Zambia Reaches Debt Deferral Agreement With China Development Bank

Zambia’s Secretary to the Treasury Fredson K. Yamba announced that his office has reached a debt restructuring agreement with the China Development Bank on one of its loans. It’s important to note that the statement explicitly mentions a single loan and does not refer to CDB’s broader loan portfolio in Zambia.

The following is a transcript of Secretary Yamba’s statement:

The Government of the Republic of Zambia (the “Government”) is very pleased to announce that it has reached an agreement with the China Development Bank (“CDB”) to defer debt service in respect of a commercial loan facility insured by Sinosure.

Under the terms of our agreement with CDB, interest and principal due on 25th October 2020 will be deferred. 

The deferred interest payment is now payable on 25th April 2021 and the deferred principal rescheduled over the life of the facility.

Reaching this agreement is an important milestone for Zambia in our debt relief efforts. This was made possible thanks to CDB’s and Sinosure’s collaborative and cooperative approach. 

We will continue to work with all of our creditors to reach similar interim agreements around deferral of principal and interest payments. 

Such interim debt service deferment agreements will provide the Government with the necessary time to focus efforts on completing its overall debt strategy aimed at restoring public debt sustainability.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Connect with leading professionals on the China- Africa Experts Network.

You've reached your free monthly article limit.

Subscribe today for unlimited access.

-17% Savings

The post Zambia Reaches Debt Deferral Agreement With China Development Bank appeared first on The China Africa Project.



source https://chinaafricaproject.com/2020/10/28/zambia-reaches-debt-deferral-agreement-with-china-development-bank/?utm_source=rss&utm_medium=rss&utm_campaign=zambia-reaches-debt-deferral-agreement-with-china-development-bank

Comments

Post a Comment

Popular posts from this blog

China Angry With Japan Over G7 Joint Statement, Labels Accusations as “Hype”

The Chinese government lodged a formal complaint to Japan over the wording of the G7 communiqué published over the weekend.  Foreign Ministry Spokesperson Wang Wenbin said on Saturday that China felt it had been “attacked”  and that a number of points raised in the G7’s joint statement amounted to an “interference in its internal affairs.” Get a daily email packed with the latest China-Africa news and analysis. Read exclusive insights on the key trends shaping China-Africa relations. Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South. China, Africa and the Global South... find out what’s happening. Subscribe today for unlimited access. Monthly $19/mo OR Yearly $199/yr (17% Savings) Already a subscriber? Log in Click Here to Learn More source https://chinaglobalsouth.com/2023/05/22/china-angry-with-japan-over-g7-joint-statement-labels-accusations-as-hype/
Read more

The Growing Influence of Chinese Policing in Africa

While joint military exercises between China and countries like South Africa draw controversy, much less attention is being paid to the role of policing in Africa-China relations. A fascinating new paper  by the Africa-China security expert Paul Nantuyla maps the growing influence of Chinese law enforcement in Africa. This includes the normalization of Chinese policing norms via institutional links and training. Get a daily email packed with the latest China-Africa news and analysis. Read exclusive insights on the key trends shaping China-Africa relations. Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South. China, Africa and the Global South... find out what’s happening. Subscribe today for unlimited access. Monthly $19/mo OR Yearly $199/yr (17% Savings) Already a subscriber? Log in Click Here to Learn More source https://chinaglobalsouth.com/2023/05/23/the-growing-influence-of-chine
Read more

Papua New Guinea, Micronesia to Sign Agreement With U.S. as Pacific Island Countries Increasingly Take Sides in Great Power Rivalry

Pacific Island Countries (PIC) are the current focal point in the escalating competition for influence between the United States and China around the world. Both Papua New Guinea (PNG) and Micronesia signed defense agreements with the United States on Monday  during a brief visit by Secretary of State Antony Blinken. Get a daily email packed with the latest China-Africa news and analysis. Read exclusive insights on the key trends shaping China-Africa relations. Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South. China, Africa and the Global South... find out what’s happening. Subscribe today for unlimited access. Monthly $19/mo OR Yearly $199/yr (17% Savings) Already a subscriber? Log in Click Here to Learn More source https://chinaglobalsouth.com/2023/05/22/papua-new-guinea-micronesia-to-sign-agreement-with-u-s-as-pacific-island-countries-increasingly-take-sides-in-great-power-rival
Read more