10 African countries with highest Chinese debts running billions of dollars

Over the years, China has become one of the biggest African trade partners. The Chinese have invested billions of dollars into the African continent in form of debts given to these countries. Whether the officials and government authorities accept it or not, Chinese dealings in Africa are being viewed in a highly skeptical way. Africa is slowly being tied to the yoke of Chinese debts and therefore, countries involved are finding it hard to extricate themselves from the grip of these debts. This means that the debt is continuing to pile on and on unabated and the repercussions might be dreadful. Before we continue to this countdown, kindly subscribe to our channel if you are new here. Also turn on our notification to always get notified each time we drop a video. Stay tuned. The Democratic Republic of Congo China's debts in Africa are mostly located in resource-rich countries and this is the case with the Democratic Republic of Congo. The country has an estimated debt of 3.4 billion dollars owed to China. The Democratic Republic of Congo agreed to exchange mineral resources for loans with China. The African country is blessed with an abundance of natural resources including diamonds, gold, copper, cobalt, timber, and oil. China waived some of the debts owed to it by the Democratic Republic of Congo to help the Central African country overcome the economic fallout from the coronavirus pandemic. The deal was announced during a visit to Kinshasa by Chinese Foreign Minister Wang Yi but the amount wasn't mentioned. Ghana Ghana has an estimated debt of 3.5 billion dollars that it owes to China. The West African country has been one of the fastest-growing economies globally, growing at between 6% and 8% in recent years. In November 2019, China announced that it will finance two billion dollars worth of rail, road, and bridge networks in Ghana and in exchange, China now will be granted access to 5% of Ghana's reserves of bauxite, a crucial source of aluminum. China sweetened the deal by committing to fund 100 vehicles for the Ghana Police Service and offered a $42.7 million grant and a debt write-off of $38 million. Nigeria. The most recent summary of Nigeria's external debt stock published by the Debt Management Office shows that at the end of March 2019, Nigeria owed China about $3.4 billion. In fact, of Nigeria's total debts of $87 billion, Nigeria owes more money to China than any other country it is indebted to, according to Bloomberg. The Nigerian government in June disclosed its intention to source more loans to fund two key rail lines. Though funding might not come from China, as reported, it will increase Nigeria's public debt stock, which stood at $87.2 billion as of the end of March, if granted. Cameroon. Cameroon's total debt owed to China stands at almost $5.7 billion, according to figures from the Autonomous Sinking Fund, the public entity that manages Cameroon's external debt. Around $78 million of that amount was written off in 2019, money that should have been paid in 2018 but which Cameroon failed to pay. Cameroon currently finds itself in a state of debt distress and this is not a new occurrence as the country has developed borrowing habits over several decades. In 2007, public debt was only 12% of Cameroon's GDP and by September of 2020, the figure had increased to over 45% of the country's GDP. Zambia. China has provided billions of dollars of loans for infrastructure projects in African countries as part of its Belt and Road Initiative in recent years, with Zambia one of its most prominent debtors. Zambia's external debts, estimated to be 35% of its GDP, reached nearly $10 billion in 2018, up from $1.9 billion in 2011. Around $6 billion of that is estimated to be Chinese debt. Africa's second largest producer of copper, Zambia could lose state-owned assets such as power producer Zesco to the Chinese if it defaults on its loans, as reported by The Guardian. Sudan. The Chinese government has financed efforts to extract Sudanese oil and also contribute to major developmental projects in the country. In 2018, Sudan's total debt to China was estimated at $10 billion, accounting for about one-fifth of Sudan's estimated $53 billion foreign debt. China offered Sudan $116 million in debt relief after meeting in June. But the relief is a drop in the ocean as Sudan owes China over $10 billion. Congo Republic. In May 2019, China agreed to restructure the debts owed by the Republic of Congo as an international monetary fund's precondition to assisting with funding. The debt was an obstacle to the conclusion and the continuation of relations with the IMF. The IMF approved a $449 million three-year program in 2019 on the condition that the Central African oil producer, Congo, ensured the long-term sustainability of its debts. Congo's external debt to China is estimated at $2.73 billion. Kenya. Kenya owes China an estimated $7.9 billion in debt, having funded infrastructure projects across the East African country. China is reportedly guilty of aggressive loans with terms that favor the Chinese government unfairly. For example, a leaked copy of the contract between Kenya and China for the construction of the Mombasa-Nairobi Standard Gauge Railway megaproject shows that the country could lose the Mombasa port to the Chinese government if the National Railway Corporation defaults on payments of $2.27 billion. Ethiopia. Beijing, China, also accounts for nearly half of Ethiopia's external debt and has lent at least $13.7 billion to Ethiopia between 2000 and 2018. Chinese funds have contributed to a $3.4 billion railway project connecting Ethiopia to Djibouti and the construction of Ethiopia's first six-lane highway, the metro system, and a new number of skyscrapers in Addis Ababa, Ethiopia. Angola. Angola's debt owed to China currently stands at $22.8 billion, with recent direct investments including an assembly plant for fishing vessels, an aluminum factory, and a brewery, according to Bloomberg. Despite Angola being the second-largest producer of oil in Africa, most of its precious natural resource is going towards the repayment of Chinese debts. Angola is so indebted that, according to estimates, every Angolan owes $754 to China. Angola's debt to Israel. These are the 10 African countries that are most indebted to China. 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