Would you like to receive notifications on latest updates of the following headlines?

China Assists Africa Nations to Reduce Debt Pressure

POSTED ON August 21, 2024 •   GLOBAL NEWS      BY Abiodun Saheed Omodara
An aerial drone photo taken on July 21, 2024 shows the night view of the sub-area of Heilongjiang pilot free trade zone (FTZ) in Harbin, northeast China's Heilongjiang Province

China has been helping African countries to alleviate debt pressure through multiple channels, a Ministry of Commerce official said on Tuesday.

Under the framework of the G20's Debt Service Suspension Initiative, China has played an active role in helping relevant nations reach debt suspension agreements, Shen Xiang, director of the West Asia and Africa Department under the Ministry of Commerce, told a press conference.

Under the Forum on China-Africa Cooperation framework, China has canceled the debt of relevant African countries in the form of interest-free government loans that were due to mature by the end of 2021, Shen said.

Chinese financial institutions and enterprises have engaged in investment and financing cooperation with African countries based on market principles and international rules.

He said they fully respect the will of African nations and take into consideration their actual needs. 

Shen also said China never attached any political conditions, which had earned widespread appreciation from African nations.

Commercial bonds and multilateral debts accounted for 66 per cent of Africa's external debt, while China-Africa bilateral debt only represented 11 per cent of Africa's total external debt, Shen said, citing statistics compiled by the IMF.

0
READ ALSO
USCIS Unveils New Immigration Fee Schedule Effective July 22, 2025
BY Abiodun Saheed Omodara July 22, 2025 0

The United States Citizenship and Immigration Services (USCIS) has revealed an updated schedule of i...

READ ALSO
Western Nations Urge Immediate Cessation of Hostilities in Gaza Amid Escalating Conflict
BY Abiodun Saheed Omodara July 21, 2025 0

Over two dozen Western nations demanded an immediate cessation of hostilities in Gaza on Monday, hig...

READ ALSO
Burkina Faso's Junta Dissolves Electoral Commission to Cut Costs, Boost Sovereignty
BY Abiodun Saheed Omodara July 18, 2025 0

The military government of Burkina Faso has abolished the Independent National Electoral Commission,...

READ ALSO
NLC Decries Nigeria's Poor Labor Rights Record as National Disgrace
BY Abiodun Saheed Omodara July 17, 2025 0

The Nigeria Labour Congress (NLC) has expressed its worries about the nation's inadequate performanc...

READ ALSO
Israeli Strike Hits Catholic Church in Gaza, Killing Two Civilians
BY Abiodun Saheed Omodara July 17, 2025 0

An Israeli airstrike on Gaza's sole Catholic Church resulted in the deaths of two individuals on Thu...

READ ALSO
FG Denies Emergence of New Terrorist Groups Amid Turkish Warnings
BY Abiodun Saheed Omodara July 17, 2025 0

The Federal Government On Wednesday, stated that no new terrorist groups have emerged in the country...

READ ALSO
Nation Mourns: Tears Flow at the Funeral of Former President Muhammadu Buhari
BY Abiodun Saheed Omodara July 16, 2025 0

Tears streamed down faces at the funeral for the late former president, Muhammadu Buhari, as his bod...

READ ALSO
SERAP files Lawsuit against NNPCL over Missing $2.5bn, N825bn for Refinery Rehabilitation
BY Abiodun Saheed Omodara July 13, 2025 0

SERAP files lawsuit against NNPCL over missing $2.5bn and N825bn earmarked for refinery rehabilitati...

OUR CHANNELS:

Economic Reforms Slash Nigeria's Debt Servicing from 97% to 50%- Oloyede
BY Abiodun Saheed Omodara July 22, 2025 0

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, revealed th...


Lagos Passenger Killed in Motorpark Fight
BY Abiodun Saheed Omodara July 22, 2025 0

Violence broke out in the Alaba Rago area of Iba, Lagos State due to a clash between road transport...


Baba-Ahmed Pledges Unity in Labour Party Ahead of 2027 Elections
BY Abiodun Saheed Omodara July 22, 2025 0

The former vice-presidential candidate for the Labour Party (LP), Datti Baba-Ahmed, has committed to...


Court Rejects Yahaya Bello Bid for Medical Travel Documents
BY Abiodun Saheed Omodara July 22, 2025 0

A Federal High Court has denied former Kogi State Governor Yahaya Bello's second request to get back...


CBN, Private Sector Raise Concerns Over Nigeria Customs' B’Odogwu Digital Clearance System
BY Abiodun Saheed Omodara July 22, 2025 0

The Central Bank of Nigeria (CBN) and the organized private sector have expressed concerns regarding...


Nigeria-Egypt Trade Surges by 68%, Foreign Minister Highlights Trade Imbalance
BY Abiodun Saheed Omodara July 22, 2025 0

Trade between Nigeria and Egypt has seen a significant increase of 68.45 percent over the past year....


Western Nations Urge Immediate Cessation of Hostilities in Gaza Amid Escalating Conflict
BY Abiodun Saheed Omodara July 22, 2025 0

Over two dozen Western nations demanded an immediate cessation of hostilities in Gaza on Monday, hig...


Nigeria Convicts Over 730 in Major Anti-Terrorism Crackdown
BY Abiodun Saheed Omodara July 22, 2025 0

The Federal Government has announced that over 730 people have been convicted of terrorism-related c...


2025 African Karate Championship Kicks Off in Abuja: Four Categories, One Goal
BY Abiodun Saheed Omodara July 23, 2025 0

More than 1,000 competitors from 31 nations have gathered in Abuja for the 2025 African Karate Champ...


Enugu State Cuts Electricity Tariff for Band A Customers to N160/kWh, Effective August 1, 2025
BY Abiodun Saheed Omodara July 22, 2025 0

The Enugu State Electricity Regulatory Commission has released a new tariff order for MainPower Elec...


More Articles

Load more...

Menu