Association for Free Research and International Cooperation

Log in Join the community

China relieves Cameroon of over $78m debt.

23.01.2019
Read the original article: von.gov.ng
China has canceled Cameroon’s debt of about $78 million which was due to be repaid in 2018 as part of the country’s estimated $5.7bn total debt burden.
The recent move announced last week after a meeting between President Paul Biya and Yang Jiechi, a special representative of the Chinese President Xi Jinping in Yaounde, comes as a support by the Chinese government to help ease the economic hardship facing the central African nation.

Biya, who joined other African leaders at the Forum for China – Africa Cooperation, FOCAC held in September 2018 in Beijing reportedly requested for repayment waiver during his meeting with the Chinese president Xi Jinping.

However, this move by China has been largely criticized by analysts who accuse China of having interest in the natural resources of the country, but such accusations have been rejected by the government which went ahead to indicate that the relationship was based on mutual respect for both parties.

According to Ariel Gnitedem, an economist, China is interested and wants to control the sub-regional market and Cameroon is the gateway.

None the less, Cameroon likewise other African countries continue to turn to China for loans to finance infrastructure projects.

Read the original article here.

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