China has become one of the main source of funds for most African countries and they have been able to trap a host number of this African countries with loans.
Here is a lost of the top 9 African countries that are heavily indebted to the Asian nation.
9) Ghana – $3.5 billion
China has been giving financial support to Ghana in a while. Between 1964-1970 alone, The west African country took $3.5 billion from China in development assistance and was written off US$25 million of debt.
China further granted Ghana US$562 million loan for the construction of the US$622 million Bui hydro-electric dam through their Chinese export and import bank ‘Exim Bank’.
8) Cameroon – $5.5 billion
Cameroon is also one of the African countries hugely indebted to China. In fact currently they have an outstanding loan of at least at least $5.5 billion to pay the Asian country.
7) Nigeria – $5.6 billion
For the first time l thought we could have seen something that Ghana snd Nigeria will not have in common but they are both here again on the borrowing list.
Nigeria agreed a $5.6 billion in loans with China and $3.3 billion was disbursed With Nigeria already servicing the loans, $3.1 billion was outstanding as of then.
6) Zambia – $6.4 billion
Zambia is also one of the African countries indebted to China, they currently owes around $6.4 billion to Chinese entities.
5) Sudan – $6.4 billion
As of 2019, Sudan’s debt totalled at least $50 billion with China and and Saudi Arabia being their largest creditor at $9.8 billion.
4) Republic of the Congo – $6.5billion
The Congo owes China 1,300 billion CFA francs (2 billion dollars), according to the government, while the country’s overall debt currently stands at 6,016.5 billion CFA francs (more than 10 billion dollars) as of December 31, 2020.
3) Kenya – $7 billion
Kenya was due to pay China about $499 million by the end of June, according to the World Bank Debtor Reporting System. Kenya has joined several other African governments caught in China “debt-trap diplomacy.
2) Ethiopia – $13.7 billion
Ethiopia is the second-largest recipient of Chinese loans in Africa after Angola. It received US$13.7 billion of the US$148 billion in loans that China advanced to African countries between 2000 and 2018, according to the China Africa Research Initiative at Johns Hopkins University.
1) Angola – $25 billion
Angola is China’s largest borrower in Africa with more than US$25 billion in outstanding debt from some Chinese entities, including US$14.5 billion to the CDB and $5 billion to the Export-Import Bank of China. It has also borrowed from ICBC, China’s largest lender