₦airaland Forum

The Chinese government has revealed plans to forgive 23 interest-free loans to 17 African countries.

China also revealed its intention to provide food assistance to struggling nations.

The Chinese Foreign Minister, Wang Yi, disclosed the plans in a post on the ministry’s website.

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.

He pledged that China would continue actively supporting and participating in the construction of major infrastructure projects in Africa through financing, investment and assistance.

“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.”

“What Africa wishes for is a favourable and amicable cooperation environment, not the zero-sum Cold War mentality,” Wang said, according to the post.

Since the Forum on China-Africa Cooperation took place in Senegal in November 2021, Beijing has delivered $3 billion of $10 billion of credit facilities pledged to African financial institutions, Wang said in the speech.

In addition, this year, China has agreed to tariff-free entry to 98% of exports from 12 African countries and has provided emergency food assistance to Djibouti, Ethiopia, Somalia and Eritrea, he said.

“So far this year, China has signed exchange of letters with 12 African countries on zero tariff for 98% of their export items to China. We have provided emergency food assistance to Djibouti, Ethiopia, Somalia, and Eritrea. More African agricultural produce has reached the Chinese market through the green lanes,” he added.

https://leadership.ng/china-to-forgive-loans-to-17-african-countries/


Nlfpmod

1/3 of Africa has its loans cancelled by China = China owns 1/3 of Africa and its resources!

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This is a big Shame to Africa as a whole especially naija,the way this government keeps borrowing there future with no sensible result to show is alarming.

Buhari is the worst thing to have happened to Nigeria and Nigerians since our existence as a sovereign state. When the purpose of a thing is not known abuse is inevitable.
Buhari's government don't want to leave anything good for Nigerians when the exit in 2023.

While other nations borrow for production and manufacturing the present government borrow for sharing and consumption.

Obviously the present Nigerian government is made up of looters who have little or no knowledge of the dynamics of good governance,in my own opinion this is slavery in another form,they have a motive they ain't telling us,and guess what our leaders don't care.
We wait to see what remains of Nigeria come 2023,Tueeh.

China is like the devil who will give you cap and collect your head in return

is it what Nigeria Government are looking for?

Goodnews for Buhari to go borrow more before his exit.

I 4 happy if dis news land 4 peter Obi tenure, but as sugarcane still dey power, na 2 pray make Dem no go loan naija as collateral 4 more debt

Africans are selling their rights to China,,,I wonder why they keep borrowing frequently from this people and we don't see what they use the money for,, useless government.

E go shock dem buhari say Nigeria no go dey list

Bosses pencil portraits available

You sey wetin!

make them no include nigeria abeg make them collect the money give me

BeanmanX:
Africans are selling their rights to China,,,I wonder why they keep borrowing frequently from this people and we don't see what they use the money for,, useless government.

I keep hearing these silly statements all the time. Can you please tell us what right they sold to China?

Nigeria external debt is almost $40 bn and owes China about $3.5bn (10% of External debt) out of that. You can see the rail tracks, new airports and train cars that these money was used to buy and build.

Can you please show me what the rest of the 90% was used for?

NotKnown:
China is like the devil who will give you cap and collect your head in return

Can you please explain?

Hope Nigeria is not there. I don't want to service a loan I know nothing about o.