Posted 3/14/2024, 10:47:00 AM
African Development Bank Chief Urges End to Natural Resource-Backed Loans, Citing Risk of Exploitation
- Dr. Akinwumi Adesina, Managing Director of African Development Bank, calls on African leaders to end natural resource-backed loans
- Says such loans are bad as Africa can't properly price assets and negotiate fair terms due to power imbalance
- This creates opportunity for exploitation and corruption
- Since 2000s, over 11 African countries have taken $ billions in loans secured by natural resources
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