China To Cancel Interest-Free Loans To African Nations
China will cancel interest-free loans to African countries that are due to mature by the end of 2020, President Xi Jinping has announced.
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.
The Chinese leader also urged Chinese financial institutions to hold "friendly consultations" with African nations "to work out arrangements for commercial loans with sovereign guarantees".
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