#worldbank — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #worldbank, aggregated by home.social.
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Beyond Big Tech: World Bank Report Shows "Small AI" Solutions Driving Real Progress in Low-Income Countries
Affordable AI running on basic phones, not massive data centers, is already improving farming, healthcare, and learning across developing countries. The World Bank's new report maps how nations can build the foundations to scale this impact.
#smallAI #WorldBank #DevelopingCountries #LowIncomeCountries #DigitalDivide #AI #EconomicPerspective #Tech
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Beyond Big Tech: World Bank Report Shows "Small AI" Solutions Driving Real Progress in Low-Income Countries
Affordable AI running on basic phones, not massive data centers, is already improving farming, healthcare, and learning across developing countries. The World Bank's new report maps how nations can build the foundations to scale this impact.
#smallAI #WorldBank #DevelopingCountries #LowIncomeCountries #DigitalDivide #AI #EconomicPerspective #Tech
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Beyond Big Tech: World Bank Report Shows "Small AI" Solutions Driving Real Progress in Low-Income Countries
Affordable AI running on basic phones, not massive data centers, is already improving farming, healthcare, and learning across developing countries. The World Bank's new report maps how nations can build the foundations to scale this impact.
#smallAI #WorldBank #DevelopingCountries #LowIncomeCountries #DigitalDivide #AI #EconomicPerspective #Tech
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Beyond Big Tech: World Bank Report Shows "Small AI" Solutions Driving Real Progress in Low-Income Countries
Affordable AI running on basic phones, not massive data centers, is already improving farming, healthcare, and learning across developing countries. The World Bank's new report maps how nations can build the foundations to scale this impact.
#smallAI #WorldBank #DevelopingCountries #LowIncomeCountries #DigitalDivide #AI #EconomicPerspective #Tech
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Beyond Big Tech: World Bank Report Shows "Small AI" Solutions Driving Real Progress in Low-Income Countries
Affordable AI running on basic phones, not massive data centers, is already improving farming, healthcare, and learning across developing countries. The World Bank's new report maps how nations can build the foundations to scale this impact.
#smallAI #WorldBank #DevelopingCountries #LowIncomeCountries #DigitalDivide #AI #EconomicPerspective #Tech
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https://www.europesays.com/africa/411538/ Zimbabwe’s Economic Stability Opens a Path to Better Jobs #BusinessReforms #EconomicGrowth #ElectricityInfrastructure #FinancialInclusion #InformalEmployment #MacroeconomicStability #PovertyReduction #PrivateInvestment #StructuralReforms #TradeFacilitation #Vision2030 #WorldBank #zimbabwe #ZimbabweEconomy #ZimbabweJobs
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France Urges World Bank to Keep 45% Climate Finance Target as U.S. Pushes Fossil Fuel Shift
France is pressing the World Bank to preserve its target of …
#Economy #centralbank #CentralBanks #CentralBanksoftheEuropeanSystem #Climate #climatefinance #DeutscheBundesbank #ECB #EleonoreCaroit #ESCB #ESG #Europe #European #EuropeanCentralBank #EuropeanCentralBanks #fossilfuel #france #THEBANKOFENGLAND #TheBankofFrance #TheBankofItaly #TrumpAdministration #worldbank
https://www.europesays.com/3234057/ -
Austrian-Kazakh Platform Prepares Austria’s Economy for the New Silk Road with “Middle Corridor” – Vindobona.org
Amid geopolitical shifts an…
#Austria #AT #Europe #Europa #EU #AkanAitimov #AKCPAustrian-KazakhConnectivityPlatform #AlexanderMaisuradze #AndriiGrinenko #austria #BusinessDiplomacy #CentralAsia #economicdevelopment #EduardsStiprais #EIASEuropeanInstituteforAsianStudies #EuropeanForumAlpbach #KarlJurka #kazakhstan #Nachrichten #Österreich #worldbank
https://www.europesays.com/3231720/ -
Austrian-Kazakh Platform Prepares Austria’s Economy for the New Silk Road with “Middle Corridor” – Vindobona.org https://www.byteseu.com/2334400/ #AkanAitimov #AKCPAustrianKazakhConnectivityPlatform #AlexanderMaisuradze #AndriiGrinenko #Austria #BusinessDiplomacy #CentralAsia #EconomicDevelopment #EduardsStiprais #EIASEuropeanInstituteForAsianStudies #EuropeanForumAlpbach #KarlJurka #Kazakhstan #WorldBank
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Hague Court says India must uphold Indus water treaty with Pakistan, MEA rejects ruling
The Permanent Court of Arbitration in The Hague has ruled that the Indus Waters Treaty between India and…
#Netherlands #Nederland #NL #Europe #Europa #EU #TheHague #India #IndusWatersTreaty #Kashmir #Pakistan #PCA #Ratlehydropower #WaterDispute #WORLDBANK
https://www.europesays.com/netherlands/42941/ -
@liaizon Well it's written in the source, because the #WorldBank needs an operating definition to pursue its stated goal of supporting (or at least not hurting) said peoples with its financing activities. (They did a lot of damage in the past.)
