China dismisses accusations its lending policy lures African nations into debt traps, saying Beijing's considerable loans to Africa is 'mutually benefiting' and not a strategy to extract diplomatic or commercial concessions
Beijing rejects accusations that its lending system has pushed African countries into debt traps, saying the"narrative" is pushed by rivals with"ulterior motives."China's Foreign Minister Wang Yi has rejected allegations that Beijing was luring African countries into debt traps by offering them massive loans, dismissing the idea as a "narrative" pushed by opponents to poverty reduction.
Wang's three-nation tour of Eritrea, Kenya and the Comoros follows a trip to Africa by US Secretary of State Antony Blinken in November that in part aimed at countering China's growing influence on the continent. He later met President Uhuru Kenyatta and visited the Port of Mombasa, where China is constructing a new $353 million terminal to allow larger oil tankers to berth.
Aly-Khan Satchu, a Kenyan geopolitical and economic analyst, said the East African nation was at a disadvantage negotiating deals and often stuck with high-interest repayments.
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