Gov't weighs Chinese offer of billions
Mbongeni Mguni | Friday September 14, 2018 12:38
Mokaila was amongst five ministers who accompanied President Mokgweetsi Masisi on a landmark 10-day mission to China, the first by a sitting president in 12 years.
Botswana pitched three rail and road projects to the Chinese for funding and, according to Masisi and Mokaila, very strong indications have been received that the Oriental giant will support finance.
The mission was a three-day state visit followed by the Forum on China and Africa Cooperation, part of which involved the 53 African states, which were in Beijing, pitching projects for development partnerships with China, including funding. Chinese president, Xi Jinping pledged US$60 billion in various forms of funding to the African states over the next three years. Mokaila said while support from the Chinese had been virtually assured, the loans were far from a done deal.
“You put in a request and while you will get to know how much is eventually approved, it’s not a given figure right there and then,” he told BusinessWeek.
“The requests are assessed and considered. “Ours, they have assured us, will be looked at very favourably.
“We will know soon, then after that we will be able to commit to saying this is what we can afford to do and this is what we will do.”
Botswana presently owes the Chinese government P262.8 million in outstanding loans as at August 28.
While in China, Masisi rubbished criticism that the Oriental giant was leading African nations into a debt trap or neo-colonialism.
“That is laughable.
“How can those who have actually recently colonised Africa have the audacity to suggest China is doing that? To my knowledge China has never colonised Africa.
“How can those who came up with initiatives like the Highly Indebted Poor Nations, structural adjustment and others have the audacity?
“In any event we are smart enough to understand who is who, what is what, where. “We choose our friends with deliberateness.”