Association for Free Research and International Cooperation

Log in Join the community

Angola, Ethiopia and Kenya 47% of total African debt to China!

27.11.2018
Angola, Ethiopia and Kenya account for 47% of Africa's total debt to China, according to a report released on November 14 by the rating agency Moody's.


Entitled “Sub-Saharan Africa: Chinese loans support growth, but exacerbate fiscal and external pressures,” the report said Angola holds 30 percent of the continent’s total stock of debt to the Middle Kingdom. In this country rich in natural resources, each of the 28 million people owes China $ 745!

With 10% of Africa’s total debt to Beijing, Ethiopia ranks second in the ranking of the countries with the largest volume of debt to China, ahead of Kenya (7%).

The other main African countries receiving Chinese loans are the Republic of Congo (5%), Sudan (5%), Cameroon (4%) and Zambia (4%). According to the China-Africa Research Initiative (CARI), a research center affiliated with the American Johns Hopkins University, Beijing dumped $ 94.4 billion of loans in Africa between 2000 and 2015.

The Asian giant has pledged $ 60 billion over three years to the continent, at the 6th Forum on China-Africa Cooperation (FOCAC) held in December 2015 in Johannesburg. This envelope has been almost completely disbursed.

And last but not least, China announced at the 7th Forum on China-Africa Cooperation (FOCAC) held on September 3 in Beijing that it would provide an additional $ 60 billion in funding to African countries. This envelope includes lines of credit valued at $ 20 billion, $ 15 billion in grants, interest-free loans and concessional loans, $ 10 billion in special funds and $ 5 billion to support imports from of Africa.

Read the original article here.

To view full news and leave comments you must be logged in. Please join the community