China forgives debt for 17 African nations and will also provide food assistance to the struggling nations

[beijingwalker]

China forgives debt for 17 African nations and will also provide food assistance to the struggling nations​

China has pledged to forgive 23 interest-free loans for 17 African countries and will also provide food assistance to the struggling nations.

Andrew Backhouse

August 22, 2022 - 12:52PM

China will forgive 23 loans for 17 African nations, China’s foreign minister Wang Yi has announced.

“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.

He pledged that China would continue to actively support and participate in the construction of major infrastructure projects in Africa through financing, investment and assistance.

“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.”

Mr Wang also pledged that China would provide food assistance to the 17 African nations.

https://www.news.com.au/finance/economy/china-forgives-debt-for-17-african-nations/news-story/28ab7f45440142634ff8efd0360b2fec

 

[beijingwalker]

China to forgive 23 ‘belt and road’ loans to 17 African countries​

22 Aug 2022

China will forgive 23 loans for 17 African countries which had matured by the end of 2021, foreign minister Wang Yi has announced.

China will continue to help with the construction of major infrastructure projects in Africa via financing, investment and assistance, the minister said in a speech at a recent meeting of the China-Africa cooperation forum.

The country will also be increasing imports from Africa, helping to develop Africa’s agricultural and manufacturing sectors, and expanding co-operation in emerging industries such as the digital economy, health, and green and low-carbon sectors.

The latest announcement follows China’s cancellation of at least 94 interest-free loans amounting to over US$3.4 billion in Africa between 2000 and 2019.

Finance expert Kanyi Lui of Pinsent Masons said: “China has been forgiving interest-free loans made to developing countries for almost half a century. When many African countries experienced debt distress in the 1980s to 1990s, China forgave over 85% of interest free loans then outstanding. This latest announcement shows China’s continued leadership in working with developing countries in debt distress.”

China to forgive 23 ‘belt and road’ loans to 17 African countries

China will forgive 23 loans for 17 African countries which had matured by the end of 2021, foreign minister Wang Yi has announced.

www.pinsentmasons.com

 

[beijingwalker]

News like this is only a footnote, overwhelmed by tidal wave of "China debt trap" reports. This is what China should learn from the western media, they do have a few reports that are close to the truth to give a facade of fair reporting, but if you don't search hard you may only stumble across them once or twice in your life time, but the constant mainstream media propaganda bombardment drowns out everything and makes everything else oblivious.

 

[beijingwalker]

China to Waive Some Africa Loans, Offer $10 Billion in IMF Funds​

• Beijing to forgive 23 interest-free loans to 17 nations
• Pledges to rechannel SDRs through two IMF trusts to Africa

2022年8月23日 GMT+8 下午1:10

China, the largest government creditor to emerging economies, said it will forgive 23 interest-free loans to 17 African countries and redirect $10 billion of its International Monetary Fund reserves to nations on the continent.

Foreign Minister Wang Yi announced the cancelations in a meeting last week of the Forum on China-Africa Cooperation, according to a post on the ministry’s website. It didn’t provide details on the value of the loans which it said matured at the end of 2021, nor did it state which nations owed the money.

China to Waive Some Africa Loans, Offer $10 Billion in IMF Funds

China, the largest government creditor to emerging economies, said it will forgive 23 interest-free loans to 17 African countries and redirect $10 billion of its International Monetary Fund reserves to nations on the continent.

www.bloomberg.com

 

[sammuel]

China to Waive Some Africa Loans, Offer $10 Billion in IMF Funds​

China to Waive Some Africa Loans, Offer $10 Billion in IMF Funds

China, the largest government creditor to emerging economies, said it will forgive 23 interest-free loans to 17 African countries and redirect $10 billion of its International Monetary Fund reserves to nations on the continent.

www.bloomberg.com

 

[NiuBiDaRen]

China is benevolent unlike the other superpower.

 

[beijingwalker]

China to waive 23 interest-free loans to 17 African nations​

Beijing will support greater development of Africa’s agricultural and manufacturing sectors: Official

Staff Writer, ZAWYA

August 24, 2022
TRADECHINA (PRC)AFRICAECONOMY

Chinese Foreign Minister Wang Yi attends the East Asia Summit during the ASEAN Foreign Ministers Meeting in Phnom Penh, Cambodia August 5, 2022. REUTERS/Soe Zeya Tun
Reuters

China will waive 23 interest-free loans to 17 African countries, which matured by 2021-end, Foreign Minister and State Councilor Wang Yi said at the Forum on China-Africa Cooperation.

He pledged that China will continue to actively support and participate in the construction of major infrastructure projects in Africa through financing, investment and assistance.

“We will also continue to increase imports from Africa, support the greater development of Africa’s agricultural and manufacturing sectors, and expand cooperation in emerging industries such as the digital economy, health, green and low-carbon sectors.”

Beijing has delivered $3 billion of $10 billion of credit facilities pledged to African financial institutions since the China-Africa cooperation forum took place in Senegal in November 2021, Wang stated.

China’s import of African goods within seven months stood at $70.6 billion, while Chinese companies have invested $2.17 billion in Africa.
Beijing agreed to tariff-free entry to 98% of exports from 12 African countries this year and provided emergency food assistance to Djibouti, Ethiopia, Somalia and Eritrea, the official said.

China to waive 23 interest-free loans to 17 African nations

Beijing will support greater development of Africa’s agricultural and manufacturing sectors: Official

www.zawya.com

 

[sammuel]

China is benevolent unlike the other superpower.

Cam you back this claim with facts ?

~

 

[REhorror]

Good news, Africa is soon to be the largest market in the next 50 years.

 

[Communism]

Forgiving/canceling debt simply means that China will have less funds to redeploy to future projects.

This simply shows that those countries are complete basket cases that are simply un-investable or nearly un-investable.

BRI is looking more dead by the year.

Looks like the CIA is winning this fight.

So much money spent, and only negative results in both soft power as well as political connections.

Pretty much every single one of these countries used the template of blaming every local problem on China exactly following the CIA playbook.

The future is looking quite dark on development in general.

 

[beijingwalker]

Debt trap China style

 

[my2cents]

Debt trap China style

Brownie points for showing largess by forgiveness of loans to poor African nations who are facing financial difficulties.

 

[NiuBiDaRen]

Cam you back this claim with facts ?

~

Just come back to me in 20 years time and review what will happen.

 

[sammuel]

Just come back to me in 20 years time and review what will happen.

I am asking cause as far as i know , USA contributes a lot , so i ask if you have data to prove your claim :

In 2021, the United States government donated over 8.2 billion U.S. dollars in humanitarian aid worldwide. Germany followed with nearly 1.8 billion U.S. dollars, while the United Kingdom donated around 0.8 billion U.S. dollars

Humanitarian aid by country worldwide 2023 | Statista

The largest donor of humanitarian aid is, by far, the United States. The amount donated by the European Commission and Germany was almost five times smaller.

www.statista.com

 

[Azadkashmir]

united states also steals their resources plus it prints money out of thin air. freebies for usa.
Actually so call third world gives more in donor to usa/west.