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.
However, the vast majority of China’s recent lending in Africa such as concessional loans and commercial loans have never been considered for cancelation, the report added, though some of it has been restructured. Beijing, which has come under criticism for its lending practices to poorer nations, accounts for almost 40 percent of the bilateral and private-creditor debt that the world’s poorest countries need to service this year, according to the World Bank. It has helped forge recent debt-relief agreements, participating in the Group of 20 suspension of repayments during the pandemic.
“What Africa wishes for is a favorable and amicable cooperation environment, not the zero-sum Cold War mentality,” Wang said, according to the post.
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