U.S. Treasury Secretary Janet Yellen's three-country trip to Africa - the leading edge of a new diplomatic push by the Biden administration - aims to show the continent the United States is a true partner, one here for the long-haul
China and Russia also vying for influenceLUSAKA, Jan 24 - U.S. Treasury Secretary Janet Yellen's three-country trip to Africa - the leading edge of a new diplomatic push by the Biden administration - aims to show the continent the United States is a true partner, one here for the long-haul.
Yellen's trip kicks off a year of high-level U.S. visits that will include President Joe Biden, Vice President Kamala Harris, Trade Representative Katherine Tai, and Commerce Secretary Gina Raimondo. Chinese trade with Africa is about four times that of the United States, and Beijing has also become an important creditor by offering cheaper loans than Western lenders.American officials - both Democrats and Republicans - have criticised China's lending as lacking transparency and predatory.
The cost of debt service is expected to hit $25 billion next year according to the World Bank, up from $21.4 billion in 2022. In local currency term, it's risen even faster, increasing the risk of debt distress, the AfDB stated.
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