Browsing: Debt deferment

Zambia Consolidated Copper Mines

China Development Bank

The Zambian government announced an agreement with the China Development Bank (CDB) to defer a loan repayment that fell due in October 2020.  The terms of the deal include a halt on interest payment for six months, with payment of interest expected to resume in April 2021. The principal due was also postponed and will be rescheduled over the entire loan period. Chinese lenders are not known for their flexibility which is why the deal comes as a welcome shock.

I’m glad to learn that China Development Bank has reached a debt deferral agreement with Zambia. This fully shows that in addition to official creditors, other Chinese financial institutions are also actively resolving the debt issue of Zambia and other African countries.

Wu Peng, Director-General, Department of African Affairs, MFA, China on Twitter


The government did not, however, disclose the size of the debt or the