Chinese President Xi Jinping stated Wednesday that interest-free loans made to several African countries would be written off as a loss after calls from international financial institutions.
China and India are at each other's throats now China is absolving Africa's debt. Trying to gain alies I suspect
Mainly debt from infrastructure projects, build by Chinese workers sent to Africa instead of hiring local and to be used exclusively for trading good with China... And they try to look magnanimous... They are enslaving a new generation of Africans.
Like many western countries China choose to spend their Overseas Development Aid budget on projects in poor countries by engaging Build-Operate-Transfer contractors from their own country. Unlike many western countries, China do not ‘hand over the keys’ at the end of the project, there is little technology or know how/training transfer and they tend to retain ownership, structure a repayment schedule or enter into shared ownership with corrupt local politicians. As ever the Chinese policy on this is about increasing its influence by ownership of infrastructure in other countries and the creation of debt rather than a culture of Partnership and shared values. Most African countries understand this is happening but have few alternatives. These debts have either been repaid many times over or relate to projects or loan agreements that cannot be repaid and the infrastructure is no longer worth the Chinese repossessing it.
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