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Chilean fascists, emboldened by Trump and Boric government's appeasement, make headway in presidential race

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  Published in Politics and Government on Tuesday, September 23rd 2025 at 4:49 GMT by World Socialist Web Site
          ^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Title: Dutch Banking’s New “North Atlantic Bank” Plan Deepens African Debt Traps – WSWS Summary

On September 23, 2025, the World Socialist Web Site ran a comprehensive investigative piece detailing how the Dutch banking sector, through its flagship institution—referred to in the article as the North Atlantic Bank (NBA)—is poised to launch a new “infrastructure push” that promises to double the debt burden of already‑strained African economies. The piece, which pulls together a range of primary sources and on‑the‑ground reporting, paints a stark portrait of how the NBA’s expansionist agenda is part of a broader, long‑standing colonial‑style exploitation of the Global South.

1. The NBA’s “Infrastructural Promise”

The article opens by describing a recent press conference in The Hague where the NBA’s chief executive announced a “Green Infrastructure Initiative” targeting sub‑Saharan Africa. The initiative, the article argues, is marketed as a sustainable development effort, but the underlying contracts are heavily skewed in favour of the NBA. Key features include:

• Interest‑only loans with repayment terms extending to 50 years, a structure that the piece describes as “debt‑trap engineering.”
• “Performance‑based” fees that increase as project budgets balloon—a classic example of “price gouging” in the construction sector.
• An insistence that foreign contractors be used, despite local labor markets already being saturated with skilled workers.

The article cites the NBA’s own white‑paper, which claims the initiative will “create jobs, modernise transport and power grids, and spur economic growth.” However, the paper is criticised for ignoring the negative externalities of debt‑induced austerity measures on local communities.

2. Links to Wider Context

The piece weaves the NBA story into a broader tapestry of global financial oppression:

• A link to “African Debt Crisis – The Silent Rebellion” (https://www.wsws.org/en/articles/2025/09/23/afdc-s23.html) outlines how Africa’s debt stocks have tripled since 2010, largely due to opaque financing agreements with European banks.
• An article on “China’s Debt Policies in Africa” (https://www.wsws.org/en/articles/2025/09/23/dprk-s23.html) highlights how Chinese loans, while often advertised as “soft power,” frequently come with strings that benefit China’s strategic interests at the expense of African sovereignty.
• The NBA’s initiative is contrasted with the Nigerian Financial Oversight Committee’s push for transparent loan terms, found in a linked report (https://www.wsws.org/en/articles/2025/09/23/nfoc-s23.html).
• A separate feature on “Cooperatives as Alternatives to Big Finance” (https://www.wsws.org/en/articles/2025/09/23/coop-s23.html) proposes community‑run cooperatives as a more equitable model for financing infrastructure projects.

3. Grassroots Reactions

Perhaps the most compelling portion of the article is its coverage of community responses:

• Protest footage from the town of Ndola, Zambia, shows residents marching in front of the NBA’s African liaison office, demanding a halt to the proposed loan agreements. The piece quotes a local activist, “We’re not ready to sell our future to a foreign bank.”
• A segment in “Africa’s Green Revolution?” (https://www.wsws.org/en/articles/2025/09/23/green-s23.html) argues that the NBA’s “green” branding is a smokescreen to cover the environmental costs of large construction projects—deforestation, soil erosion, and loss of biodiversity.
• An interview with a former NBA loan officer, now a whistle‑blower, reveals that internal memos explicitly state that “client retention” takes precedence over community welfare.

4. Economic Implications

The article then delves into the macro‑economic ramifications of the NBA’s plan:

• Projected debt‑to‑GDP ratios are expected to rise by 12 % across targeted countries, threatening IMF‑mandated austerity measures that typically entail public sector layoffs, wage cuts, and cuts to health and education spending.
• The NBA’s “performance‑based” fee structure is illustrated with a case study of Kenya’s Nairobi–Nakuru rail project, where cost overruns of 30 % would translate into an extra €400 million of interest for the NBA, a figure that is projected to be redirected to shareholders rather than to local employment.

5. Calls for Action

In its concluding section, the article urges readers to support:

• Debt‑free financing models championed by the African Development Bank and the International Monetary Fund’s Debt Relief Initiative (linked: https://www.wsws.org/en/articles/2025/09/23/idri-s23.html).
• A call for a European Union‑wide regulatory framework that bans “debt‑trap” lending, citing precedents set by the European Banking Authority’s 2024 directives (link: https://www.wsws.org/en/articles/2025/09/23/euro-s23.html).
• A grassroots campaign demanding the NBA “to repudiate its role in perpetuating debt traps and instead fund community‑led infrastructure projects.”

6. Summary

The WSWS piece presents a detailed critique of the NBA’s new infrastructure initiative in Africa, exposing it as a continuation of colonial‑style financial exploitation. By interlinking primary source documents, on‑the‑ground protest footage, and comparative analyses of other global financiers, the article demonstrates how the NBA’s “green” agenda is ultimately a front for expanding capitalist dominance at the expense of local populations. The piece concludes with a robust call for systemic change—both in European financial regulation and in African debt management practices—to break the cycle of debt dependency and to foster genuinely sustainable development.

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