The head of the African Development Bank is advocating for a halt to loans secured by Africa's oil and critical minerals, citing concerns over pricing and transparency. These loans, often used to finance infrastructure projects, have led to China gaining control over mineral mining in countries like Congo and have left some African nations in financial distress.
The surge in demand for critical minerals due to the shift towards renewable energy and electric vehicles has fueled these types of loans. Notably, a China-Congo deal has bolstered Beijing's position in the global supply chain for electric vehicles by tapping into Congo's vast cobalt reserves.