«Environmental and Social Standard 7 (ESS7), currently applied in approximately 33 percent of World Bank investment lending across 57 countries, enhances development outcomes and to avoid or mitigate adverse impacts.»
https://www.worldbank.org/ext/en/topic/social-development/indigenous-peoples#tab-strategy
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@liaizon Well it's written in the source, because the #WorldBank needs an operating definition to pursue its stated goal of supporting (or at least not hurting) said peoples with its financing activities. (They did a lot of damage in the past.)
«Environmental and Social Standard 7 (ESS7), currently applied in approximately 33 percent of World Bank investment lending across 57 countries, enhances development outcomes and to avoid or mitigate adverse impacts.»
https://www.worldbank.org/ext/en/topic/social-development/indigenous-peoples#tab-strategy
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@liaizon Well it's written in the source, because the #WorldBank needs an operating definition to pursue its stated goal of supporting (or at least not hurting) said peoples with its financing activities. (They did a lot of damage in the past.)
«Environmental and Social Standard 7 (ESS7), currently applied in approximately 33 percent of World Bank investment lending across 57 countries, enhances development outcomes and to avoid or mitigate adverse impacts.»
https://www.worldbank.org/ext/en/topic/social-development/indigenous-peoples#tab-strategy
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@liaizon Well it's written in the source, because the #WorldBank needs an operating definition to pursue its stated goal of supporting (or at least not hurting) said peoples with its financing activities. (They did a lot of damage in the past.)
«Environmental and Social Standard 7 (ESS7), currently applied in approximately 33 percent of World Bank investment lending across 57 countries, enhances development outcomes and to avoid or mitigate adverse impacts.»
https://www.worldbank.org/ext/en/topic/social-development/indigenous-peoples#tab-strategy
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@liaizon Well it's written in the source, because the #WorldBank needs an operating definition to pursue its stated goal of supporting (or at least not hurting) said peoples with its financing activities. (They did a lot of damage in the past.)
«Environmental and Social Standard 7 (ESS7), currently applied in approximately 33 percent of World Bank investment lending across 57 countries, enhances development outcomes and to avoid or mitigate adverse impacts.»
https://www.worldbank.org/ext/en/topic/social-development/indigenous-peoples#tab-strategy
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https://www.europesays.com/iran/276627/ Iraq, AIIB discuss financing development projects #AIIB #AsianInfrastructureInvestmentBank #DevelopmentProjects #DigitalInfrastructure #Europe #Iraq #Ports #RailNetworks #TheDevelopmentRoadProject #WorldBank
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https://www.europesays.com/africa/408074/ Somalia’s Disaster Management Agency Delivers Relief to Drought-Affected Communities in Bosaso #Puntland #Somalia #WorldBank
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Terms: All paper counts as currency. No national monopoly. One note equals one trillion real value. Only i convert. ID required.
Offer: One note to each leader. Conditions: Less wars. Good behaviour. End hunger. Clear debt. Build peace.
Accepted privately. Honoured publicly. Anon
#Putin #Zelenskyy #Macron #Trudeau #Sunak #Scholz #Meloni #Biden #XiJinping #Kishida #Albanese #Lula #Modi #Orban #Erdogan #KingCharlesIII #PopeLeoXIV #G7 #G20 #UnitedNations #WorldBank #IMF #GlobalLeaders -
Ed Miliband indicates development and climate will be at heart of UK foreign policy
By Fiona Harvey Environment editorExclusive: Foreign secretary to take up World Bank seat and play active role in shaping changes to global lender
#WorldBank #Climatefinance #Climatecrisis #EdMiliband #Globaldevelopment #Foreignpolicy #Aid #Worldnews #Politics #Society #Environment #Globaleconomy #Debtrelief #TheGuardian #FionaHarveyEnvironmenteditor
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Ed Miliband indicates development and climate will be at heart of UK foreign policy https://www.theguardian.com/business/2026/jul/26/ed-miliband-development-climate-crisis-uk-foreign-policy-world-bank-seat #WorldBank #ClimateFinance #ClimateCrisis #EdMiliband #GlobalDevelopment #ForeignPolicy #Aid #WorldNews #Politics #Society #Environment #GlobalEconomy #DebtRelief
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The #environmental burdens of #SpecialEconomicZones on the coastal and marine #environment: A remote sensing assessment in #Myanmar
Thiri Shwesin Aung, Indra Overland, Roman Vakulchuk, Yanhua Xie
November 2022"Special economic zones (#SEZs) are unusual parts of the world economy in terms of law, institutions, and economic functions (Chaisse and Dimitropoulos 2021). SEZs are geographically delimited areas created to facilitate industrial activities through fiscal and regulatory incentives and infrastructure support (UNCTAD 2019). Such zones carve out jurisdiction as a subset of the overall state jurisdiction for the purposes of enacting different laws and regulations that are more trade and investment friendly (Zeng 2021). Since the year 2000, SEZs have mushroomed in developing countries to attract foreign direct investment (FDI), accelerate industrialization and create jobs (Aiyer 2017). There are 5400 SEZs in 147 economies around the world. Asia is home to three quarters of them (UNIDO 2015). They have been a core element of the economic development strategy of the Association of Southeast Asian Nations (ASEAN) and currently all ASEAN member states have SEZs (Aggarwal 2022).
