Why China Locked Kenya Out Of New Debt Relief Deal.

0 40

The elevation of Kenya to the middle-income status saw China lock the country out of a new list of African nations that will receive a Beijing debt relief this year; under a plan by the world’s second-largest economy to help 17 poor states in the continent saddled with its huge loans forego their repayments.

The deal announced last week will see Beijing forgive 23 matured interest-free loans for 17 unnamed African countries; which are classified as least developed countries.

Beijing made the announcement during the Forum on China-Africa Cooperation that seeks to boost ties between China and its African allies.

Chinese Foreign minister Wang Yi said at the forum the debt relief plan “demonstrates China’s commitment to fostering stronger economic ties with the African continent”.

Businessdaily.

Leave A Reply

Your email address will not be published.

%d bloggers like this: