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Zambia’s debt: Future of Chinese loan
Lusaka [Zambia], March 30 (ANI): Zambia became the first coronavirus-era debt default African nation that has borrowed heavy loans from China in recent years to fund major infrastructure projects.
March 30, 2021
zeenews
Lusaka [Zambia], March 30 (ANI): Zambia became the first coronavirus-era debt default African nation that has borrowed heavy loans from China in recent years to fund major infrastructure projects.
China has provided billions of dollars of loans for infrastructure projects to a host of Sub-Saharan African nations as part of its sweeping Belt and Road Initiative (BRI) in recent years, with Zambia one of its most prominent debtors. Zambia owes over USD 3 billion to Chinese entities of a total of USD12 billion in external debts.