China is currently among the leading creditors and has been lending hundreds of billions of dollars to countries to build roads, railways, ports among other developmental projects. The country has announced to write off a small porting of that debt as countries on the continent struggle in their battle against the deadly Coronavirus.
The Country China will relieve certain nations in Africa from interest-free loans due by the end of this year 2020. President for China Xi Jinping made this announcement in a statement made during a summit on how China and Africa can fight the pandemic jointly. Mention was not made as to which Africa Country will be exempted or how much debt would be erased outright.
“The world is undergoing profound changes unseen in a century…Given the new opportunities and challenges we face, closer cooperation between China and Africa is needed more than ever”, Xi said at the summit.