By Joe Cash
BEIJING (Reuters) -Zambia will host a Chinese premier for the first time in 28 years as the sub-Saharan state emerges from a financial crisis, with Beijing eager to access the country’s commodities and develop a bigger market for its exporters.
China is Zambia’s largest official creditor with $5.7 billion owed and is eager to highlight countries that are model members of President Xi Jinping’s flagship Belt and Road infrastructure initiative. China has said it would also like to show how African nations can recover from financial crises with its assistance.
Premier Li Qiang’s arrival in Lusaka on Wednesday is part of a push to deepen China’s presence in the copper-rich country as Europe and the U.S. vie to become alternative benefactors now that Zambia’s $13.4 billion in debt is on a more sustainable repayment plan.
Industrialising Zambia needs fresh investment for its mining sector, infrastructure network and production capacity, while China wants to boost exports of tractors, electrical equipment and construction vehicles. The World Bank expects Zambia’s economy to grow 6.5% next year, compared with an average of 5% over the past two decades.
China Premier Makes Landmark Zambia Trip as West Vies for Investment Foothold
