World Bank to work with Ex-Im in Africa
20 December 2007
The World Bank and China's Ex-Im Bank will cooperate on aid programs in Africa and elsewhere, the Financial Times reported. The World Bank's president, Robert Zoellick, said he had agreed with Li Ruogu, head of state-owned Ex-Im Bank, to look for joint projects in Africa. Zoellick, who was visiting China when the announcement was made, said he was concerned about the debt African countries are accruing by borrowing from China. The transparency of Chinese loans in Africa has been an issue among multilateral lenders such as the African Development Bank. These institutions are concerned that African economies could be destabilized by a build-up of low-standard loans. Further details on the nature of the cooperation between the two institutions were not provided.
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