President Xi Jinping has said China will cancel interest-free loans to African countries that are due to mature by the end of 2020.
According o BBC, Jinping made the announcement, during China-Africa summit on Covid-19 on Wednesday.
He said that, African nations, the hardest hit by the pandemic will also be granted an extension of the period of debt suspension.
While speaking 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”.
President Jinping said, “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,”
Meanwhile, On the coronavirus pandemic, he said African countries will be among the first to benefit from a Chinese-made vaccine. China will also continue building hospitals across Africa.
Interestingly, it will also construct the headquarters of Africa Centre for Disease Control in Ethiopia’s capital, Addis Ababa.
