Suggestions




··

China Forgives 23 Matured Interest-Free Loans For 17 African Countries

August 24, 2022
by
China had in 2022 Forgiven 23 Matured Interest-Free Loans For 17 African Countries

 

The Chinese government has concluded plans to forgive 23 matured interest-free loans for 17 African countries.

Join our WhatsApp Channel

While disclosing this during his address at the recently held Forum on China-Africa Cooperation, Chinese foreign minister, Wang Yi, said the move demonstrates China’s commitment to fostering stronger economic ties with the African continent.

The foreign minister added that this demonstrates how the Chinese government backs up its words on African development with concrete action.

Although the 17 countries were not named, checks by newsmen show that Djibouti, Angola, the Democratic Republic of Congo, Kenya, Uganda and South Africa are among African countries with high debt exposures to China.

A copy of Mr Yi’s address,  also mentioned other specific ways China intends to support Africa going forward.

For one, China will continue to support the continent’s efforts to upgrade its infrastructure by providing financing and investment assistance under the Chinese government’s transcontinental Belt and Road Initiative.

China will also provide emergency food assistance to 17 African countries in need this year.

Part of the statement also said that China will expand its imports from Africa.

“We will also continue to increase imports from Africa, support the greater development of Africa’s agricultural and manufacturing sectors, and expand co-operation in emerging industries such as the digital economy, health, green and low-carbon sectors,” the statement said.

Finally, in line with its commitment to development cooperation with African countries, China said it will re-channel $10 billion of its Special Drawing Rights (SDR) to Africa through the International Monetary Fund (IMF).

As you may know, there is a widely-held perspective about China’s alleged debt traps in Africa. In the same vein, there is the narrative that many African countries are indebted to China.

However, a recent report by Debt Justice has shown that many African countries owe three times more debts to West banks, oil traders and asset managers than to Chinese lenders.

The report also added that the practice of blaming China for Africa’s debt crises is a mere distraction.

 

 

 

+ posts

Queen Nwabueze

Kenya Drags UK To Court Over Colonial-Era Land Grabs
Previous Story

Kenya Drags UK To Court Over Colonial-era Land Grabs

Nigerian Scholar Otiono Shortlisted For Canadian Poetry Award
Next Story

Nigerian Scholar Otiono Shortlisted For Poetry Prize In Canada

Featured Stories

Latest from Africa

Dozens of Ghanaians Killed Fighting in Ukraine War

Dozens of Ghanaians have been killed while fighting in the war in Ukraine, with two others currently held as prisoners of war, Foreign Affairs Minister Samuel Okudzeto Ablakwa has said. Speaking during a visit to Kyiv, Ablakwa said around 272 Ghanaians were

DR Congo Strikes M23 Rebels in Key Mining Areas

Government forces in the Democratic Republic of the Congo have launched drone strikes against M23 rebels in the country’s east, targeting areas around a strategic mining site, according to security and local sources. Fighting on Wednesday was concentrated near the town of

Cape Town Airport  Fire Disrupts International Flights

A fire at Cape Town International Airport on Tuesday caused major disruption to flight operations, forcing the temporary suspension of international departures and the diversion of inbound flights. The blaze, which broke out near the international terminal in the morning, led to

Sierra Leone Honours Nigerian Military Officers for Peace Efforts

The President of Sierra Leone, Julius Maada Bio, has awarded national honours to two senior Nigerian military officers in recognition of their contributions to peace and regional stability. The awards were presented during the 17th Armed Forces Day celebration of the Republic
Kenya Drags UK To Court Over Colonial-Era Land Grabs
Previous Story

Kenya Drags UK To Court Over Colonial-era Land Grabs

Nigerian Scholar Otiono Shortlisted For Canadian Poetry Award
Next Story

Nigerian Scholar Otiono Shortlisted For Poetry Prize In Canada

Don't Miss

Bybit Launches Revamped Grid Trading Bot to Expand Growing Range of Trading Products

VICTORIA, Seychelles, 16 September 2022 -/African Media Agency(AMA)/- Bybit, one of the

Potter Heaps Plaudits On Chelsea’s Spirit, Discipline Against Liverpool

Chelsea and Liverpool played out a drab scoreless draw in