Association For Strategic Culture and Research Foundation

Financing projects in Africa is one of the important keys and, at the same time, the most difficult issue for major Russian companies attempting to expand to Africa, and the financial instruments at their disposal are insufficient according to Anna Belyaeva, Executive Director of the Association of Economic Cooperation with African States.

The humiliation of Africa and China at the hands of Europe and the US cannot be brushed aside. When considering China’s current investment in Africa and Africa’s openness to this investment – it is imperative to include the long African and Chinese struggles against western imperialism.

In order to raise the economic influence, Russians have been making efforts to identify a structured finance mechanism for mega infrastructure projects such as nuclear power and energy, natural resources exploration and to significantly increase trade with Africa

Africa is experiencing a flowing tide of solidarity and self-strengthening, and the continent’s influence in international affairs continues to grow. It is now forging ahead with the development of free trade zones, accelerating industrialization and modernization, and heading towards the bright future envisioned in the AU’s Agenda 2063.

This year marks the 65th anniversary of the start of diplomatic relations between China and African countries. Over the past 65 years, China and Africa have forged unbreakable fraternity in our struggle against imperialism and colonialism, and embarked on a distinct path of cooperation in our journey toward development and revitalization. Together, we have written a splendid chapter of mutual assistance amidst complex changes, and set a shining example for building a new type of international relations.

Apart from flagging the threats of China’s model of engagement with developing countries, the US and other countries have not been able to provide any tangible alternatives (US has sought to further increase its outreach vis-à-vis Africa in recent years, and it seeks to increase economic engagement under the umbrella of the Indo-Pacific.

In the aftermath of this development, Ugandan authorities have been consistently insisting on three issues: The grace period is yet to expire and that the Ugandan government is confident of not defaulting on any obligations on repayment; that the terms of the loans are semi-concessional in nature and in line with Uganda’s infrastructure financing programme; and in the interest of transparency, the government has made the loan agreement available to the members of the Parliament.

Note: These remarks were prepared and delivered in part for a webinar held on Sunday December 12 entitled “China/Africa Relations: Challenges of Cooperation and Development.” The event was sponsored by the International Manifesto Group and the Group for Research and Initiative for the Liberation of Africa (GRILA).

The article in the Daily Monitor, which was written by Yasiin Mugerwa, said that the Chinese authorities were going to take control of the airport because of the failure of Uganda to pay off the loan. A few days after the Daily Monitor article, U.S. media company Bloomberg also ran a similar article on November 28 without providing any further details on this news development, as did other U.S. and international outlets. The story by the Daily Monitor, meanwhile, went viral on Twitter, WhatsApp, and beyond.