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Headline : China Pledges Kshs. 6.5 trillion to Africa amidst Repayment Concerns

Read more from the original article on here at kenyanwallstreet.com.






Tags : #china #pledges #kshs #65 #trillion #africa #amidst #repayment #concerns


No. of Paragraph 13

China’s President Xi Jinping has committed 360 billion yuan ($50.70 billion, Kshs. 6.512 trillion*) in financing to the continent and at least one million jobs at the ongoing Forum on China-Africa Cooperation Summit in Beijing.

Jinping also promised to assist the continent create “at least one million jobs.” “China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade and investment,” he added.

China pledges come at the back of renewed debt flow onto the continent after a five-year slowdown. In 2023, the East Asian giant loaned $4.61bn which while still far below the high levels seen between 2009 and 2018, is the highest since 2019.

Debt repayment has been a lingering concern for many African economies, after a decade of binging on different kinds of debt to fund infrastructure projects. At the summit, UN Secretary General Antonio Guterres said that debt hampers development. “Many African countries are mired in debt and struggling to invest in sustainable development,” Guterres said.

Read more from the original article on here at kenyanwallstreet.com.


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