Russia has cancelled at least $27 million in loans Guinea-Bissau owed. The money saved will go toward improving sectors, such as healthcare and education. Plus, 38 per cent of rent the West African country owed on its embassy in Moscow has also been slashed, with Guinea paying the remainder at a 2 per cent interest rate.
In 2020, two Chinese bilateral creditors suspended over $1.3 billion in debt service in 23 countries, including 16 African countries, according to the China-Africa Research Initiative. Plus, that year, China’s foreign ministry announced cancellations in Botswana, Burundi, Rwanda, Cameroon, the Democratic Republic of the Congo, the Republic of Congo, and Mozambique totalling at least $113.8 million.
Let us know what you make of this trend.