"As part of an export-oriented development strategy, the zones commonly include industrial mega-areas that accommodate large-scale infrastructure, deep-sea ports, logistical infrastructure for oil and gas, hotels and tourism, and industrial complexes (Aggarwal 2022). They are primarily defined by a specific regulatory regime and a dedicated governance mechanism designed to relieve customs and tariffs and reduce the burden on businesses from permits, licenses, employment laws, and land access. In return, host governments expect investors to create positive spillover effects, such as facilitating innovation, boosting employment, raising exports, and diversifying the economy. The global experience of SEZs have been mixed, with some countries achieving successful economic outcomes, while others struggle to overcome market failures, institutional constraints, and social and environmental costs (Aggarwal 2022; Zeng 2021).
"The lax regulatory regimes of SEZs often raise concerns about environmental, social, and #HumanRights standards, as well as possible conflicts over #LandRights (Brussevich 2020). Several SEZs have failed to yield the expected economic benefits while having severe adverse impacts on the environment and local communities (Adunbi 2019; Aritenang and Chandramidi 2020; Chaisse and Ji 2020). On the other hand, while SEZs can be hotspots for environmental #mismanagement, they can also provide opportunities for implementing environmental policies specifically designed to regulate industries within the zones. Also, certain environmental advantages may ensue from the introduction of foreign financial resources and environmental technologies that are otherwise not readily available (Richardson 2004).
"However, according to the 'race to the bottom' literature, most SEZs have a net negative impact on the environment and local communities (Richardson 2004; UNIDO 2015; ZENG and DOUGLAS, 2012).
"Despite this contradiction, existing studies focusing on the direct and indirect impacts of SEZs have been rare (#WorldBank, 2017). Particularly, the magnitude and intensity of SEZ impacts on the environment remain understudied.
SEZs tend to be located in remote regions. As such, SEZ-related information and data are generally scarce, making it difficult to assess the environmental consequences of such zones. Many SEZs are also located in countries where there is limited scope for independent environmental assessment due to #authoritarian rule, #corruption, and/or #secrecy surrounding deals with foreign investors. Recent improvements in access to satellite data and computing platforms for machine learning have greatly improved the ability to comprehensively assess SEZs in any location in the world in near real time (Ali et al., 2020; Jensen et al., 2019). This article demonstrates how these technologies can be applied to provide evidence related to the environmental impacts of SEZs. The method is tried out on the Kyaukpyu SEZ in Myanmar. Myanmar is an authoritarian country and the #KyaukpyuSEZ is a flagship project of China's Belt and Road Initiative (#BRI) located in an inaccessible part of #Myanmar. This is precisely the type of case where independent access can be limited and a remote sensing approach can be useful."From 2010 onwards, Myanmar was navigating its economic transformation and a partial loosening of military rule. SEZ development was prioritized as a critical element of the country's industrialization (Oxfam 2017). The three most notable ongoing SEZ projects are the Kyaukpyu SEZ in the rural but strategically important Rakhine State, which is also the largest SEZ in Myanmar, the Thilawa SEZ on the outskirts of Myanmar's former capital Yangon, and the Dawei SEZ in the Tanintharyi Region. Tanintharyi is a long narrow southern territory of Myanmar bordering the Andaman Sea to the west and Thailand to the east.
"Although they are expected to encourage economic growth and reduce poverty, all three SEZ projects continue to face local opposition, particularly the Kyaukpyu and Dawei SEZs. The International Commission of Jurists (2017) has reported that SEZs in Myanmar are linked to human rights violations and environmental abuses (Donateo 2017). Although Myanmar's SEZ law adopted in 2014 reaffirms the applicability of environmental regulations to SEZ development, it does not clearly delineate responsibilities between developers and the state (DICA 2014). The law also does not conform with international human rights standards (MCRB 2018)."
