Trade between Africa and China last year surged to $254 billion last year, up about 35% as Chinese exports increased on the continent. ![]() But foreign direct investment into the region fell by 5.3% to $30.31 billion in 2021. and sub-Saharan Africa was $44.9 billion last year, a 22% increase from 2019. The question for us is: how do we connect this massive supply of savings with high-quality infrastructure projects in Africa?” Adeyemo said at the U.S. ![]() “There is a clear disconnect between the large amount of available private sector capital and the urgent need to fund critical infrastructure projects in Africa and elsewhere. The infrastructure finance gap, or money needed for essential projects like lighting homes and businesses, responding to the COVID pandemic and to making communities resilient against extreme weather, sits at $68 billion to $108 billion per year, Adeyemo said.Īt the same time, Adeyemo lamented that huge amounts of private capital among the wealthy nations around the globe remains untapped. ![]() Without direct mention of China, Deputy Treasury Secretary Wally Adeyemo on Monday sounded the alarm about petering private investment in middle- and low-income countries, particularly in Africa. And while the administration has tried to minimize concerns about China’s deepening presence on the continent as a driving force at this week’s talks, Beijing’s shadow over the biggest international gathering in Washington since the start of the pandemic nearly three years ago looms large.
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