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    Mozambique-Africa-China-Debt

    Africa's debt to China economically sustainable - Beijing

    APA-Maputo (Mozambique)

    China's Deputy Foreign Minister Chen Xiaodong has said Africa’s debt to her country is economically sustainable and should be no cause for alarm.

    According to State Mozambique News Agency, (AIM), Chen, made the announcement in Beijing on Wednesday at the opening session of the 7th Forum of the China-Africa Expert Committee.

    "China is attentive to the situation in Africa and seeks to help the continent to contain the risks of debt and relieve the pressure of payment," said Xiaodong pointing out that Beijing also encourages companies in her country to do more investments as well as to explore new models such as public-private partnerships.

    According to the agency, the official said her country understands the importance of debt sustainability in Africa, thereby helping the continent to improve its investment environment.

    The official said in the past 40 years, bilateral cooperation has grown phenomenally on the basis of interlocking interests and as an example, trade between the parties has grown more than 20-fold, reaching $170 billion a year ago from a mere $765 million in 1978.

    She said this has therefore made China Africa’s largest trading partner during the last few decades.

    In the same period, Xiaodong, Chinese investment in Africa reached a cumulative $ 110 billion.

    China's investments on the continent range from Zambian power plants, Egyptian trade deals, cobalt mines in Congo, rail links in East Africa and infrastructure in Equatorial Guinea.


    CM/as/APA

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