China waives interest-free loans for African countries – Vophs Africa

China, Africa’s largest bilateral lender, has waived debt due in 2021 for 23 interest-free loans to 17 countries on the continent.

Chinese Foreign Minister Wang Yi said the context of the latest relief reinforces China’s intention for Africa to consider the Asian power as its preferred long-term development partner, especially for “various hegemonic and in the face of bullying methods,” said Chinese Foreign Minister Wang Yi. This may be a reference to US House Speaker Nancy Pelosi’s recent controversial visit to Taiwan.

The relief was announced on August 18. an address Chinese and African diplomats at a follow-up meeting on the China-Africa Cooperation Forum held in Senegal last November. At the forum last year, China cut its commitment to Africa by 33 percent amid concerns about Africa’s debt and a slowdown in Chinese economic growth.

Details of the announced relief are not known as the beneficiaries and the amount were not disclosed. China canceled debt because of the value of interest-free loans. $113.8 million that matures in 2020. For 15 African countries including Botswana, Burundi, Rwanda, Cameroon, DRC, and Mozambique.

China and Africa shake hands on non-intervention.

“China appreciates African countries’ firm commitment to the one-China principle and your strong support for China’s efforts to safeguard sovereignty, security and territorial integrity,” Yi said.

He emphasized other points of political agreement between China and Africa, which resulted in Africa receiving Chinese-financed infrastructure and human capital investment. The Fonduegan Bridge opened in Senegal. This year and for emergency food aid to Nairobi Expressway, Djibouti, Ethiopia, Somalia and Eritrea in Kenya.

Chinese financiers and African governments signed 1,180 loan commitments of $160 billion Between 2000 and 2020, the China Africa Research Initiative (CARI) database shows, two-thirds are for transportation, power and mining projects. Angola, Zambia, Ethiopia, Kenya and Cameroon have borrowed the most from China in dollar terms.

Yi pledged more Chinese investment in Africa, including support for the ‘Great Green Wall’ against climate change, providing food aid to 17 countries and increasing Chinese imports from Africa. At the same time, he reiterated the basic principle of the relationship between the two parties: “China will continue to support solving African problems in an African way. We oppose the interference of foreign forces in the internal affairs of African countries. and opposes provoking conflict and conflict in Africa.

And in an outspoken criticism of the US and Europe’s motives for sanctions against Russia in the ongoing war in Ukraine, Yee said Africa “wants an environment of favorable and friendly cooperation, not a zero-sum Cold War mentality.” – People Being of, not big national antagonism for geopolitical gains.

It’s a tone that is increasingly being welcomed in parts of Africa, particularly in francophone countries that are calling for an end to France’s influence in the sub-region. Just last week, Mali accused France of financing militant groups. who want to destabilize the West African country, increasing the recent tension between the two countries.

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