The cancellation of the debt of several African countries was formalized by the head of Chinese diplomacy Wang Yi during a coordination meeting of Sino-African cooperation.
The government Chinese, gave no details on the amounts or the identity of the countries concerned by this cancellation. It appears that 23 loans granted to 17 countries which matured at the end of 2021, are purely and simply canceled.
First creditor of Africa, China had already committed itself, in the past, to a plethora of debt restructurings in Congo, Angola or previously in Zambia.
The number 2 in the world economy, by this gesture, brings to these fragile economies a breath of fresh air, unlike others which drag them into the spiral of debt.
As a reminder, China’s total claims are now valued at $150 billion. This debt cancellation comes following the call of African states that emerged bloodless from the Covid-19 pandemic for a pure and simple cancellation of debts
beijing has intensified its investments in Africa in recent years. Particularly in rail, port, road infrastructure, etc.
