Browsing: Chinese debt relief

China waived debt for 17 African countries to argue against western bullying

According to the database maintained by the China Africa Research Initiative (CARI), between 2000 and 2020, Chinese financiers and African governments signed more than 1,180 loan commitments totalling US$160 billion.

Of these, two-thirds were for transport, power, and mining projects. To put it in dollar terms, the countries that have borrowed the most from China are Angola, Zambia, Ethiopia, Kenya, and Cameroon.

Yi committed to continuing Chinese investment in Africa, including financial backing for a “Great Green Wall” to combat climate change, the provision of food aid to seventeen nations, and increased Chinese imports from Africa.…

Africa left with huge infrastructure gap as Chinese lending declines

Chinese lending to Africa has declined drastically after nearly two decades of bilateral lending which has led to the development of infrastructure in the region.

Chinese lending to the public sector in Africa was $28 billion in 2016 according to research from the China Africa Research Initiative. In 2018 it also declined to $9.9 billion and sunk further to $7 billion in 2019.

The decline is due to changes in the Chinese economy, Chinese investment losses and the uncertainty of the Chinese trade with the United States. The fact that Chinese lending has been receiving negative criticism as the cause of debt distress in some poor country’s in the world could also be a reason for the slowdown in funding.

With over 1,140 projects in Africa worth 153 billion, China has emerged as Africa’s largest bilateral lender over the last two decades. With $148 billion worth of loans, Angola is …