Figures for the Republic of Congo are unclear, but CARI estimates debts to China to be in the region of $7bn (£5.3bn). As for the interest rate, its modulation is less obvious, as it is the sum of two elements. If Ethiopia realizes this goal, Djibouti would gain prominence as a strategic hub.At Nagad Station, the railway's terminus at the Djibouti end, Chinese sell tickets while a monitor displays information in English and Chinese. And the Chinese might not have shown as much interest if it hadn’t been for Djibouti’s geostrategic location: About a third of all the world’s shipping steams past this barren land on the northeast edge of Africa en route to and from the Suez Canal, the Red Sea, and the Indian Ocean.China’s bridgehead here is part of its globe-girding “The railway will eventually string together a necklace of big Djibouti infrastructure projects in which the Chinese, through state-owned companies, have substantial interests: the Doraleh Multi-Purpose Port, the Doraleh Container Terminal, and the Djibouti International Industrial Parks Operation, a sprawling manufacturing hub. The loan for the Djiboutian section of the Djibouti-Addis Ababa line would have required the payment of $81 million for the year 2019; to this figure should be added the annuities corresponding to the interest on the loans for the water pipeline and the port of Doraleh ($19 million and $16 million, respectively, according to our calculations), making a total of $117 million. The nation looks out at a busy international shipping lane through which 20,000 vessels pass every year and its geography has won Djibouti much global attention, with troops from multiple countries including the U.S., China and Japan stationed there to combat piracy.Among them, China is eager to promote road and port construction in Djibouti, positioning it as a linchpin of its Belt & Road Initiative.One Project is the Djibouti International Free Trade Zone, a $3.5 billion Project undertaken by China in cooperation with the Djiboutian Government. (Photo by Masanori Tobita) Under President Ismail Omar Guelleh, the one-party state is partway through what started out as a $12.4 billion infrastructure development program, much of it funded through loans from the China has taken major stakes in some of those projects. Perhaps it would have been better to question the relevance of the choices from the outset. We can only observe that the interest rate of the ExIm Bank of China loan would have been reduced from LIBOR plus 3.0 per cent to LIBOR plus 2.1 per cent.
While China helps to build railroads and improve other pieces of infrastructure, Djibouti's debt to China has reportedly increased to more than 70% of its gross domestic product. The latter’s been operational since last year, built on $580 million in loans from the Chinese EximBank that Dawaleh describes as “almost concessional.”China’s grip was tightening as Djibouti’s debts were soaring. “China uses bribes, opaque agreements, and the strategic use of debt to hold states in Africa captive to Beijing’s wishes and demands,” John Bolton, President Trump’s national security adviser, said in a Bolton warned of the consequences if, as has been rumored, China Merchants were to gain control of the Doraleh Container Terminal via a debt-for-equity swap.
We'll assume you're ok with this, but you can opt-out if you wish. Djibouti is also believed to have granted China Merchants Holding rights to operate the Doraleh Container Terminal in exchange for investments and loans from China.DP World brought the case to the London Court of International Arbitration, which in January ruled that Djibouti must return the rights to DP World. The works would be carried out by a Chinese firm and would be financed by a complimentary loan from the ExIm Bank. With China’s share having increased considerably in recent years and payment deferrals coming due, debt service increased considerably between 2019 and 2021, rising from $48 million in 2019 to $82 million the following year (a 71 per cent year-on-year increase) and then to $104 million in 2021, an increase of 120 per cent in two years, or nearly two thirds of Djibouti’s external debt … The conductor, who walks back and forth on the train, is Chinese.The railway is “convenient because we can go to Ethiopia cheaper than flying,” a female Djiboutian dentist said.Noting that Djibouti is an important node in China’s BRI, Niu Zengxiang, a Djibouti-based top official of China Civil Engineering Construction, said, “This railway will become the point of origin to freight goods across Africa.”In the company’s Djibouti office, young Chinese in their 20s and 30s walk back and forth, and hold heated discussions in the conference room, creating an atmosphere not dissimilar to that of a startup.
“There was nothing.”—Chinese and Djiboutian flags at the Djibouti International Free Trade Zone.An unfinished rail line near the Chinese People’s Liberation Army support base.“What can look good in the short term can often end up being bad over the medium to long term” Another consequence is, of course, the lengthening of the repayment. She says she’s seen photos of Shekou, the Chinese free-trade zone, from the last century—and recognizes the changes she’s living through. The most fun to be had on the tracks, says Hamza Mahamad Osman, 14, is when a slow-moving train from Ethiopia rolls by with empty containers. For Djibouti, 77% of its debt is from Chinese lenders. China’s grip was tightening as Djibouti’s debts were soaring. The clock on the wall is a Chinese brand, Polaris (Beijixing), and gives the station a Chinese ambience.Outside, on the front of the big chalky station building, a Chinese flag is displayed between the Djiboutian and Ethiopian flags.After trains leave Nagad Station, with Chinese and Djiboutian station employees waving goodby to the passengers, they snake through a wild land of sand and rocks. No bots, no algorithms.Diverse, often unconventional insights from scholars, analysts, journalist and a variety of stakeholders in the China-Africa discourse.A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.Seemingly fed up with the past week of overheated controversy in Nigeria over Chinese loans, Transportation Minister Rotimi Amaechi is telling it like it is. Djibouti recorded a government debt equivalent to 104 percent of the country's Gross Domestic Product in 2018.
The Bridge and Road Initiative, publicly touted as a global Silk Road for modern-day trade, is also laying foundations for China’s military ambitions.And for a military with global aspirations, there is no better guardhouse than Djibouti.In 2016, a new railway was completed that spans 750 km and connects the DIFTZ to a suburb of Addis Ababa, the capital of Ethiopia, in 13 hours.
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