China to waive loans for African nations

ISTANBUL

China on Tuesday revealed that it has proposed “specific debt relief measures” for African nations.

It, however, called on developed countries and international financial institutions “to fully assume their responsibilities and help African countries alleviate their debt burdens and achieve sustainable development.”

Responding to criticism leveled by Western media on the debt of African nations, China’s Foreign Ministry spokeswoman Mao Ning told reporters in Beijing that the world’s second-largest economy has “consistently and proactively supported Africa in easing debt repayment pressures through both bilateral and multilateral channels.”

Mao said the specific debt relief measures were proposed during the ninth Summit of the Forum on China-Africa Cooperation (FOCAC) held in Beijing last week.

The debt relief was proposed under a three-year action plan announced at the summit, she added.

"China has never been Africa’s main creditor," said Mao.

According to the daily South China Morning Post, Beijing would “waive intergovernmental interest-free loans to 33 African countries due by the end of this year.”

In 2021, Beijing had announced a loan waiver for 17 African nations, it added.

Addressing the summit last week, Chinese leader Xi Jinping announced over $50 billion in funds to African nations over the course of three years.

In the past 22 years, since 2000, when the FOCAC was established, China has built some 100,000 kilometers (62,137 miles) of highways and 10,000 km (6,213 mi) of railways in Africa.

Also, China has built over 200 schools, more than 130 hospitals, and nearly 100 ports, as well as 50 stadiums, on the continent.

According to the Boston University Global Development Policy Center database, Chinese lenders provided 1,306 loans amounting to $182.28 billion to 49 African governments and seven regional borrowers from 2000 until last year.

Beijing also founded the China-Africa Development Fund in 2006.