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KIU Business Desk: China to Give African Countries Debt Relief


KIU, Western Campus – Chinese President Xi Jinping has announced that his country is going to cancel interest-free loans owed to them by several African countries, according to the BBC.

He told a China-Africa summit on COVID-19 on Wednesday that African nations hardest hit by the pandemic will also be granted an extension of the period of debt suspension.

"China will work with the UN, WHO and other partners to assist Africa's response to COVID-19, and do it in a way that respects the will of Africa," the BBC quoted President Xi as saying.

President Xi also said that African countries will be among the first to benefit from a Chinese-made vaccine. It is believed that China is in the advanced stages of developing a vaccine for the pandemic, which broke out in its city of Wuhan.

China was initially criticized by world powers, especially the US but it later received praise from the World Health Organization for its handling of the pandemic which has killed hundreds of thousands of people all over the world.

In May, President Yoweri Museveni called for World powers to cancel African countries debts to free up money to fight COVID-19.

It is believed that Uganda owes more than $3 billion to China, according to the Taipei Times.

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