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Researchers at Chatham House have said China may have created a trap for itself with African lending as it could fail to recoup its money while maintaining its image as a friend to developing nations.
Chatham House, also known as the Royal Institute of International Affairs, is an independent policy institute headquartered in London.
China accounts for 12% of Africa’s $696 billion external debt.
In recent years, growing levels of debt, including loans from China, have raised concerns about an impending debt crisis in Africa.
From China’s perspective, China has supported Africa’s development for a long time, including through phases of essential infrastructure development. 
Specifically, 2020 marked the 20th anniversary of the establishment of the Forum on China–Africa Cooperation (FOCAC). 
Chinese government figures show that China–Africa trade amounted to US$208.7 billion in 2019 and Chinese direct investment stock in Africa accounted for US$49.1 billion, 20 times and 100 times more than 20 years ago, respectively. 
 During the 2018 Beijing Summit of FOCAC, President Xi announced that China will extend $60 billion dollars of financing to Africa in the form of grants, loans, and special funds. 
Chinese companies were also encouraged to invest at least $10 billion dollars in Africa by the end of 2021.
<h2>What’s happening now: </h2>
The Chatham House researchers’ remarks come as much of the African continent is seen heading toward debt distress.
African governments and SOEs owe China more than $150 billion and COVID-19 eroded their ability to repay.
<h2>Options Available:</h2>
Some believe that China will seize assets belonging to defaulting partners.
China has been open to debt cancellation and restructuring in the past to help African countries fill financing gaps and ease their burden in debt repayment. <a href="https://zero.pindula.co.zw/the-zambian-kwacha-overtakes-the-russian-ruble-to-become-best-performing-currency-globally/">Zambia is one of the countries that benefitted from debt cancellations and or debt restructuring.</a> 
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

"China Might Find It Difficult To Recoup Its Money Lent To Africa" - Chatham House Researchers

The Ministry of Foreign Affairs of the People’s Republic of China has said the United States of America needs to respect the aspiration of the African people.
These remarks were made by the Foreign Ministry Spokesperson Regular during a press conference held on 14 December 2022. They were made as <a href="https://zero.pindula.co.zw/usa-raises-55-billion-for-africa-to-be-used-over-the-next-3-years-alone/">the U.S. was holding a summit with African Leaders. </a>
Pindula News presents below extracts from the press conference:
<blockquote>
CCTV: The US-Africa Leaders Summit opened this week in Washington. Senior US officials claimed that what China does in Africa is not always transparent” and “that will be eventually destabilizing”, and that the US remains the “partner of choice” in Africa. Do you have any response?
Wang Wenbin: Supporting Africa’s development is the common responsibility of the international community. We are always happy to see Africa diversify its cooperation partners, and we welcome greater international focus on and investment in Africa, including from the US, as well as cooperation with Africa which is genuinely equal-footed and mutually-beneficial.
We also hope that the US will view China-Africa cooperation with an open mind. Africa is not a wrestling ground for major-country rivalry, still less a target of strong-arm tactic from a certain country or certain people. African countries and people have the wisdom and capability to choose cooperation partners who can help advance African interests. They themselves are best positioned to tell who wants what’s best for the continent.
China is Africa’s good friend, partner and brother. Our cooperation with Africa is equal-footed, win-win, aboveboard and fruitful. It is warmly welcomed by the people of Africa. The US needs to respect the aspiration of the African people and take concrete actions to advance Africa’s development, instead of being bent on smearing and attacking other countries. 
</blockquote>
China and the USA have for years been competing to have an influence on Africa by extending financial assistance to ensure they stamp their authority on the geopolitics arena.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

"The US Needs To Respect The Aspiration Of The African People" - China

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