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China set to take over Zambia utility company

The Zambian government is about to default on loans it took out from the Chinese government. As a result, China is moving to take over the Zambian utility company called Zesco. This confirms one of the United States’ greatest fears, since China owns much of their debt. From a report from Africa Confidential:

“A major worry of the IMF and US is that China’s BRI strategy is first to encourage indebtedness, and then to take over strategic national assets when debtors default on repayments. The state electricity company Zesco is already in talks about a takeover by a Chinese company, AC has learned. The state-owned TV and radio news channel ZNBC is already Chinese-owned. The long-term outcome could be effective Chinese ownership of the commanding heights of the economy and potentially the biggest loss of national sovereignty since independence.”

Full story at Lusaka Times.

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