China writes off more interest-free loans to Africa, but is the move just symbolic?
Published on: Monday 09 September 2024
China has announced another round of write-offs on interest-free loans to more than two dozen African countries, but observers say the relief addresses only a small fraction of the overall debt burden on those countries. At the Forum on China-Africa Cooperation (FOCAC) summit in the Chinese capital last week, Beijing said it would waive intergovernmental interest-free loans to 33 African countries due by the end of this year. Interest-free loan forgiveness is a regular feature of FOCAC. Two year
