The bank and the Government of Somalia today agreed to a loan of $200million for the rebuilt of Mogadishu port. In trade for that, the bank will have exclusive fishing rights over the coast of Somalia and maintain part ownership of the port until the loan has been fully paid.
The Chinese Exim Bank announced this in a recent tweet on Twitter:
The bank and the Government of Somalia today agreed to a loan of $200million for the rebuilt of Mogadishu port. The bank will have exclusive fishing rights over the coast of Somalia and maintain part ownership of the port untill when the loan has been paid in full. pic.twitter.com/rZbUAviGUE
— Exim Bank China (@EximBankChina) December 21, 2018
Full exclusive fishing rights
The Somalian coastline was famous for pirates that attempted to hijack ships on a regular basis. Because of these developments in the area not much fishing activities were going on.
This has now changed. The Somalian coast, rich of wildlife, is now vulnerable to unlimited Chinese fishing activities.
This of course is very bad news for Somalia’s wildlife and its people. In the start the local people will find jobs, but this will soon end as the Chinese have shown in other parts of Africa where fish stocks are declining rapidly.
But how can it be possible the exclusive fishing rights are given to a company instead of a government? How will the Chinese fishing activities in the area be controlled and monitored?
In the name of ‘development’
Chinese fishing activities has caused huge destruction along the African coastline. African leaders, which are heavily influenced by the Chinese, are still saying this will benefit the local people. They say these so called ‘developments’ will offer a lot of jobs and benefit the local community.
Howerver the facts have shown that China is causing a lot destruction in many of regions of Africa and just very few local people benefit from it.
African leaders are selling the continent bit by bit to China. It is expected that this massive uncontrolled overfishing will lead to a African famine in the coming years. A famine brought to us by china. Now that is development!
Subscribe To Our Newsletter
Join our mailing list to receive the latest environmental news and updates