Read more:
https://www.sciencedirect.com/science/article/pii/S2352938522001173#RaceToTheBottom #HumanRightsViolations #Pollution #EnvironmentalDegradation #EconomicSacrificZones #ForcedRelocation #ForcedDisplacement #HumanRightsViolations #EnvironmentalDegradation #IndigenousPeoples #ForestPeoples #SaveTheForests #Exploitation #CorporateColonialism
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From the Bretton Woods Project: Focus on #MegaProjects
"The [#WorldBank] ’s shift towards leveraging private sector finance for development (see Governance above), which has gained momentum since 2015, includes a particular emphasis on promoting ‘infrastructure as an asset class’, in order to crowd in institutional #investors. This policy initiative is highly dependent on mega-infrastructure projects – and, as noted by a letter sent by concerned economists in October 2018, currently lacks a framework for aligning such mega-projects with the Paris Climate Agreement or the Sustainable Development Goals (SDGs).
"This is of major concern, given that many planned ‘mega-corridors’ in developing regions are predicated on building a new generation of carbon-intensive infrastructure. In many cases, the Bank continues to support such projects that, while not ‘fossil fuel investments’ per se, are part of such carbon-intensive mega-corridors (see Observer Autumn 2018)."
Paper: Infrastructure Megaprojects as World Erasers: Cultural Survival in the Context of the Interoceanic Corridor of the Isthmus of Tehuantepec
Author: Susanne Hofmann, November 8, 2024
"This article explores the meaning of infrastructural changes resulting from the Corredor Interoceánico del Istmo de Tehuantepec (CIIT) infrastructure project for the cultural survival
of Indigenous peoples resident in the Isthmus of Tehuantepec region through the lens of ontological justice. The CIIT is being promoted as a multimodal road and rail transport corridor that will link the Gulf of Mexico with the Pacific Ocean, speed up global trade and benefit local residents. Based on interviews with affected residents in the states of Oaxaca and Veracruz, this research found that there is a strong desire for the continuity of existing, collective life
projects, Indigenous languages, cultural identities, beliefs, spirituality, established political and legal systems, and solidarity economy. De facto, the CIIT infrastructure project functions
as a technology of erasure of other lifeworlds, imposing integration into the One-World World (Escobar, 2016) and assimilation of Indigenous peoples and Afrodescendant communities.
Contemporary legal frameworks are not sufficient to guarantee alterlivability (Hamraie, 2020). Therefore, infrastructural megaprojects based on modern/colonial-extractivist-
developmentalist premises continue to threaten the futurity of Indigenous and
Afrodescendant life projects.[...]
"An increasing number of infrastructure corridors, such as the Corredor Interoceánico, are currently being built across the globe (e.g. the Belt and Road Initiative/China, Corredor Bioceánico/Paraguay; Corredor Interoceánico/Chile-Bolivia-Brazil; The Northern Transport Corridor in East Africa/Kenya-Ethiopia-South Sudan – just to name a few). These projects are directed at reducing ‘economic distance’ –i.e. speeding up the transport of goods across
geographical distance whilst lowering the cost (Hildyard, 2016: 20). In the process, infrastructure megacorridors restructure whole regions into purpose-specific zones for export, logistics, transit, housing development, resource extraction, manufacturing etc."Thereby, they fragment geographic space, generating a distinctive reterritorialisation of the space to develop sites of capitalist growth. Megacorridors connect what Lerner (2010) called 'sacrifice zones' – geographic areas where processes of natural resource extraction cause permanent environmental damage – to global circuits of capital. Across Latin America the social and environmental impacts of extractive megaprojects and resistance against them has
been widely documented (Aguilar Rivero & Echavarría Cango, 2019; Domínguez, 2015, 2017;
Domínguez & Corona, 2016; Ibarra García & Talledos Sánchez, 2016; Pérez Negrete, 2017; Rodríguez Wallenius, 2015). This article explores the meaning of infrastructural changes resulting from the CIIT project for the cultural survival of Indigenous peoples resident in the Isthmus of Tehuantepec region through the lens of ontological justice."Original paper:
https://journals.sagepub.com/doi/abs/10.1177/0094582X241294080?journalCode=lapaPDF version:
https://eprints.lse.ac.uk/120254/1/SHofmann_infrastructure_megaprojects_as_world_erasers_LSE_eprint.pdf#MegaInfrastructureProjects #CarbonIntensive #MegaCorridors #SDGs #CIIT #GulfOfMexico #SustainableDevelopmentGoals #DeGrowth #IMFLoanSharks #SacrificeZones #CulturalGenocide #CulturalErasism #EnvironmentalDegradation #EnvironmentalDamage #Capitalism #CorporateColonialism #IndigenousPeoples #CulturalSurvival #IsthmusOfTehuantepec #OntologicalJustice #Tehuantepec #ExtractiveIndustries #Oaxaca #Veracruz #CorredorInteroceánico #BeltAndRoadInitiative #CorredorBioceánico #NorthernTransportCorridor #China, #Paraguay; Corredor #Chile #Bolivia #Brazil #EastAfrica #Kenya #Ethiopia #SouthSudan #IndigenousCulture #AfrodescendantCulture
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This article does mention #Mining! Not surprising!
