Monday, April 1, 2019

Ethiopia, China, and Debt

The Africa Report, published by the Jeune Afrique Media Group, posted on 27 March 2019 an article titled "Ethiopia's China Challenge" by Morris Kiruga.

Ethiopia currently has an external debt of more than $26 billion, about half of which is owed to China. The article reports that China has agreed to reschedule the repayment period for some of its loans to Ethiopia from 10 to 30 years. Ethiopia has reportedly renegotiated the repayment period for 60 percent of its external debt. The China Export and Credit Insurance Corporation, known as Sinosure, has apparently lost more than $1 billion on the Ethiopian-Djibouti railway project.