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China has announced the waiver of some of the debt owed by African countries.⁣

Over the last two decades, China has positioned itself as Africa’s largest bilateral lender, assisting in the financing of critical infrastructure projects on the continent.⁣

The relief was announced by Foreign Minister Wang Yi on August 18 in an address to Chinese and African diplomats.⁣

However, the minister didn’t divulge details on the value of the loans waivered nor did it state which countries would benefit from the waiver.⁣
According to a 2021 report from a Nation Media Group publication, Kenya owed the third largest amount of money to China in Africa after Angola and Ethiopia.⁣

At the time Angola led with a debt of $25 billion (Sh2.9 trillion), Ethiopia followed with $13.5 (1.6 trillion), and Kenya with $7.9 billion (Sh946 billion).⁣

China eliminated debt owing to interest-free loans totalling $113.8 million (Sh13.6 billion) that matured in 2020 for 15 African countries including Botswana, Burundi, Rwanda, Cameroon, the Democratic Republic of the Congo, and Mozambique.⁣

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