Caixin
Aug 24, 2022 03:19 PM
FINANCE

China to Waive Some Africa Loans, Offer $10 Billion in IMF Funds

Mandarin language characters are displayed on a Chinese casino and restaurant sign in Lusaka, Zambia.
Mandarin language characters are displayed on a Chinese casino and restaurant sign in Lusaka, Zambia.

(Bloomberg) — 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.

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