www.kark.com Open in urlscan Pro
151.101.193.91  Public Scan

Form analysis
2 forms found in the DOM

https://www.kark.com/

<form role="search" class="search-form site-header__search-form" action="https://www.kark.com/" data-module-type="site-search" data-link-category="Site Search">
  <span class="screen-reader-text">Search</span>
  <div class="search-form__fields">
    <input type="submit" name="submit" value="">
    <input type="search" name="s" placeholder="Search" value="">
  </div>
  <p class="search-message">Please enter a search term.</p>
</form>

https://www.kark.com/

<form role="search" class="search-form site-header__search-form" action="https://www.kark.com/" data-module-type="site-search" data-link-category="Site Search">
  <span class="screen-reader-text">Search</span>
  <div class="search-form__fields">
    <input type="submit" name="submit" value="">
    <input type="search" name="s" placeholder="Search" value="">
  </div>
  <p class="search-message">Please enter a search term.</p>
</form>

Text Content

Skip to content

KARK

Little Rock 32°

Sign Up
Little Rock 32°
Sponsored By

Toggle Menu Open Navigation Close Navigation
Search


Please enter a search term.


PRIMARY MENU

 * News
    * Local News
    * Your Local Election HQ
    * State News
    * National News
    * Washington D.C.
    * Politics from The Hill
    * Crime
    * Working4You
    * Traffic
    * Business News
    * Meet the Team
    * Entertainment
    * Weird News
    * Newsletters
    * BestReviews
    * Automotive News
    * Press Releases
   
   
   TOP STORIES
   
   USPS IN LITTLE ROCK WORKING HARD TO DELIVER LETTERS …
   
   5 hours ago
   
   Video
   
   WEDNESDAY’S CHILD: MEET ZAIDEN, A 16-YEAR-OLD HOPING …
   
   5 hours ago
   
   Video
   
   CLARK COUNTY DEPUTY RECOUNTS RISKING LIFE TO STOP …
   
   5 hours ago
   
   Video
   
   ARKANSAS STATE POLICE: WOMAN’S BODY FOUND IN CAR …
   
   8 hours ago
   
 * AR Storm Team
    * Latest Forecast
    * Closings and Delays
    * Arkansas Storm Team Weather Blog
    * Arkansas Storm Team Academy
    * Share Your Weather Pics
    * Reflections – The Day Arkansas Stood Still
    * Map Center
    * Weather Alerts
    * 7 Day Forecast
    * Summit Snapshot Photo Contest

 * Pig Trail Nation
    * Hogville
    * SEC Football
    * Olympics
    * FearlessFriday.com
    * NFL
    * MLB
    * Golf

 * For You For Life
 * AR Pros
    * Home Improvement Pros
    * Health Pros
    * Real Estate Pros
    * Retail Pros
    * Business IT & Phone Support Pros
    * Education Pros
    * Restaurant Pros
    * Construction Pros
    * Automotive Pros

 * Watch Now
    * Video Center
    * KARK 4 News Streaming
    * Reflections – The Day Arkansas Stood Still
    * KARK 4 Today
    * Capitol View

 * Arkansas Style
 * Community
    * Hispanic Heritage Month
    * Wednesday’s Child
    * Good News Matters
    * Victory Over Violence
    * Saving AR Generation
    * Contests
    * Education Matters
    * AR Scholarship Lottery
    * Gas Tracker
    * TV Schedule
    * Today Show Minute
    * Showcase
    * Recipes
    * Clear the Shelters
    * Local Events
    * Veterans Voices
    * Daily Horoscopes
    * Arkansas Outdoors
    * Remarkable Women of Arkansas
    * D-Day Anniversary
    * Military Greetings
    * Santa’s Holiday Gift Drive
    * Santa Tracker

 * Marketplace
    * Epic Discounts
    * Jobs
    * Find a Job
    * Post a Job
    * Job Alerts

Search


Please enter a search term.


Akinwumi Adesina, President African development bank, speaks during an interview
with The Associated Press in Lagos Nigeria, Tuesday , March. 5, 2024. The head
of the African … Akinwumi Adesina, President African development bank, speaks
during an interview with The Associated Press in Lagos Nigeria, Tuesday , March.
5, 2024. The head of the African Development Bank is calling for an end to loans
given in exchange for the continent’s rich supplies of oil or critical minerals
used in smartphones and electric car batteries, deals that have helped China
control mineral mining in places like Congo and have left some African countries
in financial crisis. (AP Photo/ Sunday Alamba) Read More
Business


