This archive report was first published on 18 June 2020.
On June 17, 2020, Chinese President Xi Jinping announced that China would cancel interest-free loans to African countries that were due by the end of 2020.
According to President Jinping, the move aims to help African nations stabilize financially in the face of the COVID-19 pandemic.
At the China-Africa summit on COVID-19, President Jinping also announced that African countries would be granted an extension of the period of debt suspension.
He urged Chinese financial institutions to engage in friendly consultations with African nations to plan for the mutual handling of loans.
“China will work with the UN, WHO and other partners to assist Africa’s response to COVID-19, and do it in a way that respects the will of Africa,” said President Jinping.
Additionally, President Jinping announced that African countries would be the first beneficiaries of Chinese-made coronavirus vaccines and that China would build many hospitals across Africa.
China also plans to build the headquarters of the Africa Center for Disease Control in Addis Ababa, Ethiopia.
