Congo-Brazzaville 87, 106
Congo-Kinshasa see Congo, Democratic Republic of
corruption 22–3, 35, 39, 48–50, 50–59
Corruption Perceptions Index (CPI) 51, 56
cotton production 116
CRISIL (ratings, risk, and research firm) 91
Darfur 108
Davies, Omar 136
de Soto, Hernando 137
Dead Aid proposals 75–6, 143–8, 150
debt capital markets 153
democracy 23–4, 39, 41–3
Denmark 73, 125
developing countries 18, 25, 29, 40, 52, 63, 72–4, 77, 85–6
Dexia Micro-Credit Fund 131
Diamond, Jared 29
Diamond, Larry 53–4
diaspora bonds 134, 153
Djankov, Simeon 101
‘Do Corrupt Governments Receive Less Foreign Aid?’ (Alesina/Weder) 52
Doe, Samuel 23
Dollar, D. 40
domestic savings rates 61
Dongo, Republic of 71–3, 101–2, 112, 122–4, 131–2, 141, 145–6, 152
donors 23–5, 27, 38–40, 45–9, 55–7, 67
Dutch disease 63–5, 142
Easterly, Bill 47, 67
Economic and Monetary Community of Central Africa 88
Economist (EIU) 112–13
Egypt 117
EMBI+ index (J. P. Morgan) 80
Emerging Market Bond Index (J. P. Morgan) 82–3
emerging markets 78–81, 85, 90–91
Empire: How Britain Made the Modern World (Ferguson) 34
EMT (Cambodia) 132
Ending Africa’s Poverty Tap (Sachs) 96
Energy Information Administration (US) 103
Enhanced Structural Adjustment Facility 19
Enron 83
Equatorial Guinea 106, 120
Ethiopia 72, 110, 117
European Investment Bank (EIB) 89–90, 107
European Union 94, 118–19
Everything But Arms 2001 (Europe) 118
exports 63–4
Extractive Industries Transparency Initiative (EITI) 49
finance see investment
Financial Institutions (report) 87
Financing for Development conference 45–6
Fitch rating agency 83, 97
Food Aid 45
Food for Peace Program (US) 16
foreign direct investment (FDI) 98–106, 111–14, 120, 124, 133, 147
France 36, 115
free-market system 72–3
Freund, C. 133
Friedman, Milton 20
G8 90
Gabon 77, 87, 93, 106, 118, 120, 146
Gambia 72, 106
Gazprom (Russia) 112
Geldof, Bob 26–7
GEMLOC Program 90–91
GEMX index 91–2
Germany 36
Ghana
access to banking 131
bond issues 77, 87, 89, 93, 96–7
and capital markets 146
favourable view of China 109
GDP contraction 16
and long-term debt 87–8
Giuliano, Paola 136
Global Emerging Markets Local Currency Bond Program (GEMLOC) 90–91
globalizers (winning/non-/losing) 114
Grameen Bank 126–32, 138–9
Greece 125
Grossman, H. I. 59
Guns, Germs and Steel (Diamond) 29
Hadjimichael, M. T. D. 46
Heavily Indebted Poorest Country debt relief programme (HIPC) 53
HIV–AIDS pandemic 4–5, 7, 71–2
Hu Jintao 104, 108
Human Development Report (1994) 52
Hungary 85–6
IMF (International Monetary Fund)
aid warning 47
appointment of Irwin Blumenthal 53
debt crisis 18–19
and foreign capital 63
inception 11–13
and Malawi 55–6
and ‘nit-picking’ 108–9
Structural Adjustment Facilities 21
In Search of Prosperity (Rodrik) 34
India 112, 117, 123, 132, 134, 137–8
India–Africa Forum 112, 123
Indonesia 34, 56
Industrial and Commercial Bank (China) 106
inflation 61–5
innovation 139–40
International Bank for Reconstruction and Development see World Bank
International Development Association (IDA) 37–8
International Development and Food Assistance Act (US 1975) 16
International Peace Research Institute (Stockholm) 59
International Remittance Network 136
International Trade Organization 11
investment
bonds 77–83, 87–96
borrowing costs 84–5
credit ratings 78, 83, 87–8
emerging markets 79–81, 85
portfolio diversification 80–82
Ireland 37, 125
Israel 134
Italy 125
Ivory Coast 109–10
Jamaica 136
Japan 99, 102–3, 112, 125
Johannesburg Stock Exchange 4
