Top 10 Africa Countries With The Most Chinese Debt

African Countries with the most China Debt
Hello Displorers, Welcome back to another informative video and thanks for watching. In this video we shall be presenting the Top 10 African countries with the most Chinese debts. The Relation between China and Africa is refered to as Sino – African Relation and this relation dates back as early as the 15 century, However Modern political and economic relations between Africa and china commenced in the era of Mao Zedong, following the victory of the Chinese Communist Party in the Chinese Civil War. Starting in the 21st century, the modern state of the People's Republic of China has built increasingly strong economic ties with Africa. There are an estimated one million Chinese citizens residing in Africa. Additionally, it has been estimated that 200,000 Africans are working in China. We have a video on the Top 10 African countries with the most Chinese population, click on the card on your screen to check if out. In 1980, the total China-African trade volume was US$1 billion. In 1999, it was US$6.5 billion and in 2000, US$10 billion. By 2005, the total Sino-African trade had reached US$39.7 billion before it jumped to US$55 billion in 2006, making China the second largest trading partner of Africa after the United States, which had trade worth US$91 billion with African nations. Many African Countries are currently indebted to china, and china is now exploiting these countries due to the fact that they are unable to repay their loan, What China is doing in Africa is refered to debt trap diplomacy where by China intentionally extends excessive credit to another debtor country with the alleged intention of extracting economic or political concessions from the debtor country when it becomes unable to honor its debt obligations (often asset-based lending, with assets including infrastructure).
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There are many African countries that owes china but these are the Top 10 ones with the most Chinese debts.
10. DR Congo – Estimated Debt – $3.4 Billion
The Relationship Between China and the Democratic Republic of Congo dates as far as 1890. Fast forward to post independent DR congo China is still one of the biggest Beneficiaries to DR Congo’s Natural resources. Ideally The Democratic Republic of Congo was suppose to be the richest country in Africa since it has the Most Natural Resources more than any other country but due to high debts to china, China is taking away these natural resources as payment of debt. for Example A deal was struck between Sicomines, a consortium of Chinese companies (Sinohydro and China Railway Engineering Corporation), and the Congolese government in April 2008 to grant mineral concessions in Katanga province in exchange for infrastructure investments. In a deal originally worth US$9 billion and funded by China EXIM Bank, US$6 billion would go to infrastructure development and US$3 billion being invested in mining operations in Katanga. 68% of the project would be owned by Sicomines and the remaining 32% would be owned by Congo’s mining parastatal Gécamines. Critics of the project have alleged that the deal undervalues the mineral deposits in Katanga. The International Monetary Fund (IMF) has raised concerns about this deal negatively affecting the DRC's ability to sustain its debt. Due to china’s Debt trap, The Democratic Republic of congo has loss most of its Natural resources to china. In 2007, the DRC exported US$304.8 million worth of cobalt to china. In 2008, the DRC exported US$1.13 billion of cobalt to China. Exports of copper ore and hard woods to China also increased greatly and most of these exports are geared towards the payment of loans of construction works done in DR Congo by the Chinese. The country currently owes china about $3.4 Billion dollars.
Ghana – Estimated Debts - $3.5 Billion
Relations between the two countries date back to 1960 when the countries first established diplomatic relations. Since then Ghana has provided substantial diplomatic support to the china with the china reciprocating with material support for Ghana's development. Since the 2000s the volume of Chinese trade and investment in Ghana has increased greatly. From $4.4 million Chinese projects registered by the Ghana Investment Promotion Centre in 2000, Chinese registered flows had increased to $1.6 billion in 2014 alone.In 2007 china signed six agreements and a US$66 million Chinese loan to expand and upgrade Ghana's telecommunications network. Beijing provided a concessionary loan of US$30 million to support the first phase of a telecommunications project to link all ten regional capitals and 36 towns in Ghana with fiber optic cables. Recently the China Export and Import Bank (Exim Bank) granted US$562 million loan for the construction of the US$622 milli
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