa

In: Uncategorized

29 Nov 2006

A despicable attack on China for providing cheap loans to Africa in today’s Financial Times (and I suspect elsewhere too). The FT article is based on comments by Philippe Maystadt, the president of the European Investment Bank (EIB):

“Philippe Maystadt, the EIB’s president, said banks like his were operating in competition with Chinese lenders anxious to extend Beijing’s influence across the world.

“ ‘The competition of the Chinese banks is clear,’ said Mr Maystadt, whose European Union-backed bank is the world’s biggest multilateral lender. ‘They don’t bother about social or human rights conditions.’ “

So not only is China providing cheap capital to Africa but it is not trying to impose its views on African governments. Sounds like China is providing a better deal to Africa all round. The last thing China needs is expensive Western capital with numerous strings attached.