In this episode of the CGTN series Leaders Talk, filmed in the South African city of Johannesburg immediately following the BRICS Summit and the China/Africa Leaders Dialogue held in its margins in August, Wang Guan interviews President Macky Sall of Senegal.
President Sall sets out a strong case for the reform of international institutions formed in the wake of World War II. The world has changed greatly since then and reform is demanded by Africa and the Global South as we are moving towards a multipolar world.
Senegal was the first country in West Africa to sign up for the Belt and Road Initiative (BRI) advanced by President Xi Jinping. President Sall extols his personal and friendly relationship with his Chinese counterpart and is full of praise for China’s relations with Africa.
China, he notes, once suffered aggression from the colonial powers, so today it shows empathy and humility in its dealings with others. Citing a recent discussion he held with French President Emmanuel Macron, he said that his message to Africa’s other partners is that we want the same from them. There is now a generation, including himself, born after the end of colonial rule, and they have a new mentality.
Turning to questions of development financing and foreign debt, Sall makes the point that China’s financing is based on requests made by Africa and priorities set by Africa. Refuting ideas of a ‘Chinese debt trap’, he notes that Africa’s debt to China is only some 12% of its total. Moreover, the interest rate is low, at a maximum of 2.5%, with a minimum repayment period of 20 years, and a grace period before payments become due that is generally longer than that offered by others.
Furthermore, citing a China-built expressway in his country as an example, because China’s projects are built quickly, they can often be generating revenue for a few years before any loan repayments fall due.
The full interview with President Macky Sall is embedded below.
