Final hours! Save up to 55% OFF InvestingProCLAIM SALE

Blinken says U.S. investing in Africa without unsustainable debt

Published 11/20/2021, 07:20 AM
Updated 11/20/2021, 08:21 PM
© Reuters. U.S Secretary of State Antony Blinken speaks with members of the civil society at the U.S. Embassy in Abuja, Nigeria November 19, 2021. Andrew Harnik/Pool via REUTERS

By Bate Felix

DAKAR (Reuters) - U.S. Secretary of State Antony Blinken said on Saturday his country was investing in Africa without imposing unsustainable levels of debt, as he witnessed the signing of contracts worth more than $1 billion in Senegal's capital Dakar.

The deals between four U.S. companies and Senegal are being billed as part of his country's pitch to help Africa build infrastructure with transparent and sustainable deals.

Careful not to directly criticise Chinese infrastructure projects, which have proliferated across the continent in the past decade, Blinken said during a visit to Nigeria on Friday that international deals were too often opaque and coercive.

The U.S. is investing "without saddling the country with a debt that it cannot handle," he said during the signing ceremony with Senegal's Economy Minister Amadou Hott.

He said he had a deep concern for the stability of neighbouring Mali, which has experienced two coups in the last 18 months, and that the upcoming election there must follow a timetable drawn up by the regional bloc ECOWAS.

Earlier this month ECOWAS, West Africa's main political and economic bloc, imposed sanctions on Mali's transitional leaders, after they informed the organisation they would not be able to hold presidential and legislative elections in February.

"We look forward to resuming the full array of assistance as soon as this democratically elected government takes office," Blinken told reporters.

Reuters reported in September that Mali's military junta was in discussions about deploying a Russian military contractor, Wagner Group, in Mali to help fight a growing Islamist insurgency.

"It would be especially unfortunate if outside actors engaged in making things even more difficult and more complicated and I'm thinking particularly of groups like the Wagner Group," Blinken said.

'ILLUSORY PROVOCATION'

Blinken said the U.S. has real concerns, widely shared with partners in Europe, over Russia's "unusual activity" at the Ukrainian border, after Ukraine said it feared Russia might be preparing an attack.

"We do know the playbook of trying to cite some illusory provocation from Ukraine or any other country and using that as an excuse to do what Russia was planning to do all along," Blinken said.

Intensive diplomacy was ongoing to end civil conflict in Ethiopia, he said, where Washington continues to push for an immediate end to hostilities without preconditions and humanitarian access to millions of people in the north.

© Reuters. U.S. Secretary of State Antony Blinken accompanied by Senegal's Minister of Economy, Planning and International Cooperation Amadou Hott, speaks at a

During a visit to Dakar's Institute Pasteur bio-medical research center, Blinken said the United States was working with partners to generate more financing for vaccine manufacturing in Senegal.

In October BioNTech signed an agreement with the Institut Pasteur de Dakar and the Rwandan government to construct the first mRNA vaccine facilities in Africa, starting in mid-2022.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.