CHINA CANCELS MALAWI’s LOANS

The People’s Republic of China has disclosed its commitment to cancel interest free loans to Malawi and other African countries.

Deputy Chinese Ambassador to Malawi disclosed this on Tuesday in Lilongwe ahead of the Forum for China Africa Cooperation (FOCAC) to be held in December in South Africa and President Professor Arthur Peter Mutharika will attend.

According to Deputy Chinese Ambassador Lai Xing, the move will ease the burden the countries face in paying debts and strengthen the bilateral relations with African countries.

“The call off will lessen the burden of paying debts, loans interest free for relevant and landlocked developing countries” said Lai.

Xing also disclosed that People’s Republic of China will contribute $2 Million to support developing countries in the implementation of Sustainable Development Goals (SDG)’s and $12 Billion towards investment.

According to the Chinese Embassy the forthcoming China -Africa Summit to be held from 3rd to 5th December in South Africa will look at new ways of enhancing cooperation, peace and development.

The meeting also marks FOCAC’s 15th anniversary since its establishment and the achievements made over the years.