AFRICAN DEVELOPMENT BANK CHIEF CRITICIZES OPAQUE LOANS TIED TO AFRICA’S NATURAL
RESOURCES

by: TAIWO ADEBAYO, Associated Press

Posted: Mar 12, 2024 / 09:08 PM CDT

Updated: Mar 12, 2024 / 09:10 PM CDT

Akinwumi Adesina, President African development bank, speaks during an interview
with The Associated Press in Lagos Nigeria, Tuesday , March. 5, 2024. The head
of the African Development Bank is calling for an end to loans given in exchange
for the continent’s rich supplies of oil or critical minerals used in
smartphones and electric car batteries, deals that have helped China control
mineral mining in places like Congo and have left some African countries in
financial crisis. (AP Photo/ Sunday Alamba)

by: TAIWO ADEBAYO, Associated Press

Posted: Mar 12, 2024 / 09:08 PM CDT

Updated: Mar 12, 2024 / 09:10 PM CDT

SHARE
This is an archived article and the information in the article may be outdated.
Please look at the time stamp on the story to see when it was last updated.

LAGOS, Nigeria (AP) — The head of the African Development Bank is calling for an
end to loans given in exchange for the continent’s rich supplies of oil or
critical minerals used in smartphones and electric car batteries, deals that
have helped China gain control over mineral mining in places like Congo and have
left some African countries in financial crisis.

“They are just bad, first and foremost, because you can’t price the assets
properly,” Akinwumi Adesina said in an interview with The Associated Press in
Lagos, Nigeria, last week. “If you have minerals or oil under the ground, how do
you come up with a price for a long-term contract? It’s a challenge.”

Linking future revenue from natural resource exports to loan paydowns is often
touted as a way for recipients to get financing for infrastructure projects and
for lenders to reduce the risk of not getting their money back.



The shift to renewable energy and electric vehicles has caused a spike in the
demand for critical minerals, driving these kind of loans. That includes a
China-Congo deal that strengthens Beijing’s position in the global supply chain
for EVs and other products as it taps into the world’s largest reserves of
cobalt, a mineral used to make lithium-ion batteries, in the impoverished
central African country.

Adesina, whose Abidjan, Ivory Coast-based institution helps finance development
in African countries, said these arrangements come with a litany of problems.

He highlighted the uneven nature of the negotiations, with lenders typically
holding the upper hand and dictating terms to cash-strapped African nations.
This power imbalance, coupled with a lack of transparency and the potential for
corruption, creates fertile ground for exploitation, Adesina said.



“These are the reasons I say Africa should put an end to natural resource-backed
loans,” Adesina said. He pointed to a bank initiative that helps “countries
renegotiate those loans that are asymmetric, not transparent and wrongly
priced.”

Adesina said loans secured with natural resources pose a challenge for
development banks like his and the International Monetary Fund, which promote
sustainable debt management. Countries may struggle to get or repay loans from
these institutions because they have to use the income from their natural
resources — typically crucial to their economies — to pay off resource-tied
debts, he said.

Adesina specifically mentioned Chad’s crippling financial crisis after an
oil-backed loan from commodity trader Glencore left the central African nation
using most of its oil proceeds to pay off its debt.

A Glencore spokesperson did not immediately respond to a request for comment.



After Chad, Angola and the Republic of Congo approached the IMF for support, the
multilateral lender insisted on the renegotiation of their natural
resource-backed loans.

At least 11 African countries have taken dozens of loans worth billions of
dollars secured with their natural resources since the 2000s, and China is by
far the top source of funding through policy banks and state-linked companies.

Western commodity traders and banks, such as Glencore, Trafigura and Standard
Chartered, also have funded oil-for-cash deals, notably with the Republic of
Congo, Chad and Angola.

Standard Chartered didn’t immediately respond to an email seeking comment, while
Trafigura pointed to its 2020 report called “Prepayments Demystified,” which
says that “trading firms are enabling production that would otherwise not be
possible — thus underpinning economic growth, job creation and the generation of
fiscal revenues in the countries concerned.”



Adesina said there was no “fixation” on one country as being behind these types
of loans when asked about criticisms over China’s lending backed by oil;
critical minerals such as cobalt and copper used in electric vehicles and other
products; and bauxite, the main mineral in aluminum manufacturing, which has
been used in China’s recent resource-backed loan contracts with Guinea and
Ghana.

“It is not about one country or the other; any country can exploit when you
don’t know what you are doing,” he said, adding, “The capacity to negotiate at
the country level, the capacity to plan, the capacity for debt management is
very important.”

Mao Ning, spokesperson for China’s Ministry of Foreign Affairs, told reporters
last year that Beijing operates with the “principle of transparency and
openness” in relations with Africa.

