By David Love
From the article:
It is no secret that China has increased its footprint on the African continent with heightened influence and economic, trade and security arrangements with various nations. On a positive note, this new relationship between the emerging Asian giant and African countries has been characterized as a mutually beneficial arrangement and a departure from the imperialist exploitation of Europe and the United States. However, in some cases, Sino-African cooperation may assume the look and feel of a lopsided deal, which some would regard as neocolonialism based on debt obligations that African nations cannot repay, rather than an economic partnership among equals.
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The International Monetary Fund reported earlier this year that sub-Saharan Africa is experiencing a debt crisis, with 40 percent of nations in the region at a high risk of debt distress, and the number of countries unable to service their debt doubling to eight in the past year. According to a report from the Center for Global Development (pdf), Djibouti, Egypt, Ethiopia and Kenya are the African nations among 23 nations with a high risk of debt distress from Chinese financing. Djibouti is among eight countries with the highest risk of distress in the event of additional debt financing.
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