China to forgive interest-free loans to Africa that are coming due, Xi Jinping says
- Chinese leader, speaking at a pandemic summit, promises help in building hospitals and sending medical experts to African countries
- Beijing has also agreed to delay loan repayments for 77 low-income countries, including those in Africa, as part of a G20 programme
Beijing will write off all interest-free loans advanced to African countries that are due this year, Chinese President Xi Jinping announced on Wednesday.
China will also build hospitals and send more medical experts to Africa to aid in the coronavirus fight, Xi said in speaking at the Extraordinary China-Africa Summit on Solidarity Against the Covid-19 Pandemic, which was conducted by video link.
He said that under the framework of the 2018 Forum on China-Africa Cooperation, “China will forgive the interest-free loans of relevant African countries due to China by the end of 2020.”
He also urged Chinese financial institutions such as Export-Import Bank of China and the China Development Bank “to conduct consultations with African countries on commercial sovereign loan arrangements”.
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China dispatches experts, medical supplies to African nations battling coronavirus
In April, the group of 20 richest nations (G20) agreed to suspend debt payments until the end of the year for the world’s poorest countries. Last week, Beijing said it would delay loan repayments for 77 low-income countries, including those in Africa, as part of the G20 programme.
