Being here in Africa now I have observed a noticeable presence of Chinese people. You may wonder what they are doing here in such large numbers?
While we seek to limit or eliminate our own US Export Import Bank, the Chinese businessmen use theirs to full advantage. They propose a needed infrastructure project, and arrange to loan you the money to build it from the ExIm Bank of China. After the project is funded they are awarded the project to build, and import Chinese technical staff to manage the project. They win by charging interest on the loan, then by building the project, and having employment for their citizens.
Multiply this on a global scale and you get my point. We are being out hustled by the Chinese while we stay home and fume that our economy is stalled and we have few opportunities for our industry.
This information is from a Nairobi news site.
A Kenyan today is likely to travel on a Chinese constructed road, buy Chinese goods from supermarkets, watch football in a Chinese built stadium, get treated in a Chinese built hospital, use a Chinese mobile phone and will soon travel from Mombasa to Nairobi on the standard gauge railway (SGR) funded and constructed by the Asian giant.
They will come dangling offers to you, promising to negotiate and arrange an Exim Bank of China loan on your behalf and carry out a feasibility study free of charge. This is the reason our appetite for Chinese contractor-negotiated loans has exploded,” he said.
The chinese have no political problems with import export banks, they see the value in them.