Congo has been looking to review the infrastructure-for-minerals agreement it
signed with China in 2008 over concerns it gets too few benefits from the
arrangement. That grants Chinese firms Sinohydro and China Railway Group a 68%
stake in a joint venture for copper and cobalt with Congo’s state mining
company, Gecamines.



Last year, Congo’s state auditor demanded China’s infrastructure investment
commitment be increased to $20 billion from the original $3 billion to match the
value of the resources sold by the state under the deal. China rejected the
auditor’s report.

Adesina, a former Nigerian minister for agriculture, said the African
Development Bank’s new Alliance for Green Infrastructure in Africa aims to
mobilize $10 billion to help countries finance “bankable” sustainable
infrastructure, including in the energy and transport sectors, which could limit
the allure of problematic financing.

___

The Associated Press’ climate and environmental coverage receives financial
support from multiple private foundations. AP is solely responsible for all
content. Find AP’s standards for working with philanthropies, a list of
supporters and funded coverage areas at AP.org.



Copyright 2024 The Associated Press. All rights reserved. This material may not
be published, broadcast, rewritten or redistributed.


SPONSORED CONTENT
Privacy PolicyPrivacy Policy

Request a Free TrialPitchBook


Undo

Up Your SPF and GPA with Georgetown's Summer SessionsGeorgetown University
Learn More


Undo

From “free” to freedom: Why more companies are paying for a better browserCIO |
Island


Undo



How to Update Your Skincare Routine for SummerByrdie


Undo

A better browser: Balancing IT, security, and user experience for maximum ROICIO
| Island


Undo

Holiday Gifts T+L Editors LoveTravel and Leisure
Shop Now


Undo



Seasonal Style With a TwistByrdie


Undo

How to Plan Your Perfect Visit to The Palm BeachesTravel + Leisure


Undo

A Culinary Adventure in AlaskaFood & Wine


Undo



The Ultimate 2022 One-Stop Shop Holiday Gift Guide for ParentsParents


Undo

Holiday Gift GuideBetter Homes & Gardens


Undo

Debt-Free in Just 12 Months Bankrate
Read More


Undo



✕
Read Next >
Little Rock woman’s package stolen by porch pirate

Read Next >
Next story
✕
✕
Read Next >
Little Rock woman’s package stolen by porch pirate

Next story in 5 Cancel
Read Next >
Next story in 5 Cancel


TOP STORIES


USPS IN LITTLE ROCK WORKING HARD TO DELIVER LETTERS …




WEDNESDAY’S CHILD: MEET ZAIDEN, A 16-YEAR-OLD HOPING …




CLARK COUNTY DEPUTY RECOUNTS RISKING LIFE TO STOP …




ARKANSAS STATE POLICE: WOMAN’S BODY FOUND IN CAR …




ARKANSAS FOOTBALL 2025 SCHEDULE DATES RELEASED


Top Stories



MORE STORIES


MIDDLE EAST LATEST: ISRAELI AIRSTRIKES KILL 28 IN …




PAPUA NEW GUINEA GAINS A TEAM IN AUSTRALIAN RUGBY …




SOUTH KOREAN OPPOSITION PARTIES SUBMIT A NEW MOTION …




WHAT TO KNOW ABOUT MARTIAL LAW AND THE IMPEACHMENT …




US HIKES TARIFFS ON IMPORTS OF CHINESE SOLAR WAFERS, …




HARDEST-HIT NIGERIA IS LATEST AFRICAN COUNTRY TO …




STOCK MARKET TODAY: ASIAN SHARES ARE MOSTLY HIGHER, …




EUROPEAN CENTRAL BANK LIKELY TO CUT RATES WHILE WEIGHING …


More Stories



KARK VIDEO


Previous


USPS IN LITTLE ROCK WORKING HARD TO DELIVER LETTERS …

5 hours ago



WEDNESDAY’S CHILD: MEET ZAIDEN, A 16-YEAR-OLD HOPING …

5 hours ago



CLARK COUNTY DEPUTY RECOUNTS RISKING LIFE TO STOP …

5 hours ago



LITTLE ROCK WOMAN’S PACKAGE STOLEN BY PORCH PIRATE

9 hours ago



ARKANSAS BILL LOOKS TO RESTORE GUN RIGHTS TO STATE-CONVICTED …

9 hours ago



IS VIOLENT CRIME GOING UP IN AMERICA?

1 year ago



RESOURCES AVAILABLE TO CRIME VICTIMS

7 months ago



HOMICIDE VS MURDER VS MANSLAUGHTER

7 months ago



FEDERAL DATA SHOWS U.S. ECONOMY GROWING AT SOLID …

1 month ago



CONWAY TEEN ACCUSED OF STEALING TWO SCHOOL BUSES …

8 hours ago



WHAT DO THE DIFFERENT “SCHEDULES” OF DRUGS MEAN?

