- 1
- 2
Racing for New Riches
While the Chinese focus on commodities, the Russians have that in mind and more. Economic growth in sub-Saharan Africa is expected to hit 6.7 percent this year, and the region's debt burden has fallen from 80 percent of GDP a decade ago to about 30 percent. Economic reform is gaining momentum in places like Zambia and Kenya, and countries like South Africa, Kenya and Nigeria now boast a growing consumer class. The Russians see that and are expanding from oil into financial services, telecom and retail.
Russian banks are fast outpacing Western private-equity investors such as Washington's Emerging Capital Partners and South African hedge funds. It's a Moscow investment firm, Renaissance Capital, that is pioneering services that will soon allow billions in outside money to be channeled into sub-Saharan African businesses. And a new Africa Fund just launched by Renaissance is expected to reach its $1 billion cap by spring —making it as large as the total of five funds put together since 2000 by Emerging Capital Partners, previously the largest private investors.
It's not clear that Russia and China will be better for Africa than Westerners turned out to be. South Africa, for example, has been a model for sustainable growth in the region, but South African corporations eager to expand throughout the continent may be winnowed out by Chinese or Russians who can pay cash for practically any asset. Local leaders say they've been following Western business and development models for decades without seeing returns. New countries may offer something new. At the very least, they bring cash. As the ties come off on the dance floor, and cocktails that would be worth two weeks' wages of a Kenyan laborer are spilled, it's unclear what else the new conquerors will make of Africa's future.
With Karen MacGregor in Durban, South Africa
© 2007
- 1
- 2
Loading Menu
Member Comments
Posted By: badra818 @ 12/12/2007 1:43:11 PM
Comment: God knows I'm tired of hearing about the black men's sufferings. Truth is suffering is part of live although blacks I've had more. I'm a black man myself, but we as Africans need to do more. I live in the U.S. and all I hear grown, able black men say is "the white is trying to keep me down" when the truth is they aren't even there for their kids. Stop blaming and start doing!
Posted By: ExposeTheTruth @ 12/01/2007 7:32:45 AM
Comment: Linda, you are absolutely right on target. The USA, Russia, and China have economically invaded the continent of Africa and could care less about Africans as a people. When have the USA, Russia, and China ever cared about the plight of the black race in Africa. They are there for one reason and one reason only, to suck the land dry of its natural resources while religious, ethinic, social issues, healthcare issues, and poverty destroys the people from within. They actually need the chaos that civil wars bring in order to keep the continent destablized so that they will not be resisted by the majority of the corrupt leaders in charge. They are not interested in "Democracy". The "Super Powers" are there to line there companys that are over there with a continual flow of oil, minerals, and farmland so that they can eventually set up military bases in the region expand their empires. Jesus said, "That his eye is everywhere beholding the evil and the good". USA, Russia, and China may fool the World, but there is a recorded being kept in heaven that neither of them can tamper with.
Posted By: lindabew1 @ 11/29/2007 10:31:36 AM
Comment: Linda's Reply to Matt:
Jesus Christ gave the called Ministers of his gospel to: "Preach repentance and remission of sins." As a minister of the gospel, (Which is good news), is to preach to sinners to let them know where they are wrong and how to amend their ways unto "The Living God." That Living God came in the form of "Jesus Christ." who died for our sins, and to redeem us back to the God that created us. And upon your repentance for the sins that God hate, that God will receive you again. But if you refuse, you will indeed, see his wraft to come...
...God hates sin, and he explains it through-out the Bible. God hates murder, racial hatred, greed, people who causes the poor to suffer, people who are cold and heartless, people who have no remorse for their sins, rape, people who kill their children and etc., and all the things that I can add that have caused this earth to be in the shape that it is in.
I WOULD do God a miss service (Being a called Minister) by him, not to preach the gospel. Preaching the gospel is to correct men/women/ about sins that GOd hates..."Apparently, people like you, who don't want to except the truth or face the facts that you have a problem with "TRUTH."
JESUS CHRIST, calls these kinds of people his enemies. "Are you an enemy of Jesus Christ?"
OUR WORLD is in great trouble worldwide. This globe is being filled with volience and murder. Hate is on the uprise. The earth has taken its toil of pains and grief. Children are being killed, parents are being murdered. Our Government is out of control. Our Media is out of control. Police have taken the laws that were to be in service for the just, and twisted the laws to do wrong themselves. Killing people, and telling lies to cover themsselves in crimes that they committed.
AND YOU tell me, I am full of "HATE!" Because, I speak on the truth.
I WILL NOT BITE my tongue. I will continue to preach and teach the truth of the gospel of Jesus Christ. You should be "GLAD" its me. Because if it were Jesus here preaching this day in person, "You wouldn't be able to stand."
I BACK UP my words as key points of the matters of how men are treating other men of the same blood. We all are of (ONE) blood. When blood is given to saved the life of another man, the doctor, does not ask, "Is that blood from a black man?" "If the blood is from a black man, I don't want it." "Go and get me the blood of a white man."
IT IS WRONG to see other Nations suffer, and not go their rescue. Let them die, children and all, and turn around, go their land or country, and put them in slavery or reap the goods, while they live in all the riches of that land.
IT IS WRONG to use that country resources, and build good houses and keep the wealth to themselves, while the people of that country continue to suffer, and be in lack.
IT IS WRONG for America to hold back on the very people who have slaved and worked just as hard, and not permit or allow them the freedom that God gave to all.
Sincerely,
Linda