China writes off debt.
Forty-four African nations sent senior officials to the three-day meeting in Beijing. Liberia sent observers even though they have diplomatic relations with China's rival, Taiwan, rather than with Beijing. Aid, often low or zero interest loans repayable on flexible schedules, has been a pillar of Chinese relations with Africa.
China's government expressed hope that writing off a portion of its loans to Africa will encourage other countries and financial institutions to forgive the $320bn foreign debt. Whilst a generous gesture in itself, a sizeable proportion of the debt set for cancellation is debt that has more or less been written off.
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|Article Type:||Brief Article|
|Date:||Jan 1, 2001|
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