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Africa News Wed, 17 Jun 2020

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China will exempt some African countries from repaying certain loans

China will exempt some African countries from repaying zero-interest-rate loans due at the end of 2020, state television reported on Wednesday, quoting President Xi Jinping's speech at a summit.

Under the framework of the China-Africa cooperation forum, China will further extend loan payment forbearance for some countries including African countries, Xi told the China-Africa summit.

China is willing to give priority to African countries once Coronavirus vaccines are ready to use, Xi added.

Over the years, China has become one of the biggest African trade partners. The Chinese have invested billions of dollars into the African continent in form of debts given to these countries. As a result of this, African countries find it hard to extricate themselves from the grip of Chinese debt.

Source: reuters.com

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