Kenya among the top ten African countries highest Chinese debt (LIST)
Kenya among the top ten African countries highest Chinese debt According to research by the Jubilee Debt Campaign
Kenya among the top ten African countries highest Chinese debt According to research by the Jubilee Debt Campaign.
The amount of money that African nations have borrowed from China has quickly expanded in recent years.
According to research done as part of the Jubilee Debt Campaign, China owes African nations $10 billion in US dollars in 2010; by 2016, that debt had grown to $30 billion.
The Asian behemoth has been involved in a number of multibillion-dollar projects over the past ten years despite allegations of bribery, a lack of accountability to some extent, and excessive interest rates.
As a result, several African nations are now in debt.
Kenya has not been spared, following a recent debate on whether the Standard Gauge Railway (SGR) project which was facilitated by the Chinese has been valued for money thus far.
African countries with the highest Chinese
As of 2022 here are the highest African debtors of China.
1. South Africa
South Africa owes china $30. 8 billion which is about 4% of its GDP. The country with the highest economy in Africa has borrowed severally from china something that has been raising controversy in the country.
2. Angola
Angola owes china a total of $25 billion. So far Angola is the biggest debtor of China in Africa. The country secured a number of loans so as to improve its infrastructure and economic expansion.
3. Ethiopia
It owes china a total of $13. 5 billion which is ahalf of their external debt.
4. DRC
DRC owes china a debt of $13 billion. It is reported that corruption has played a major role in the escalation of the debt to such egregious levels.
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5. Kenya
China is owed a total of $9. 8 billion by Kenya which accounts for about 72% of foreign debt in the country. The Kenyan Government borrowed heavily so as to construct a standard gauge railway from Mombasa to Nairobi cities.
6. Zambia
Zambia owes china $7. 4 billion. After defaulting paying the loan severally they at one point surrendered their country’s electrical company to China.
7. Cameroon
The West African nation’s $5.5 billion (Sh550 billion) bill places it 7th on the list. It was however recently revealed that China was in talks to cancel part of this debt.
8. Nigeria
Nigeria owes china $3. 1 billion. The Chinese debt amount to 80% of their bilateral lending. The Chinese money has been used to improve infrastructure in the country.
9. Ghana
Ghana has an estimated debt of $3 billion that it owes to China. The West African country has been one of the fastest–growing economies globally. China has financed roads, rail, and bridge networks around Ghana worth $2 billion.
10. Sudan
The conflict–torn country has an estimated debt of over US$6. 4 billion. Although China has written off the country’s debt incurred in 2015, it still has a long way to go.
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