Congo's $6 Billion China Accord: Deal of the Century or Africa's "Great Chinese Takeout"?
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Posted By: Lucille Porter on March 09, 2011 By Steven Barboza While Washington is preoccupied with war in Afghanistan and Arab liberation movements, Beijing is feeding its insatiable “Made in China” machine by cranking out mega-deals to develop Africa’s infrastructure in return for rights to grab resources, such as minerals and oil. Some African leaders compare these resource-for-infrastructure swaps to Marshall Plans — deals big enough to jumpstart economies. But critics in the West say the swaps amount to a “Great Chinese Takeout” or a series of sweetheart deals for the Asian colossus. China’s biggest bet on the continent is a $6 billion accord with Congo, a country buried in debt but rich in virtually every known mineral, from gold and diamonds to coltan, a key element in cell phones, computer chips, nuclear reactors, and PlayStations. Congo has 80% of the world’s coltan reserves. In return for rights to extract more than 11 million tons of copper and 620,000 tons of cobalt from Congo mines over 25 years, China has agreed to build 2,000 miles of roads and 1,800 miles of railway tracks, hundreds of schools and health clinics, and two airports. For more go to: http://tinyurl.com/4szcapb If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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