China has stated that it will forgive 23 interest-free loans to 17 African countries; and will also provide food assistance to the struggling nations.
This was disclosed by the Chinese Foreign Minister, Wang Yi who announced the cancellations in a meeting at the Forum on China-Africa Cooperation.
The Minister failed to specify which countries owed the money or the amount of the loans; which it claimed had matured at the end of 2021.
onetheless, this move is not new as Beijing has declared numerous rounds of debt forgiveness of interest-free loans to African nations since 2000;’ eliminating at least $3.4 billion in debt through 2019.