Briefly, we are gonna list out the top 9 African countries indebted to the Chinese government now and possibly forever, funny right.
1) Angola – $25 billion
Angola is China’s largest borrower in Africa with more than US$25 billion in outstanding debt from some Chinese entities, including US$14.5 billion to the CDB and $5 billion to the Export-Import Bank of China. It has also borrowed from ICBC, China’s largest lender
2) Ethiopia – $13.7 billion
Ethiopia is the second-largest recipient of Chinese loans in Africa after Angola. It received US$13.7 billion of the US$148 billion in loans that China advanced to African countries between 2000 and 2018, according to the China Africa Research Initiative at Johns Hopkins University.
3) Kenya – $7 billion plus millions in outstanding debt.
Kenya was due to pay China about $499 million by the end of June, according to the World Bank Debtor Reporting System. Kenya has joined several other African governments caught in China “debt-trap diplomacy.
4) Republic of the Congo – $6.5billion
The Congo owes China 1,300 billion CFA francs (2 billion dollars), according to the government, while the country’s overall debt currently stands at 6,016.5 billion CFA francs (more than 10 billion dollars) as of December 31, 2020.
5) Sudan – $6.4 billion
Sudan’s debt totalled at least $50 billion as of the end of 2019. Presently, Sudan’s largest creditor at $9.8 billion, Saudi Arabia and China.
6) Zambia – $6.4 billion
Zambia owes around $6.4 billion to Chinese entities.
7) Cameroon – $5.5 billion
In total, Cameroon owes China at least $5.5 billion that was issued through at least 45 loans. Projects related to transport, energy, technology, and water all occupy at least a $1 billion of debt.
8) Nigeria – $5.6 billion
In total, Nigeria has agreed $5.6 billion in loans with China. But as of March 2020, Beijing had disbursed $3.3 billion. With Nigeria already servicing the loans, $3.1 billion was outstanding as of then.
9) Ghana – $3.5 billion
A total of $3.5 billion in development assistance to Ghana between 1964 and 1970 and has written off US$25 million of debt. Recently the China Export and Import Bank (Exim Bank) granted US$562 million loan for the construction of the US$622 million Bui hydro-electric dam.
My question is,
What Did These African Countries Do With The Loan They Took From China?
Where Did China Get All These Money From?
Let’s hear from you all.
Drop your comment below