Promises and Pitfalls: #China’s Financing of the #AtewaBauxite #Mining Project in #Ghana
Author: Angela Benefo & Michael Addaney
Date Published: July 11, 2021"The #AtewaForestReserve in Ghana is a possible site for the development of an integrated #BauxiteAluminum mine through a Chinese resource-backed loan. Despite the opportunities for infrastructure development presented by the loan, this project carries significant risks. This article draws attention to #environmental sustainability challenges and the #DebtTrap conundrum associated with the proposed arrangement.
"President Xi Jinping has touted China’s recently unveiled Five-Year Plan as his country’s pursuit of ‘ecological civilization,’ a vision of promoting environmental sustainability and enhanced human-ecological interactions within and beyond China. However, China’s ability to promote ecological civilization in developing countries in line with this Plan will be challenging due to China’s generally poor environmental protection record in such contexts. For instance, while China claims it is prioritizing environmental sustainability in Africa, the #extractive projects initiated by its private sector do not align with this stated goal. These projects serve China’s broader interests and often create environmental consequences and problematic debt, therefore requiring a more careful analysis. A Chinese-backed bauxite-aluminum mine planned for a forest reserve in Ghana highlights the debt-trap concerns and environmental sustainability challenges created by some Chinese investments.
The Challenges of #ChineseLoans across #Africa
"China continues to play an enormous role in financing massive infrastructure projects in Africa. As the world’s largest official #creditor, China and its subsidiaries have invested billions of dollars across Africa’s energy, transportation, and mining sectors. Despite China’s indispensable contributions to infrastructure development in sub-Saharan Africa, there are valid concerns over how African countries will repay these massive debts to China.
"Compared to other official lenders such as the International Monetary Fund (#IMF) and the #WorldBank, Chinese loans are less challenging to acquire. For instance, the IMF monitors the amount of debt held by a country and will not provide more loans until a country seeks debt relief. Chinese lenders have more lenient terms and allow low-income African countries to borrow large amounts without much accountability—issuing loans which may be considered too risky by the IMF and other international lenders.
"Historically, China has entered into strategic agreements with developing countries to finance development projects while collateralizing the country’s natural resources. The growing demand for external finance for important infrastructure projects—some of which are overly ambitious and unsustainable—poses great risks to African economies, which risk losing their collateral and the possibility of debt distress.
"Chinese loans are often characterized by lack of transparency. Chinese financiers set tough conditions for financing large infrastructure projects, taking advantage of vulnerable African leaders desperate to complete ambitious developmental projects. For instance, the construction of a $10 billion port project in #Tanzania was suspended after careful consideration of the terms and conditions of the Chinese loan. The project, which the former president John Magufuli called 'exploitative and awkward,' would have rented the port to the Chinese government for ninety-nine years as repayment.
"In Ghana, Chinese financing over the past two decades has spanned various sectors including power, information communication technology (#ICT), #transportation, and #agriculture. Chinese foreign direct investment is estimated to be three times the size of EU countries’ investment in Ghana. Some of these loans are backed by resources such as #cocoa and #oil. For instance, #Sinohydro has allegedly agreed to deliver $2 billion worth of infrastructure projects across the country, which Ghana would pay back with proceeds from the sale of refined bauxite. An estimated $646 million of the initial $2 billion loan have been approved for disbursement. The Ghanaian government also signed a loan commitment of $550 million in 2019. Entering these types of agreements with China demands careful consideration by the Ghanaian government."
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This article does mention #Mining! Not surprising!
Promises and Pitfalls: #China’s Financing of the #AtewaBauxite #Mining Project in #Ghana
Author: Angela Benefo & Michael Addaney
Date Published: July 11, 2021"The #AtewaForestReserve in Ghana is a possible site for the development of an integrated #BauxiteAluminum mine through a Chinese resource-backed loan. Despite the opportunities for infrastructure development presented by the loan, this project carries significant risks. This article draws attention to #environmental sustainability challenges and the #DebtTrap conundrum associated with the proposed arrangement.
