and we're starting with news from china
which says it has given 2.1 billion
dollars worth of debt relief
to developing countries as part of its
trillion dollar belton road initiative
china has financed large infrastructure
projects throughout
africa that critics say have left many
poor countries
overloaded with debt
it's been called the railway to nowhere
kenya celebrated the opening of this
train connecting its capital nairobi in
the port city of mombasa in 2017.
built and financed by china it has now
become a symbol of the controversy over
china's presence across the continent
china has loaned over a hundred billion
dollars to african countries as part of
its transcontinental infrastructure
program known as the belton road
initiative
many african countries were already
crippled under the weight of the money
they owed china for projects like the
money losing kenyan railway
now the coronavirus pandemic has made it
nearly impossible
for many to keep up with debt payments
angola is the biggest debtor to china
after taking on billions in loans to
build roads and hospitals
ethiopia is next followed by zambia
which this month became the first
country to default on its debt in the
pandemic
kenya's nine billion dollars in debt
comes largely from loans for the railway
critics say efforts to help poor
countries by freezing repayments are
only delaying a broader reckoning over
africa's unsustainable debt load
china's 2.1 billion dollars in payment
extensions covers only a tiny fraction
of what african countries owe
and the agreement struck last week by
g20 leaders to defer repayments until
mid-2021
offers only a brief reprieve for many
nations
you