The debt cancellation of several African countries was formalized by Chinese diplomatic chief Wang Yi at the China-Africa Cooperation Coordination Meeting.
The Government The Chinese did not provide details on the amounts or identities of these canceled countries. 23 loans to 17 countries maturing at the end of 2021 appear to have been completely cancelled.
Africa’s number one creditor, China has already committed itself to numerous debt restructurings in Congo, Angola or Zambia.
The number 2 in the world economy, with this gesture, brings fresh air to these fragile economies, unlike others, dragging them into the spiral of debt.
As a reminder, China’s total claims are now valued at $150 billion. The debt cancellation comes after calls for a clean and simple debt cancellation by African countries that have emerged bloodless from the Covid-19 pandemic.
Beijing It has intensified its investments in Africa in recent years. Especially in rail, port, road infrastructure etc.