Despite debt woes, Africa still sees China as best bet for financing

Huaibei, China on May 29, 2012. China’s lower and longer-term rates make it more attractive to African countries for debt refinancing. PHOTO | AFP 

In Summary

• China defends continued lending to Africa on the grounds that the continent still needs debt-fuelled infrastructure development.
• From 2000 to 2016, China loaned around $125 billion to the continent, data from China-Africa Research Initiative shows.
• Ethiopia and Zambia have expressed desire to restructure their China debt, while bankers believe Angola and Congo Republic have already done so, though details of such deals are \

By REUTERS
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Despite debt woes, Africa still sees China as best bet

China’s lower and longer-term rates make it more attractive for debt refinancing.