African countries have rapidly increased their borrowing from China in the recent years.
According to research conducted as part of the Jubilee Debt Campaign, African countries owed china 10 billion Us dollars in 2010 which increased to $30 billion by 2016.
As of 2022 here are the highest African debtors of China.
1. South Africa
South Africa owes china $30. 8 billion which is about 4% of their GDP. The country with the highest economy in Africa has borrowed severally from china something that has been raising controversy in the country.
2. Angola
Angola owes china a total of $25 billion. So far Angola is the biggest debtors of China in Africa. The country secured a number of loans so as to improve its infrastructure and economy expansion.
3. Ethiopia
It owes china a total of $13. 5 billion which is ahalf of their external debt.
4. DRC
DRC owes china a debt of $13 billion. It is reported that corruption has played a major role in the escalation of the debt to such egregious levels.
5. Kenya
China is owed a total of $9. 8 billion by Kenya which accounts for about 72% of foreign debt in the country. The Kenyan Government borrowed heavily so as to construct a standard gauge railway from Mombasa to Nairobi cities.
6. Zambia
Zambia owes china $7. 4 billion. After defaulting paying the loan severally they at one point surrendered their country’s electrical company to China.
7. Nigeria
Nigeria owes china $3. 1 billion. The Chinese debt amount to 80% of their bilateral lending. The Chinese money has been used to improve infrastructure in the country.
8. Ghana
Ghana has an estimated debt of $3 billion that it owes to China. The West African country has been one of the fastest – growing economies globally. China has financed roads, rail and bridge networks around Ghana worth $2 billion.
9. Sudan
The conflict – torn country has an estimated debt of over US$6. 4 billion. Although China has written off the country’s debt incurred in 2015, it still has a long way to go.
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