China to cancel ‘zero-interest’ loans given to African countries

The Chinese President, Xi Jinping has said that his government will cancel the debt of some African countries that are due by the end of 2020.

President Xi Jinping (Getty)

Speaking at the China-Africa summit, President Xi Jinping said his government will especially cancel loans with zero-interest rate due at the end of the year.

President Xi Jinping said that “China will cancel the debt of relevant African countries in the form of interest-free government loans that are due to mature by the end of 2020.”

“For those African countries that are hardest hit by the coronavirus and are under heavy financial stress, China will work with the global community to give them greater support, by such means as further extending the period of debt suspension, to help them tide over the current difficulty,” he explained further.

China further called on the West to also consider cancelling debt for African countries.

The President said, “China hopes that the international community, especially developed countries and multilateral financial institutions, will act more forcefully on debt relief and suspension for Africa.”

The Chinese leader also noted that “to help Africa achieve sustainable development is what matters in the long run. China supports Africa in its effort to develop the African Continental Free Trade Area and to enhance connectivity and strengthen industrial and supply chains.”

Jinping also revealed that “China will explore broader cooperation with Africa in such new business forms as digital economy, smart city, clean energy, and 5G to boost Africa’s development and revitalization.”

Speaking on issues of COVID-19, he said African countries will be among the first to benefit from a Chinese-made vaccine. The president added that China will continue building hospitals across Africa.

It will also construct the headquarters of Africa Centre for Disease Control in Ethiopia's capital, Addis Ababa.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

4 side effects of being a virgin for too long, according to research

4 side effects of being a virgin for too long, according to research

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

KDF moves to forcibly acquire Sh 500M supermarket land in Nairobi

Fred Obachi Machoka’s heartfelt message to his wife of 41 years [Photos]

Fred Obachi Machoka’s heartfelt message to his wife of 41 years [Photos]

Zari Hassan lectures Tanzanians over her viral black innerwear video

Zari Hassan lectures Tanzanians over her viral black innerwear video

Where is Mr Tembo? Ex-Tahidi High principal resurfaces [Video]

Where is Mr Tembo? Ex-Tahidi High principal resurfaces [Video]

Diana Marua hospitalized, Bahati gives update [Photos]

Diana Marua hospitalized, Bahati gives update [Photos]

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

Betty Kyallo shares photos of the first Subaru she bought after joining KTN

North Korean man who smuggled 'Squid Game' into the country to be sentenced to death

North Korean man who smuggled 'Squid Game' into the country to be sentenced to death

Yvette Obura’s heartwarming message to Diana Marua excites Kenyans

Yvette Obura’s heartwarming message to Diana Marua excites Kenyans