The head of the African Development Bank is calling for an end to loans given in exchange for oil or critical minerals used in smartphones and electric car batteries.
Akinwumi Adesina, President African development bank, speaks during an interview with The Associated Press in Lagos Nigeria, Tuesday , March. 5, 2024. The head of the African Development Bank is calling for an end to loans given in exchange for the continent's rich supplies of oil or critical minerals used in smartphones and electric car batteries, deals that have helped China control mineral mining in places like Congo and have left some African countries in financial crisis.
“These are the reasons I say Africa should put an end to natural resource-backed loans," Adesina said. He pointed to alike his and the International Monetary Fund, which promote sustainable debt management. Countries may struggle to get or repay loans from these institutions because they have to use the income from their natural resources — typically crucial to their economies — to pay off resource-tied debts, he said.
Adesina said there was no “fixation” on one country as being behind these types of loans when asked about criticisms over China’s lending backed by oil; critical minerals such as cobalt and copper used in electric vehicles and other products; and bauxite, the main mineral in aluminum manufacturing, which has been used in China’s recent resource-backed loan contracts with Guinea and Ghana.
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