Despite debt woes, Africa still sees China as best bet for financing

By Joe Bavier and Christian Shepherd

JOHANNESBURG/BEIJING (Reuters) – A wave of African nations looking to restructure debt with China on the eve of a major Beijing summit provides a reality check for the continent, where most countries still view Chinese lending as the best bet to develop their economies.

China has denied engaging in “debt trap” diplomacy, but President Xi Jinping is likely to use next week’s gathering of African leaders to offer a new round of financing, following a pledge of $60 billion (46.13 billion pounds)at the last summit three years ago.

Ethiopia and Zambia, heavy borrowers from China, have expressed desire to restructure that debt, while bankers believe Angola and Congo Republic have already done so, though details of such deals are sparse.

The International Monetary…

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