We must trust China - Geingob
President Hage Geingob has once again vehemently defended Namibia's dealings with China, saying the Asian giant must be trusted and should not be judged.
Addressing journalists at State House yesterday, Geingob said China had also given a pledge that it would negotiate loans to Namibia on an equal footing.
“It is for us to make sure that when they come here, they come on our terms. There are bad Chinese and there are good Chinese. Just like there are bad Namibians and good Namibians. Let us take our chances with them,” said Geingob.
At the same State House briefing, finance minister Calle Schlettwein confirmed a N$10 billion Chinese loan facility for the next five years.
“It is up to us to put our conditions upfront,” Schlettwein said regarding the Chinese loans, while adding that the technical details still needed to be sorted out. Schlettwein justified the Chinese loans.
“We will budget for repayment in the expropriation bill,” said Schlettwein.
Geingob added although the country has had problems, it has still managed to keep its debt levels below 43% of GDP, which was below the SADC average.
“This 43% is not the worse, but it is still a debt.” China's president Xi Jinping recently put on the table a US$60 billion funding pledge to help the African continent with infrastructure development.
The pledge was made during just-ended Forum on China-Africa Cooperation (FOCAC) summit in Beijing, which was attended by 50 African leaders, including Geingob.
Several local analysts have warned of a potential debt trap for Africa given that countries like Sri Lanka have defaulted and were forced to hand over critical infrastructure to the Chinese.
The NBC, which had accompanied Geingob to China, reported last week that the Asian country had made a tempting offer to finance the upgrading of Hosea Kutako International Airport, which will cost N$5 billion and upwards.
“If they are going to build an airport we must put our conditions on the table. Give us a chance so that you can one day say 'I told you so',” Geingob said yesterday.
Commenting on Sri Lanka, where its government was forced into signing away a port on a 99-year lease to China after defaulting on loan payments, Geingob said Namibia had proven to be careful borrower and able payer and was respected as such globally.
“Sri Lanka is one incident and we don't actually know what is happening there. We have proven to be careful with the loans and we are respected for this… I don't where you get the idea that we are crazy for loans.”
OGONE TLHAGE
Addressing journalists at State House yesterday, Geingob said China had also given a pledge that it would negotiate loans to Namibia on an equal footing.
“It is for us to make sure that when they come here, they come on our terms. There are bad Chinese and there are good Chinese. Just like there are bad Namibians and good Namibians. Let us take our chances with them,” said Geingob.
At the same State House briefing, finance minister Calle Schlettwein confirmed a N$10 billion Chinese loan facility for the next five years.
“It is up to us to put our conditions upfront,” Schlettwein said regarding the Chinese loans, while adding that the technical details still needed to be sorted out. Schlettwein justified the Chinese loans.
“We will budget for repayment in the expropriation bill,” said Schlettwein.
Geingob added although the country has had problems, it has still managed to keep its debt levels below 43% of GDP, which was below the SADC average.
“This 43% is not the worse, but it is still a debt.” China's president Xi Jinping recently put on the table a US$60 billion funding pledge to help the African continent with infrastructure development.
The pledge was made during just-ended Forum on China-Africa Cooperation (FOCAC) summit in Beijing, which was attended by 50 African leaders, including Geingob.
Several local analysts have warned of a potential debt trap for Africa given that countries like Sri Lanka have defaulted and were forced to hand over critical infrastructure to the Chinese.
The NBC, which had accompanied Geingob to China, reported last week that the Asian country had made a tempting offer to finance the upgrading of Hosea Kutako International Airport, which will cost N$5 billion and upwards.
“If they are going to build an airport we must put our conditions on the table. Give us a chance so that you can one day say 'I told you so',” Geingob said yesterday.
Commenting on Sri Lanka, where its government was forced into signing away a port on a 99-year lease to China after defaulting on loan payments, Geingob said Namibia had proven to be careful borrower and able payer and was respected as such globally.
“Sri Lanka is one incident and we don't actually know what is happening there. We have proven to be careful with the loans and we are respected for this… I don't where you get the idea that we are crazy for loans.”
OGONE TLHAGE
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