"President Xi Jinping has touted China’s recently unveiled Five-Year Plan as his country’s pursuit of ‘ecological civilization,’ a vision of promoting environmental sustainability and enhanced human-ecological interactions within and beyond China. However, China’s ability to promote ecological civilization in developing countries in line with this Plan will be challenging due to China’s generally poor environmental protection record in such contexts. For instance, while China claims it is prioritizing environmental sustainability in Africa, the #extractive projects initiated by its private sector do not align with this stated goal. These projects serve China’s broader interests and often create environmental consequences and problematic debt, therefore requiring a more careful analysis. A Chinese-backed bauxite-aluminum mine planned for a forest reserve in Ghana highlights the debt-trap concerns and environmental sustainability challenges created by some Chinese investments.
The Challenges of #ChineseLoans across #Africa
"China continues to play an enormous role in financing massive infrastructure projects in Africa. As the world’s largest official #creditor, China and its subsidiaries have invested billions of dollars across Africa’s energy, transportation, and mining sectors. Despite China’s indispensable contributions to infrastructure development in sub-Saharan Africa, there are valid concerns over how African countries will repay these massive debts to China.
"Compared to other official lenders such as the International Monetary Fund (#IMF) and the #WorldBank, Chinese loans are less challenging to acquire. For instance, the IMF monitors the amount of debt held by a country and will not provide more loans until a country seeks debt relief. Chinese lenders have more lenient terms and allow low-income African countries to borrow large amounts without much accountability—issuing loans which may be considered too risky by the IMF and other international lenders.
"Historically, China has entered into strategic agreements with developing countries to finance development projects while collateralizing the country’s natural resources. The growing demand for external finance for important infrastructure projects—some of which are overly ambitious and unsustainable—poses great risks to African economies, which risk losing their collateral and the possibility of debt distress.
"Chinese loans are often characterized by lack of transparency. Chinese financiers set tough conditions for financing large infrastructure projects, taking advantage of vulnerable African leaders desperate to complete ambitious developmental projects. For instance, the construction of a $10 billion port project in #Tanzania was suspended after careful consideration of the terms and conditions of the Chinese loan. The project, which the former president John Magufuli called 'exploitative and awkward,' would have rented the port to the Chinese government for ninety-nine years as repayment.
"In Ghana, Chinese financing over the past two decades has spanned various sectors including power, information communication technology (#ICT), #transportation, and #agriculture. Chinese foreign direct investment is estimated to be three times the size of EU countries’ investment in Ghana. Some of these loans are backed by resources such as #cocoa and #oil. For instance, #Sinohydro has allegedly agreed to deliver $2 billion worth of infrastructure projects across the country, which Ghana would pay back with proceeds from the sale of refined bauxite. An estimated $646 million of the initial $2 billion loan have been approved for disbursement. The Ghanaian government also signed a loan commitment of $550 million in 2019. Entering these types of agreements with China demands careful consideration by the Ghanaian government."
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This article does mention #Mining! Not surprising!
Promises and Pitfalls: #China’s Financing of the #AtewaBauxite #Mining Project in #Ghana
Author: Angela Benefo & Michael Addaney
Date Published: July 11, 2021"The #AtewaForestReserve in Ghana is a possible site for the development of an integrated #BauxiteAluminum mine through a Chinese resource-backed loan. Despite the opportunities for infrastructure development presented by the loan, this project carries significant risks. This article draws attention to #environmental sustainability challenges and the #DebtTrap conundrum associated with the proposed arrangement.
"President Xi Jinping has touted China’s recently unveiled Five-Year Plan as his country’s pursuit of ‘ecological civilization,’ a vision of promoting environmental sustainability and enhanced human-ecological interactions within and beyond China. However, China’s ability to promote ecological civilization in developing countries in line with this Plan will be challenging due to China’s generally poor environmental protection record in such contexts. For instance, while China claims it is prioritizing environmental sustainability in Africa, the #extractive projects initiated by its private sector do not align with this stated goal. These projects serve China’s broader interests and often create environmental consequences and problematic debt, therefore requiring a more careful analysis. A Chinese-backed bauxite-aluminum mine planned for a forest reserve in Ghana highlights the debt-trap concerns and environmental sustainability challenges created by some Chinese investments.
The Challenges of #ChineseLoans across #Africa
"China continues to play an enormous role in financing massive infrastructure projects in Africa. As the world’s largest official #creditor, China and its subsidiaries have invested billions of dollars across Africa’s energy, transportation, and mining sectors. Despite China’s indispensable contributions to infrastructure development in sub-Saharan Africa, there are valid concerns over how African countries will repay these massive debts to China.
"Compared to other official lenders such as the International Monetary Fund (#IMF) and the #WorldBank, Chinese loans are less challenging to acquire. For instance, the IMF monitors the amount of debt held by a country and will not provide more loans until a country seeks debt relief. Chinese lenders have more lenient terms and allow low-income African countries to borrow large amounts without much accountability—issuing loans which may be considered too risky by the IMF and other international lenders.
