China to cut back lending to Africa in the post-COVID-19 era

From 2000 to 2018, China extended $148bn of loans, mostly for infrastructure development, according to data from the China-Africa Research Initiative. But now, as a growing number of those countries are struggling to repay their debts, Chinese creditors are becoming understandably cautious about providing new loans to borrowers facing considerable financial duress. READ MORE New report say China is likely to scaleback its direct foreign investment across Africa. At least 18 countries are currently renegotiating debts with China, with 12 others still in talks to restructure an estimated $28bn of Chinese loans, according to the New York-based consultancy Rhodium Group….