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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