Atta Africa Financial Update

Red Africa

China seems to have an image problem in Western countries with regard to its African endeavours. In 2000, China launched a massive program of investment and foreign policy on the African continent - it was a reinvigoration of a previously released plan outlined in China’s African Policy in 2006 - China has been facing quiet criticism from the West ever since.

Criticism, mostly directed towards of a lack of transparency from the Chinese government. Recently, the State Council issued the second white paper on China-Africa economics and trade cooperation. Here are the points worth analysing:

Increased disclosure of government data - the white paper is atypically flush with internal statistics on trade, import/export volumes, FDI, etc. This should be read as the beginning of increased transparency by China. Unfortunately for those interested, there is no breakdown of country and no consistency within figures selected (some are contemporary, some date back many years).

Shift to the development of soft power - Chinese language and cultures schools are either open or opening in 26 different countries; 20 African universities are to be twinned with 20 Chinese ones; The China-Africa Science and Technology partnership has been bolstered.

Expanding multilateral participation - when compared to the previous white paper, the current policy advocated increased involvement with regional and international organisations, especially in terms of finance.

World Bank gives additional US$115m for Ebola fight

  • The World Bank has signed an additional US$115m financing grant agreement of the Ebola Emergency Response Project with the Government of Liberia
  • The fund will not only be used for the fight against the virus, but also for the restoration of key health services in the country
  • This is in additiona to a World Bank approved US$285m grant to finance Ebola-containment efforts underway in Guinea, Liberia and Sierra Leone