China Provides Modest Debt Relief and New Grant to Rwanda

Rwanda’s Finance Minister Uzziel Ndagijimana and Chinese ambassador Rao Hongwei announced on Friday that Beijing would forgive $6 million of debt and provide a new $60 million grant to the government in Kigali as part of COVID-19 relief efforts.

If the debt forgiveness portion of the announcement sounds modest, it’s because Rwanda doesn’t actually borrow that much from China. Chinese loans account for less than 5% of the country’s outstanding debt stock, according to the Ministry of Finance in Kigali.

Read the full story on the New Times website.

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The post China Provides Modest Debt Relief and New Grant to Rwanda appeared first on The China Africa Project.



source https://chinaafricaproject.com/2021/02/22/china-provides-modest-debt-relief-and-new-grant-to-rwanda/

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