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  • Writer's pictureBy The Financial District

WB Chief Worried About China Loans To Africa

The president of the World Bank (WB) has told the BBC that he is concerned about some of the loans China has been making to developing economies in Africa, Jonathan Josephs reported for BBC News.


Photo Insert: WB chief David Malpass says the terms and conditions need to be "more transparent." It comes amid worries that countries, including Ghana and Zambia, are struggling to repay their debts to Beijing.



WB chief David Malpass says the terms and conditions need to be "more transparent." It comes amid worries that countries, including Ghana and Zambia, are struggling to repay their debts to Beijing.


China says that any such lending is done within international rules but not saying restructuring loans carry an exorbitant 5% interest.



Beijing has become one of the biggest sources for loans to developing economies in recent years. A new study led by the Kiel Institute for the World Economy shows that globally China lent $185 billion (£150 billion) in bailouts to 22 countries between 2016 and 2021.


It also wrote off 23 debts owed by 17 African countries, but their amounts were typically low.





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