by BENJAMIN NORTON
China is forgiving 23 interest-free loans for 17 African countries, after already cancelling $3.4 billion and restructuring $15 billion of debt from 2000-2019.
Beijing pledged more infrastructure projects and offered favorable trade deals in a “win-win” model of “mutually beneficial cooperation.”
For its part, China has pushed back against the US new cold war.
Chinese Foreign Minister Wang Yi held a meeting with leaders from various African countries and the African Union on August 18.
In the conference, Wang condemned the West’s “zero-sum Cold War mentality.” He instead proposed a model based on “multi-party cooperation” with Africa that brings “win-win results” for all sides.
“What Africa would welcome is mutually beneficial cooperation for the greater well-being of the people, not major-country rivalry for geopolitical gains,” he said.
Wang revealed that Beijing will support the African Union in its efforts to join the G20.
The foreign minister also announced that “China will waive the 23 interest-free loans for 17 African countries that had matured by the end of 2021.”
China will waive 23 interest-free loans for 17 African countries that matured by the end of 2021.
China is prepared to rechannel its $10bn SDR in IMF to Africa.
China has decided to provide new food assistance to 17 African countries in need this year.
— Chinese Mission to UN (@Chinamission2un) August 18, 2022
Beijing pledged to strengthen trade with Africa, and has made agreements with 12 countries on the continent to remove tariffs for 98% of the products they export to China, increasing the competitiveness of African goods.
Wang said Beijing will continue to provide food, economic, and military aid to Africa, while offering assistance in the fight against covid-19.
Emphasizing the importance of “development cooperation,” China offered billions of dollars of investment in infrastructure projects as “a strong boost to Africa’s industrialization process.”
Africa plays an important role in Beijing’s Belt and Road Initiative, a global infrastructure project aimed at interconnecting the Global South and moving the center of the world economy back east.
“In the face of the various forms of hegemonic and bullying practices, China and Africa have stood with each other shoulder to shoulder,” Wang stressed, calling to “safeguard international fairness and justice.”
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