John Paul II, Pope 26
joint liability 129
Jubilee Debt Campaign 26
Kagame, President Paul 27–8, 148–9
Kanbur, Ravi 54
Kariba dam 15
Kenya
and EBA 118
and exports 62
favourable view of China 109
fragile democracy 72
HIV prevalence rates 3
and long-term debt 87–8
money transfer systems 136
population 124
and rampant corruption 48
stake in the economy 152
trade-oriented commodity-driven economy 146
turbulent elections 2008 33
Keynes, John Maynard 11
Kibaki, Mwai 33
Kiva 130
Kurtzman, Joel 51
Lambsdorff, Graf 51
Landes, David 33–4, 147
least-developed countries (LDC) 123
Lensink, R. 136
Lesotho 118
life expectancy 5
Lin Yifu, Justin 153
Live Aid 26
Lumumba, Patrice 14
Lundin, Lukas 98
M-Pesa (money transfer system) 136
Mahajan, Vijay 132
McLiesh, Caralee 101
McNamara, Robert 16, 17
maize scandal (Malawi) 56
Malawi 55–6, 106, 117, 145
Mali 71–2, 94, 109–10, 116
Maren, Michael 60
Markit (data/index firm) 91
Marshall, George C. 12
Marshall Plan 12–13, 35–8
Mauritania 120
Mauritius 34, 89
Maystadt, Philippe 107
Mengistu Haile Mariam 14, 23
Mexico 18, 82, 84, 117, 132, 144, 151
micro-finance 126–32, 140
middle class 57–8
Millennium Challenge Corporation aid campaign (US) 40, 56
Millennium Development Goals (MDG) 45, 96–7
Mkapa, President Benjamin 26
Mobutu Sese Seko, President 14, 22–3, 48, 53, 108
Monterrey Consensus 2002 74
Moody’s Investors Service 83
morality 150
‘More Aid for the Poorest’ (UK white paper) 16
mosquito net producer (example) 44–5, 114, 122, 130–31
Mozambique 117, 134
Mugabe, Grace 146
Mugabe, Robert 108, 146–7
Mwanawasa, President Levy 53
Mystery of Capital, The (de Soto) 137–8
Na’m, Moisés 107
Namibia 89, 93
‘negative corruption’ 57; see also corruption
Netherlands 63
New York City 151; see also United States
New Zealand 121
Nicaragua 151
Nigeria
and AGOA duty-free benefits 118
aid from World Bank 107–8
assets looted 48
banking sector 4
beneficiary of FDI 105
and the bond index 92
and corruption 23
cotton revenues 116
favourable view of China 109
humanitarian catastrophe 26
independence 71
and long-term credit ratings 88
Maiduguri money find 137
many tribes 32
natural-gas reserves development 112
rebuilding colonial-era railway 106
remittances 133
‘No Donor Money, No Loans’ policy 128
North, Douglass 41
Norway 73
ODA (official aid) 25
Odinga, Raila 33
oil 17–18, 48–9, 82, 105–6, 108–9, 120
oil crisis 1979 17–18
Olson, Mancur 41
Olympics 2008 108
Organization of Economic Cooperation and Development (OECD) 115
Oxfam 117
Pakistan 34, 124
Pan-African Infrastructure Development Fund (PAIDF) 95
Paris Club of creditors 108
PEPFAR (AIDS Relief) 7
Peru 151
Peters Projection Map 121
Pew Report 2007 109
Philippines, the 135
PIMCO (bond investment organization) 91
Poland 8–6
Ponzi schemes 130
‘positive’ corruption 56, 59; see also corruption
Private Equity investments 4–5
programme aid 21
Protestantism 31
Przeworski, Adam 43
Raiffeisen, Friedrich 131
Rajan, Raghuram G. 142
Ramalho, Rita 101
Ramesh, Jairam 123
Reagan, Ronald 20, 22
Reichel, R. 46
remittances 133–6
Resource Flows to Africa (UN) 133
Revolutionary United Front (Sierra Leone) 59
Rodrik, Dani 34
Rosenstein-Rodan, Paul 39
Ruiz-Arranz, Marta 136
Russia 84, 87, 112
Rwanda 27, 32, 148
Sachs, Jeffrey 96–7
Sani Abacha, President 48
São Tomé and Principe 106
savings 137–40
Schulze-Delitzsch, Herman 131
Scottish Banks 139–40
Second Conference of Chinese and African Entrepreneurs 114
securitization 96
Sen, Amartya 42
Senegal 109–10
