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Global financial bodies own more Africa debt than China

By WANG QINGYUN | chinadaily.com.cn | Updated: 2023-03-04 14:28

Multilateral financial institutions and commercial creditors, instead of China, account for the bulk of Africa's debt, said Wang Chao, the spokesman for the first session of the 14th National People's Congress, on Saturday.

Dismissing the claims of China's "debt traps" in Africa, Wang cited statistics of the World Bank, and said nearly three quarters of Africa's external debt is owed to the multilateral institutions and commercial creditors.

China has been working hard to help Africa ease its debt burden, and has taken an active part in the debt service suspension initiative under the G20, Wang said, adding that the debt deferral amount China has contributed is larger than that contributed by any other G20 member.

In carrying out the Belt and Road cooperation, China never attaches any political strings or seeks any self political gains, he said.

As the Belt and Road Initiative is entering the 10th anniversary, China stands ready to work with all partners to review achievements, sum up experience, plan for the future and work for new progress in the Belt and Road cooperation, Wang said.

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