Browsing: minerals for loan deals in Africa

• Africa is loosing out on bad minerals for loan deals, AfDB warns.
• AfDB is developing initiatives to  help countries’ address the bad loans.
• China alleged to be the leader in bad minerals for loan deals with Africa.

Africa’s natural resources are being traded for loans from international lenders and that is why the continent is underdeveloped, the Head of the African Development Bank, Dr Akinwumi Adesina, has decried.

In an interview with The Associated Press in Lagos, Nigeria, Dr Adesina called for an end to “loans given in exchange for the continent’s rich supplies of oil or critical minerals used in smartphones and electric car batteries.”

The Head of Africa’s biggest lending bank, AfDB, said some countries have gained control over mineral mining in places such as Congo and have left some African countries in financial crisis owing to such ‘mineral for loans deals.’

“They are just bad, first …