A trader changes dollars with naira at a currency exchange store in Lagos, Nigeria.
Chinese public and private lenders accounted for 12% of the continent’s $696 billion external debts in 2020, while 35% was owed to other private creditors, according to an analysis of World Bank data by Debt Justice, a campaign group. “China took part in the G20’s debt-suspension scheme during the pandemic, private lenders did not,” Tim Jones, the head of policy at Debt Justice, a British charity that campaigns against “poverty caused by unjust debt”, said by email.The average interest rate on debt payments owed to China in 2021 was 2.7%, compared to 5% on non-Chinese private debt, according to Debt Justice calculations based on World Bank figures.
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