African Development Bank chief calls for end to loans tied to natural resources

In an interview with The Associated Press, Akinwumi Adesina, the head of the African Development Bank, voiced his concerns over loans tied to Africa’s natural resources. Adesina emphasized the difficulty in properly pricing such assets and highlighted the challenges these loans pose to sustainable development.

Adesina criticized the imbalance in negotiations, where lenders often dictate terms to cash-strapped African nations, leading to potential exploitation and corruption. He pointed out the detrimental effects of such loans, citing Chad’s financial crisis after an oil-backed loan from Glencore.