MOMBASA, Kenya– China State Councillor and Foreign Minister Wang Yi on Thursday refuted allegation that China’s cooperation with Africa has created a “debt trap”. He spoke during a joint press briefing with Kenyan Cabinet Secretary for Foreign Affairs Raychelle Awuor Omamo in Mombasa.
Wang Yi affirmed China’s commitment 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.
He explained that China-Africa cooperation is South-South cooperation and mutual support and assistance between developing countries. The Minister also said China has never attached any political strings or imposed anything on others.
This comes at a time when Africa seems to be getting deeper into Chinese financial traps, amid wide criticism especially from the western world, rebuking the Asian state’s lending practices to poorer countries, which end up of leaving them struggling to repay debts and making them vulnerable to pressure from Beijing.
China presently is a leading bilateral lender in 32 African countries and the top lender to the continent as a whole. African debt crisis shot higher following an economic recession witnessed during the Covid-19 pandemic which interrupted commercial activities, exacerbating the flow of necessary finances for ongoing development projects.
China’s Foreign ministry appends that 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, the ministry said.