China To Forgive Loans To 17 African Countries (SEE WHY)

China To Forgive Loans To 17 African Countries (SEE WHY)

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

China also revealed its intention to provide food assistance to struggling nations.

The Chinese Foreign Minister, Wang Yi, disclosed the plans in a post on the ministry’s website.

The Minister failed to specify which countries owed the money or the amount of the loans.

“China will waive the 23 interest-free loans for 17 African countries that had matured by the end of 2021,” Mr Wang said at the Forum on China-Africa Cooperation, according to a statement.

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He pledged that China would continue actively supporting and participating in the construction of major infrastructure projects in Africa through financing, investment and assistance.

“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.”

“What Africa wishes for is a favourable and amicable cooperation environment, not the zero-sum Cold War mentality,” Wang said, according to the post.

Since the Forum on China-Africa Cooperation took place in Senegal in November 2021, Beijing has delivered $3 billion of $10 billion of credit facilities pledged to African financial institutions, Wang said in the speech.

In addition, this year, China has agreed to tariff-free entry to 98% of exports from 12 African countries and has provided emergency food assistance to Djibouti, Ethiopia, Somalia and Eritrea, he said.

“So far this year, China has signed exchange of letters with 12 African countries on zero tariff for 98% of their export items to China. We have provided emergency food assistance to Djibouti, Ethiopia, Somalia, and Eritrea. More African agricultural produce has reached the Chinese market through the green lanes,” he added.

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