Browsing: Bloomberg

His fortune is estimated to be worth a staggering US$148 billion. He is second only to Tesla founder and eccentric billionaire Elon Musk. Very interesting to note is the fact that the rise of Adani into the high stakes of global wealth is also the first time that two of the wealthiest individuals in the world are from countries that comprise the BRICS nations.

Though now a US citizen, Elon Musk has South African heritage, and Adani is an Indian national.

That two of the richest men in the world are from BRICS countries is indicative of the emergence of the bloc. Adani is the first person of Indian descent to occupy the position. Adani is the chairman of the Adani Group, which operates a litany of businesses in coal mining, infrastructure, and thermal power generation. His companies also operate private airports and firms. According to media reports, Adani’s wealth …

Until 2019 Africa and china had an eccentric lending experience. This includes the lending spree featuring more than $10 billion a year from 2012 to 2017, higher than $1 billion in 2001, sadly China lending to Sub-saharan Africa has fallen short due to serious defaulting fears.

A detailed study executed by John Hopkins University’s China-Africa Research Initiative pointed out that, debt sustainability concerns have triggered lending to the African government to drop by 30 per cent in 2019.

China—the world top industrial economy has been a close lender to Africa—the world’s top raw material producer and fastest-growing economy over the past decade.

On the side of the fence, according to China’s 2021 White Paper on International Development Cooperation published in January, China has steadily increased the scale and further expanded the scope of its foreign aid, giving high priority to the least developed countries in Africa (Global Times).

Several media …