CHINA CANCELS $28M DR CONGO DEBT TO HELP FIGHT COVID-19 PANDEMIC, PLEDGES $15M SUPPORT FUND
As a strategic gesture and to underscore the bond of solidarity, friendship and mutual trust between China and the African continent, the Chinese government has pledged its commitment to cancel the $28m debt owed by DR Congo as a way of supporting the country’s responds against COVID-19 pandemic.
According to a press statement released by the Congolese Foreign Ministry, the debt cancelation was targeted at strengthening DR Congo’s respond plan against the pandemic which has dealt a major blow to the country’s economy.
Mr. Wang Yi, Chinese Foreign Minister in a statement said that “As Congo’s most reliable friend, China wishes to continue to make its contribution to Congo’s development.
He further pledged a $15 million support fund to help sustain wider development efforts in the country.
China is a major investor in the Democratic Republic of Congo, and researchers from Johns Hopkins University in the US have estimated that Chinese entities have extended more than $2.4 billion in loans over the past two decades.
Since the first coronavirus cases were detected on March 10, DR Congo has officially registered 18,738 cases and 610 deaths.