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China To Waive Loan Repayments For African Countries

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The president of China announced that his country will cancel interest free laons to African nations

(KDRTV)-China has announced its plan to cancel interest-free loans to African countries that were supposed to be paid by the end of 2020

According to president Xi Jinping, the move is to help nations that are hardest hit by the novel coronavirus to stabilize financially

The president who was addressing the China-Africa summit on Covid-19 on Wednesday also announced that such countries will be granted an extension of the period of debt suspension

Read alsoChina Denies Reports Its Citizens are Escaping COVID-19 in Nairobi

The president urged the Chinese financial institutions to always hold friendly consultations with African nations to plan on how the would mutually handle the loans

“China will work with the UN, WHO and other partners to assist Africa’s response to Covid-19, and do it in a way that respects the will of Africa,” said the president

The president also said that African countries will be the first beneficiaries of Chinese-made coronavirus vaccine. At the same time he announced that China will be building many hospitals across Africa

The president also hinted that China will build headquarters of Africa Center for Disease Control in Ethiopia`s capital Addis Ababa.

KDRTV understands that there has been a rift between the United States of America and China over scramble to dominate the economy of Africa.

Read alsoTrump Says World Is Suffering Because Of China, Takes Actions

Previously, the US had advised African nations to be very cautions while seeking loans from China, at some points terming them set-ups for the poor African countries.

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