To ensure that previous mistakes are not repeated, Germany coordinates with Western lenders who are members of the so-called Paris Club and provides information on lending. “One of the very, very big ambitions that we are pursuing is to involve China in a new way as a country that gives a lot,” said Scholz on Friday at the Catholic Day in Stuttgart.
“The danger that the next major debt crisis in the Global South will come from loans made by China worldwide is really great, and there is no common self-image because there are so many people involved,” warned the Chancellor. “This will plunge both China and the Global South into a major economic and financial crisis, and incidentally will not leave the rest of the world untouched either. It is a serious concern to change that, said Scholz.
The Chancellor named the “Global Door” strategy as one of the European initiatives. The European Union wants to catch up and provide around 150 billion euros for infrastructure projects in Africa. (SDA)
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