Wang Yi Clarifies ‘Debt Trap’ in China-Africa Cooperation

Wang Yi Clarifies
OpenLife Nigeria reports that China State Councilor and Foreign Minister Wang Yi , has clarified the growing insinuation that Africa is being re colonized by the Asian industrialists.
He stressed that the China-Africa cooperation is South-South cooperation and mutual support and assistance between developing countries.
The clarification came when Wang Yi and Kenyan Cabinet Secretary for Foreign Affairs Raychelle Awuor Omamo jointly met the press in Mombasa.
Wang Yi refuted the allegation that China’s cooperation with Africa has created a “debt trap”.
Wang Yi stressed, China-Africa cooperation is South-South cooperation and mutual support and assistance between developing countries.
In conducting cooperation with Africa, China has never attached any political strings or imposed anything on others. All China-Kenya cooperation projects have been scientifically planned and appraised in detail, bringing benefits to the Kenyan people and boosting Kenya’s national development and revitalization. Eighty percent of Kenya’s foreign debt is owed by multilateral financial institutions, and its debt to China is mainly concessional loans.
Wang Yi emphasized, the so-called “debt trap” in Africa is not a fact, but a malicious hype-up by some people. It is an “utterance trap” created by those forces that do not want to see Africa speed up development. If there is any “trap” in Africa, it is the “poverty trap” and the “underdevelopment trap”, which Africa should get rid of as soon as possible. China is ready to work with all friendly countries to help African countries speed up post-pandemic recovery, eliminate poverty and underdevelopment, catch up with the times as soon as possible, achieve common development and create a better future.

SOURCE: Ministry of Foreign Affairs of the People’s Republic of China