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5 African Countries That Have Fallen into China's Debt Trap von African Insider   9 months ago

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This past week President Xi Jinping hosted high-level meeting of African leaders and promised no strings attached to more financing.

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CHINA is Africa's largest trading partner and has already spent tens of billions of dollars in investment and loans - with the promise of much more to come.

From roads and railways to ports, the Chinese government is backing large-scale projects across Africa as part of its so-called Belt and Road initiative.

The leaders of more than 50 African countries have been in Beijing for a two-day summit.

China's President Xi Jinping offered them $60bn in new financing deals. But what are the long-term financial risks?

DEBT TRAP
So far some countries are beginning to find it hard to repay LOANS that they applied from China.A big chunk of these LOANS is usually stolen by corrupt government officials who take advantage of weaker institutions in most African countries.
KENYA
Kenya has raised tax on goods to be able to repay some of the loans that have matured. This has led to high rise in cost of living to unbearable levels.
Another good example is Djibouti and Ethiopia who are coming to terms with having to repay DEBTS owed to China.

LEVERAGE
China is using this debts as a leverage to take control of the relevant countries' resources and economy.

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Algeria, Angola,Benin,Botswana, Burkina Faso, Burundi, Cabo Verde,Cameroon,Central African Republic (CAR), Chad, Comoros,Democratic Republic of the Congo,Republic of the Congo,Cote d'Ivoire, Djibouti, Egypt,Equatorial Guinea, Eritrea, Eswatini (formerly Swaziland), Ethiopia,Gabon,Gambia,Ghana,Guinea,Guinea-Bissau,Kenya,Lesotho,Liberia,Libya,Madagascar, Malawi, Mali, Mauritania, Mauritius,Morocco,Mozambique,Namibia,Niger,Nigeria, Rwanda, Sao Tome and Principe, Senegal,Seychelles,Sierra Leone,Somalia,South Africa,South Sudan, Sudan,Tanzania,Togo,Tunisia,Uganda,Zambia,Zimbabwe



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