Short, Clare 56
Sierra Leone 59
Singapore 152
Singh, Manmohan 123
small/medium enterprises (SMEs) 125
social capital 58–9
Somalia 60, 118, 133
South Africa
abandoning foreign aid 144
and AGOA duty-free benefits 118
and bond issues 89, 92–3
and credit league tables 82
1997 stock market fall 84
not reliant on aid 150
and PAIDF 95
remittances 133
setting an example 78
South Korea 45, 82, 87
Sovereign Wealth Funds 112
Spain 86
Spatafora, N. 133
stabilization programme 20
Standard & Poor’s rating agency 83, 87–8
Standard Bank 106
sterilization 64–5
stock market liquidity 4
Structural Adjustment Facilities 20–21
Subramanian, Arvind 142
subsidies 115–16
Sudan 105–6, 108, 120
sugar production 116–17
Svensson, J. 39, 52
Swaziland 5, 106
Sweden 73
Tanzam Railway 103–4
Tanzania 26, 56, 97, 103–4, 110, 124, 131
taxation 52, 66
Thailand 57
Thatcher, Margaret 20, 67
Togo 94, 116
Tokyo International Conference on African Development 112
Toxopeus, H. 136
trade 17, 19–21, 38–40, 62, 64, 112, 114, 117–24
Transparency International 51, 56, 71
Turkey 93, 112, 117
Uganda
aid-fuelled corruption 53
and bonds 65, 97
favourable view of China 109
and HIV–AIDS 71
improved economic growth 101
plunderers and despots 108
population 124
remittances 134
trade-oriented commodity-driven economy 146
UN Conference on Trade and Development (UNCTAD) 102
United Kingdom 108, 120
United Nations Development Programme (UNDP) 25
United Nations Human Development Report 5
United States
and African Growth and Opportunity Act 118
aid history 12–17, 40
bond comparisons 80
diplomatic ties with Zimbabwe 108
Energy Information Administration 103
Food For Peace budget 45
freer trade access for African countries 149
influence compared to China 109–10
and Malawi 56
public’s desire on aid 74
Soft Banks 139
and subsidies 115–16
trading partner status 119
2006 foreign aid 99–100
US Farm Security and Rural Investment Act 2005 115
USSR 14, 19, 24
Venezuela 86
venture capital (VC) 139
Wade, President Abdoulaye 149
Washington Consensus 21–2
Wealth and Poverty of Nations, The (Landes) 33–4, 147
Weber, Max 31
Weder, Beatrice 52
Wen Jibao 104, 114
West African Economic and Monetary Union 88
What makes Democracies endure? (Przeworski et al.) 43
White, Harry Dexter 11
World Bank
aggressive aid programmes 21
and aid diversion risk 39
aid history 11–13, 16, 17
aid to Nigeria 107
and Argentinian bonds 95–6
concessional loans 85
and corruption 52
debt relief programme 53–4
developing local bond markets 91–2
election of Justin Lin Yifu 153
and the GEMLOC Program 90
and governance reform 23
and international capital markets 92
leading aid donor 25
Operations Evaluation Department 55
and remittances 134–5
views on aid 50
World Trade Organization (WTO) 117
World Vision (charity) 7
Xu Jianxue 104–5
Yom Kippur War 15
Yunus, Muhammad 126
Zaire see Congo, Democratic Republic of
Zambeef 4
Zambia
aggressive privatization programme 21
Benguela railway 106
and Chinese business 104–5
and the Citizens Economic Empowerment Commission 111
economic ruin 47
first bond 89, 93
and foreign mining investment 102
and the HIPC programme 53
and microfinance 128–9
population 124
primary sources of export revenue 71–2
share of SMEs 125
and the Tanzam Railway 103–4
trade-oriented commodity-driven economy 146
Zimbabwe 108, 116, 147
Zoellick, Robert 112
Zulus 33
, Dambisa, Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa
Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa Page 21