African states' private debts three times that owed to China - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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African countries’ debts with China are a third of what they owe non-Chinese private lenders, while interest rates are just over half, according to a report published on Monday.

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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