China Forgives Loans And Seeks To Expand Win-Win Trade With Africa

multipolarista |  The Chinese government has announced that it is forgiving 23 interest-free loans for 17 African nations, while pledging to deepen its collaboration with the continent.

This is in addition to China’s cancellation of more than $3.4 billion in debt and restructuring of around $15 billion of debt in Africa between 2000 and 2019.

While Beijing has a repeated history of forgiving loans like this, Western governments have made baseless, politically motivated accusations that China uses “debt-trap diplomacy” in the Global South.

The United States has turned Africa into a battleground in its new cold war on China and Russia. And Washington has weaponized dubious claims of Chinese “debt traps” to try to demonize Beijing for its substantial infrastructure projects on the continent.

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.”