The Chinese Foreign Minister, Qin Gang, refuted, at a joint press conference with the Chairperson of the African Union (AU) Commission, Moussa Faki Mahamat, unfounded allegations that China is creating a “debt trap” in Africa, saying that debt is a narrative trap for both China and Africa.
Qin Gang added that there is a shortage of funds in Africa which is a major obstacle to prosperity in Africa, although African countries have been working to promote economic and social development, stressing that the challenge of ensuring a balance between development financing and debt growth is a struggle for all countries.
It is in this sense that Africa and China have been working together for common development, Quin said. Indeed, China has always helped Africa with debt relief by signing agreements with 19 African countries in this regard. For example, he added that China has addressed the debt problems of Chad, Ethiopia, and Zambia within the common framework of the G20.
Stressing that Africa’s debt problem is essentially a development issue, Qin said the solution lies in analyzing the root causes of these debts, so as to strengthen Africa’s capacity for independent and sustainable development.