China to play greater role in World Bank in Africa

(South China Morning Post, Beijing, 19 December 2007) The Export-Import Bank of China (Chexim) and the World Bank are planning joint development projects in Africa, a move Beijing hopes will calm international criticism of its growing political and economic clout on the continent. Atradius Dutch State Business, the U.S. Export Import Bank, International Finance Corporation, Euler Hermes of Germany and other banks and ECAs have signed agreements with Chexim and Sinosure in the past year, while continuing to cite competition with these Chinese export credit agencies as reasons why they cannot afford to implement and monitor environmental and social standards in projects which they support.