7 months ago



ARKANSAS FOODBANK CEO SHARES THE IMPORTANCE OF DONATIONS

20 hours ago

Next
More Videos



MORE FROM KARK


LITTLE ROCK WOMAN’S PACKAGE STOLEN BY PORCH PIRATE




ARKANSAS BILL LOOKS TO RESTORE GUN RIGHTS TO STATE-CONVICTED …




LAW ENFORCEMENT RAMPS UP ‘DRIVE SOBER OR GET PULLED …




GEAUX BAGS FOR CHILDREN IN NEED EXPANDS TO PULASKI …




CONWAY POLICE RESOLVE DOMESTIC DISTURBANCE INVOLVING …




ARKANSAS ATTORNEY GENERAL AGENTS ARREST LITTLE ROCK …




HOUSE APPROVES MAMMOTH ANNUAL DEFENSE POLICY BILL




MISSING MAUI WOMAN HANNAH KOBAYASHI FOUND SAFE, FAMILY …


More from KARK



WEATHER 3 DAY FORECAST

CURRENT

32°

Clear

TONIGHT

30°

Mostly Clear Precip: 0%

TOMORROW

59°

Mostly Sunny Precip: 0%












KARK IS YOUR SOURCE FOR LOCAL WEATHER, NEWS AND SPORTS.

 * EEO Report
 * KARK Public File
 * KARZ Public File
 * KARZ2 Public File
 * Nexstar CC Certification

 * News
 * Arkansas Storm Team Forecast
 * Contests
 * AR Pros
 * About Us
 * Do Not Sell My Information
 * Contact Us
 * Work For Us
 * Advertise With Us
 * What is on NBC
 * NewsNation Now
 * TV Schedule


GET NEWS APP

Get the iOS app
Get the Android app from Google Play


GET WEATHER APP

Get the iOS Weather app
Get the Android Weather app from Google Play


STAY CONNECTED

 * 
 * 
 * 
 * 
 * Haystack
 * 


 * Privacy Policy 11/18/2024
 * Terms Of Use
 * FCC Applications
 * Public File Assistance Contact

 * Get updates from all sorts of things that matter to you
   
   Subscribe to push notifications
 * The Hill
 * NewsNation
 * BestReviews
 * Content Licensing
 * Nexstar Digital
 * Journalistic Integrity
 * Sitemap
 * Do Not Sell or Share My Personal Information

© 1998 - 2024 Nexstar Media Inc. | All Rights Reserved.
✕









DO NOT SELL OR SHARE MY PERSONAL INFORMATION



Your Opt Out Preference Signal is Honored


 * YOUR PRIVACY


 * SALE OR SHARE OF PERSONAL DATA

YOUR PRIVACY

When you visit our website, we store cookies on your browser to collect
information. The information collected might relate to you, your preferences or
your device, and is mostly used to make the site work as you expect it to and to
provide a more personalized web experience. However, you can choose not to allow
certain types of cookies, which may impact your experience of the site and the
services we are able to offer. Click on the different category headings to find
out more and change our default settings according to your preference. You
cannot opt-out of our First Party Strictly Necessary Cookies as they are
deployed in order to ensure the proper functioning of our website (such as
prompting the cookie banner and remembering your settings). Privacy laws in
certain states (e.g. California, Virginia and others) require companies to allow
residents of those states to submit a request for access to or deletion of their
personal information. If such privacy laws are applicable to you, you may submit
your request here

SALE OR SHARE OF PERSONAL DATA

Sale or Share of Personal Data


Under the California Consumer Privacy Act (CCPA) you have the right to opt-out
of the sale of your personal information and the sharing of your personal
information to third parties for cross-context behavioral advertsing. Other
state privacy laws similar to the CCPA allow individuals similar rights. These
cookies collect information for analytics and to personalize your experience
with targeted ads. You may exercise your right to opt out of the sale of
personal information by using this toggle switch. If you opt out we will not be
able to offer you personalised ads and will not hand over your personal
information to any third parties. If you have enabled privacy controls on your
browser (such as a plugin), we have to take that as a valid request to opt-out.
Therefore we would not be able to track your activity through the web. This may
affect our ability to personalize ads according to your preferences.

Cookies Details‎
Back Button


COOKIE LIST

Filter Button
Consent Leg.Interest
checkbox label label
checkbox label label
checkbox label label

Clear
checkbox label label
Apply Cancel
Confirm My Choice