Northern Nigerian Breaking News

China to waive debts for 17 African countries

The Chinese government has revealed plans to forgive 23 interest-free loans to 17 African countries.

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China also revealed its intention to provide food assistance to struggling nations.

While disclosing this during his address at the recently held Forum on China-Africa Cooperation, Chinese foreign minister Wang Yi said the move demonstrates China’s commitment to fostering stronger economic ties with the African continent.

The Minister failed to specify which 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 said at the Forum on China-Africa Cooperation, according to a statement.

The foreign minister added that this demonstrates how the Chinese government backs up its words on African development with concrete action.

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Part of the statement also said that China will expand its imports from Africa.

“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,” the statement said.

Similarly, in line with its commitment to development cooperation with African countries, China said it will re-channel $10 billion of its Special Drawing Rights (SDR) to Africa through the International Monetary Fund (IMF).

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