A “positive competition” between Europe and China for investments in Africa is what the president of the African Union, Azali Assoumani, hopes for, who also warns of the high level of debt that is preventing African countries from investing.
“Honestly, we have a very difficult past with our European neighbors, we managed it with some difficulty, and when China appeared, it learned all its lessons and that is how it started to play a very important role” in terms of investment, said Assoumani during meetings within the scope of the G20 Compact with Africa.
“However, now I can assure you that everything is changing, and we are trying to correct the mistakes”, added the President of the Comoros.
Azali Assoumani also said, at a press conference in Berlin, cited by the French news agency, France-Presse (AFP), that there is a need for “positive competition [entre a China e a Europa]”, considering that “there is no monopoly anywhere, everyone has their place”.
“The problem we sometimes have in Africa is that we cannot invest because we are paying debts”, he stressed, warning that the reason is that the debt is “so high”.
Assoumani was speaking during a press conference on the sidelines of the G20 Compact with Africa forum, dedicated to promoting private investment on this continent, an initiative launched by Germany in 2017, during its presidency of the G20.
China has become Africa’s largest creditor and is therefore unavoidable in the public debt restructuring processes of the most indebted African countries.
With international agencies
