Beijing will write off all interest-free loans advanced to African countries that are due this year, Chinese President Xi Jinping announced on Wednesday, reported the South China Morning Post.
China will also build hospitals and send more medical experts to Africa to aid in the coronavirus fight, Xi said in speaking at the Extraordinary China-Africa Summit on Solidarity Against the Covid-19 Pandemic, which was conducted by video link.
He said that under the framework of the 2018 Forum on China-Africa Cooperation, “China will forgive the interest-free loans of relevant African countries due to China by the end of 2020.”
He also urged Chinese financial institutions such as Export-Import Bank of China and the China Development Bank “to conduct consultations with African countries on commercial sovereign loan arrangements.”
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