China will cancel interest-free loans to African countries which will expire at the end of 2020, President Xi Jinping said.

At the Covid-19 China-Africa Summit on Wednesday, he said that African countries most affected by this pandemic will also receive an extension of the debt suspension period.

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The head of state of China also called on Chinese financial institutions to hold “friendly consultations” with African countries “to develop trade credit agreements with government guarantees.”

Chinese President Xi Jinping

“China will work with the United Nations, WHO and other partners to support Africa’s response to Covid-19 in a way that respects the will of Africa,” President Xi said.

Many African leaders including the United Nations have called on China and other bodies to reconsider terms of Africa’s loan repayment agreement due to the effect of the pandemic on the continent’s economy.

Regarding the coronavirus pandemic, he said African countries would be the first to benefit from a vaccine made in China. China will continue to build hospitals throughout Africa.

It will also build an African Disease Control Center headquarters in the Ethiopian capital, Addis Ababa.

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