"Historically, China has entered into strategic agreements with developing countries to finance development projects while collateralizing the country’s natural resources. The growing demand for external finance for important infrastructure projects—some of which are overly ambitious and unsustainable—poses great risks to African economies, which risk losing their collateral and the possibility of debt distress.
"Chinese loans are often characterized by lack of transparency. Chinese financiers set tough conditions for financing large infrastructure projects, taking advantage of vulnerable African leaders desperate to complete ambitious developmental projects. For instance, the construction of a $10 billion port project in #Tanzania was suspended after careful consideration of the terms and conditions of the Chinese loan. The project, which the former president John Magufuli called 'exploitative and awkward,' would have rented the port to the Chinese government for ninety-nine years as repayment.
"In Ghana, Chinese financing over the past two decades has spanned various sectors including power, information communication technology (#ICT), #transportation, and #agriculture. Chinese foreign direct investment is estimated to be three times the size of EU countries’ investment in Ghana. Some of these loans are backed by resources such as #cocoa and #oil. For instance, #Sinohydro has allegedly agreed to deliver $2 billion worth of infrastructure projects across the country, which Ghana would pay back with proceeds from the sale of refined bauxite. An estimated $646 million of the initial $2 billion loan have been approved for disbursement. The Ghanaian government also signed a loan commitment of $550 million in 2019. Entering these types of agreements with China demands careful consideration by the Ghanaian government."
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This article does mention #Mining! Not surprising!
Promises and Pitfalls: #China’s Financing of the #AtewaBauxite #Mining Project in #Ghana
Author: Angela Benefo & Michael Addaney
Date Published: July 11, 2021"The #AtewaForestReserve in Ghana is a possible site for the development of an integrated #BauxiteAluminum mine through a Chinese resource-backed loan. Despite the opportunities for infrastructure development presented by the loan, this project carries significant risks. This article draws attention to #environmental sustainability challenges and the #DebtTrap conundrum associated with the proposed arrangement.
"President Xi Jinping has touted China’s recently unveiled Five-Year Plan as his country’s pursuit of ‘ecological civilization,’ a vision of promoting environmental sustainability and enhanced human-ecological interactions within and beyond China. However, China’s ability to promote ecological civilization in developing countries in line with this Plan will be challenging due to China’s generally poor environmental protection record in such contexts. For instance, while China claims it is prioritizing environmental sustainability in Africa, the #extractive projects initiated by its private sector do not align with this stated goal. These projects serve China’s broader interests and often create environmental consequences and problematic debt, therefore requiring a more careful analysis. A Chinese-backed bauxite-aluminum mine planned for a forest reserve in Ghana highlights the debt-trap concerns and environmental sustainability challenges created by some Chinese investments.
The Challenges of #ChineseLoans across #Africa
"China continues to play an enormous role in financing massive infrastructure projects in Africa. As the world’s largest official #creditor, China and its subsidiaries have invested billions of dollars across Africa’s energy, transportation, and mining sectors. Despite China’s indispensable contributions to infrastructure development in sub-Saharan Africa, there are valid concerns over how African countries will repay these massive debts to China.
"Compared to other official lenders such as the International Monetary Fund (#IMF) and the #WorldBank, Chinese loans are less challenging to acquire. For instance, the IMF monitors the amount of debt held by a country and will not provide more loans until a country seeks debt relief. Chinese lenders have more lenient terms and allow low-income African countries to borrow large amounts without much accountability—issuing loans which may be considered too risky by the IMF and other international lenders.
"Historically, China has entered into strategic agreements with developing countries to finance development projects while collateralizing the country’s natural resources. The growing demand for external finance for important infrastructure projects—some of which are overly ambitious and unsustainable—poses great risks to African economies, which risk losing their collateral and the possibility of debt distress.
"Chinese loans are often characterized by lack of transparency. Chinese financiers set tough conditions for financing large infrastructure projects, taking advantage of vulnerable African leaders desperate to complete ambitious developmental projects. For instance, the construction of a $10 billion port project in #Tanzania was suspended after careful consideration of the terms and conditions of the Chinese loan. The project, which the former president John Magufuli called 'exploitative and awkward,' would have rented the port to the Chinese government for ninety-nine years as repayment.
"In Ghana, Chinese financing over the past two decades has spanned various sectors including power, information communication technology (#ICT), #transportation, and #agriculture. Chinese foreign direct investment is estimated to be three times the size of EU countries’ investment in Ghana. Some of these loans are backed by resources such as #cocoa and #oil. For instance, #Sinohydro has allegedly agreed to deliver $2 billion worth of infrastructure projects across the country, which Ghana would pay back with proceeds from the sale of refined bauxite. An estimated $646 million of the initial $2 billion loan have been approved for disbursement. The Ghanaian government also signed a loan commitment of $550 million in 2019. Entering these types of agreements with China demands careful consideration by the Ghanaian government."
