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Home World News

China says projects not to blame for majority of Africa debt

28th August 2018
in World News
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Chinese development projects do not account for a majority of the debt on African countries, a senior Chinese official said on Tuesday ahead of a summit with African leaders in Beijing  on Sept. 3.

China’s “Belt and Road” initiative has been praised by supporters for providing vital financing to infrastructure-starved countries. Critics, including the U. S., say the programme is overloading poor nations with debt.

Asked about the debt issue at a news briefing on Tuesday, China’s vice commerce minister Qian Keming said Africa’s debt problems are long-standing and not entirely due to China.

He said debt burdens had been made worse by the global financial crisis and a slump in commodity prices.

“When it comes to the debt problem, there really is not that much Chinese debt in Africa,” Qian said.

READ ALSO US-China: Trade war’ll further reduce capital importation – Experts

“Overall, according to the statistics that I have, the majority of the debt burden is not necessarily created by China,” he added, without giving details.

His comments echoed remarks by a senior official at China’s state planning commission on Monday, who said loans provided under the Belt and Road initiative were not a “debt trap”.

Beijing will host some 30 African leaders at the Sept 3 to Sept. 4 China-African Forum on Cooperation summit, a once-every-three-years event that typically sees China dole out large loan packages for the continent.

China in the past three years has invested about three billion dollars annually in Africa, according to the Commerce Ministry.

“China will be unwavering in supporting Africa’s development, including by providing funds, and at the same time we must focus funds on projects that are more sustainable, can advance economic growth, create employment and are economically effective,” Qian said.

Africa is an important part of Chinese President Xi Jinping’s “Belt and Road” initiative, a plan to bolster a network of infrastructure connecting China by land and sea to Southeast Asia, Central Asia, the Middle East, Europe and Africa.

China has pledged 126 billion dollars for the plan.

Tags: Africachinachina’s belt and road initiativechinese development projectspresident xi jinpingqian kemingU.S.
Ajiri Daniels

Ajiri Daniels

Sun News Online Team

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Comments 2

  1. Ezekiel Okeke says:
    6 months ago

    Anglo-America with their fraudulent criminal UN of 20th century world international order etc. used instruments of the dead 20th century world international order to blockade about 90% African financial instruments etc. which is behind underdeveloped Africa and backward which has come to an end in this 21st century world international order in which Africa exist under Southern Countries Union- SCU. This is 21st century world international order. 20th century world international order is dead and gone forever. Anglo-America has fallen and gone forever with their fraudulent criminal UN of 20th century world international order etc. God Is With Us!!!

    Reply
  2. Ezekiel Okeke says:
    6 months ago

    Africa do not utilize about 90% of its financial capacity which British bandits and fraudulent criminal America with their fraudulent criminal UN of 20th century world international order etc. blockade with instruments of the dead 20th century world international order- it is over and gone forever in this 21st century world international order in which Africa exist under Southern Countries Union- SCU which comprises Asia, Africa, South America and parts of Europe led by Russia, Turkey representing Europe, China, India, Japan, Indonesia representing Asia, Brazil, Mexico representing South America, Egypt, South Africa representing Africa. This is 21st century world international order. 20th century world international order is dead and gone forever. Anglo-America has fallen and gone forever with their fraudulent criminal UN of 20th century world international order etc. God Is With Us!!!

    Reply

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