China to waive 23 interest-free loans for 17 African countries

About 17 African countries will be relived from the 23 interest-free loans by the Chinese government.

Also, the Asian economic power house revealed that it would provide food assistance to struggling nations in Africa and in other continents.

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This was disclosed during the address by the Chinese foreign minister, Wang Yi, at the Forum on China-Africa Cooperation.

The Minister failed to specify which countries owed the money or the amount of the loans.

“China will waive the 23 interest-free loans for 17 African countries that had matured by the end of 2021,” Mr Wang said at the Forum on China-Africa Cooperation, according to a statement.

The foreign minister added that this demonstrates how the Chinese government backs up its words on African development with concrete action.

Part of the statement also said that China will expand its imports from Africa.

“We will also continue to increase imports from Africa, support the greater development of Africa’s agricultural and manufacturing sectors, and expand co-operation in emerging industries such as the digital economy, health, green and low-carbon sectors,” the statement said.

Similarly, in line with its commitment to development cooperation with African countries, China said it will re-channel $10 billion of its Special Drawing Rights (SDR) to Africa through the International Monetary Fund (IMF).