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China to Forfeit Loans given to African Countries.

China to Forfeit Loans given to African Countries.

The Chinese government has announced plans to forfeit 23 interest-free loans to about 17 African countries and it intends to give food assistance to struggling nations.

The Chinese Foreign Minister, Wang Yi, made the plans known in an important post on the ministry’s website. The Minister, however, failed to identify the 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 reported at the Forum on China-Africa Cooperation. 

Wang had vowed that China would keep on actively supporting and participating in the erection of main 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.”

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“What Africa wishes for is a favorable and amicable cooperation environment, not the zero-sum Cold War mentality,” Wang had stated in the post.

Since the China-Africa Cooperation Forum occurred in Senegal in November 2021, Beijing has delivered $3 billion of the $10 billion of credit facilities promised to African financial institutions. Additionally, China has agreed to a tariff-free entry to 98% of exported products from 12 African countries and has given emergency food assistance to Djibouti, Ethiopia, Somalia, and Eritrea.

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