Monday, November 9, 2015

China Is Canceling the Debt of the World’s Most Impoverished Nations

"Since the 1990s, a major part of Chinese foreign policy has been to invest in developing countries around the world.
This includes private investments, like the billion-dollar solar project being spearheaded by aChinese energy company in Ghana or the multibillion-dollar canal being built by a Chinese infrastructure firm in Nicaragua.
It also includes public investment projects like the Asian Infrastructure Investment Bank, which was launched earlier this year to help fund infrastructure projects in impoverished Asian countries (and to reduce the amount of influence wielded by the U.S.-led investment banks).
On Saturday, Chinese President Xi Jinping made yet another commitment to help economic growth in the developing world, announcing that China would be canceling the debts of the world’s least developed countries.
President Xi made the announcement while addressing a United Nations summit on global development goals. During his speech, he also pledged to establish a $2 billion fund dedicated to improving conditions in the most impoverished countries around the world..."

No comments:

Post a Comment