Top 10 African Countries with the Highest Debt to China
China’s extensive lending activities across numerous African countries have become a significant point of discussion in global economics. The issue gained even more attention when U.S. Treasury Secretary Janet Yellen, during her visit to Africa in January 2023, accused China of setting a debt trap for impoverished African nations. China responded, assuring that it had not set any debt traps but agreed to cancel some debts and extend payment terms for others.
Recent global events have made it increasingly challenging for many African countries to meet their debt obligations. Currently, 22 low-income African nations are either experiencing a debt crisis or are at significant risk of doing so.
Chinese lenders account for 12% of Africa’s private and public external debt, which soared more than fivefold to $696 billion from 2000 to 2020. This situation was expected to deteriorate further in 2023, limiting African nations' ability to finance broader social improvements and respond effectively to climate change.
In this video, we bring you the top 10 African countries with the highest debt to China, based on the figures provided in the Chatham House report.
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