Project Syndicate posted on 15 January 2021 a commentary titled "China's Debt Grip on Africa" by Paola Subacchi, University of London.
China is Africa's largest holder of official bilateral debt at 62 percent. (This percentage excludes African debt held by international financial institutions and non-Chinese private banks and bondholders.) However, this makes China a major player in efforts to ameliorate Africa's current debt challenge, which is being exacerbated by COVID-19. Chinese banks complicate the issue because they tend to renegotiate sovereign loans bilaterally and in secret.
