China has said it 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.
China’s Consul General in Lagos, Chu Maoming, who disclosed this in an article made available to our correspondent on Monday, said the plan was announced by the Chinese President, Xi Jinping, during the recent Extraordinary China-Africa Summit on Solidarity Against COVID-19 in Beijing.
Nigeria is one of the African countries indebted to China but it is not clear if the country will benefit from the debt cancellation. Maoming said the President stressed the need for China and Africa to stay committed to fighting COVID-19 together, enhancing China-Africa cooperation, upholding multilateralism, and taking China-Africa friendship forward.
He said, “At the height of China’s battle against the virus, African countries offered their invaluable moral and material support. Maoming said China would also ramp up support for African countries and heavily-indebted poor countries on the basis of the G20’s Debt Service Suspension Initiative.
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