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This article does mention #Mining! Not surprising!
Promises and Pitfalls: #China’s Financing of the #AtewaBauxite #Mining Project in #Ghana
Author: Angela Benefo & Michael Addaney
Date Published: July 11, 2021"The #AtewaForestReserve in Ghana is a possible site for the development of an integrated #BauxiteAluminum mine through a Chinese resource-backed loan. Despite the opportunities for infrastructure development presented by the loan, this project carries significant risks. This article draws attention to #environmental sustainability challenges and the #DebtTrap conundrum associated with the proposed arrangement.
"President Xi Jinping has touted China’s recently unveiled Five-Year Plan as his country’s pursuit of ‘ecological civilization,’ a vision of promoting environmental sustainability and enhanced human-ecological interactions within and beyond China. However, China’s ability to promote ecological civilization in developing countries in line with this Plan will be challenging due to China’s generally poor environmental protection record in such contexts. For instance, while China claims it is prioritizing environmental sustainability in Africa, the #extractive projects initiated by its private sector do not align with this stated goal. These projects serve China’s broader interests and often create environmental consequences and problematic debt, therefore requiring a more careful analysis. A Chinese-backed bauxite-aluminum mine planned for a forest reserve in Ghana highlights the debt-trap concerns and environmental sustainability challenges created by some Chinese investments.
The Challenges of #ChineseLoans across #Africa
"China continues to play an enormous role in financing massive infrastructure projects in Africa. As the world’s largest official #creditor, China and its subsidiaries have invested billions of dollars across Africa’s energy, transportation, and mining sectors. Despite China’s indispensable contributions to infrastructure development in sub-Saharan Africa, there are valid concerns over how African countries will repay these massive debts to China.
"Compared to other official lenders such as the International Monetary Fund (#IMF) and the #WorldBank, Chinese loans are less challenging to acquire. For instance, the IMF monitors the amount of debt held by a country and will not provide more loans until a country seeks debt relief. Chinese lenders have more lenient terms and allow low-income African countries to borrow large amounts without much accountability—issuing loans which may be considered too risky by the IMF and other international lenders.
"Historically, China has entered into strategic agreements with developing countries to finance development projects while collateralizing the country’s natural resources. The growing demand for external finance for important infrastructure projects—some of which are overly ambitious and unsustainable—poses great risks to African economies, which risk losing their collateral and the possibility of debt distress.
"Chinese loans are often characterized by lack of transparency. Chinese financiers set tough conditions for financing large infrastructure projects, taking advantage of vulnerable African leaders desperate to complete ambitious developmental projects. For instance, the construction of a $10 billion port project in #Tanzania was suspended after careful consideration of the terms and conditions of the Chinese loan. The project, which the former president John Magufuli called 'exploitative and awkward,' would have rented the port to the Chinese government for ninety-nine years as repayment.
"In Ghana, Chinese financing over the past two decades has spanned various sectors including power, information communication technology (#ICT), #transportation, and #agriculture. Chinese foreign direct investment is estimated to be three times the size of EU countries’ investment in Ghana. Some of these loans are backed by resources such as #cocoa and #oil. For instance, #Sinohydro has allegedly agreed to deliver $2 billion worth of infrastructure projects across the country, which Ghana would pay back with proceeds from the sale of refined bauxite. An estimated $646 million of the initial $2 billion loan have been approved for disbursement. The Ghanaian government also signed a loan commitment of $550 million in 2019. Entering these types of agreements with China demands careful consideration by the Ghanaian government."
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#Ghana hollows out #forests and green protections to advance #mining interests
Malavika Vyawahare
28 Aug 2024
via @mongabayKey points:
- The Ghanaian government has significantly ramped up the approval of mining permits under legislation passed in late 2022, intensifying concerns about runaway environmental damage.
- The country is already the top #gold producer in #Africa, but much of the mining is done in #forest reserves and other #biodiverse #ecosystems.
- The government has long cracked down on artisanal illegal #GoldMiners, but activists say the real damage is being wrought by #industrial operations, both legal and illegal.
- A debt default in 2022 has seen #Ghana lean even more heavily on its gold to mitigate the crisis, prompting warnings that such a policy is neither #economically nor #environmentally #sustainable.
#ApampramaReserve #HeritageImperial #WaterIsLife #SaveTheForests #NoMiningWithoutConsent #CorporateColonialism #C&GAleska #GoldMining #GSBA #LithiumMining #BodiForestReserve #IMFLoans #WorldBank #IMFLoanSharks
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"How dare these people being an obstacle for our shareholder value?"
#Resources #Gold #IndigenousRights #InternationalLaw #WorldBank #AlmadenMinerals
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A close look at Singapore’s thriving startup ecosystem - Toni Eliasz
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