China gives CAR debt relief

BANGUI – China’s Foreign Minister Li Zhaoxing has signed debt relief and aid agreements worth some $15 million with Central African Republic, the fifth African country to receive such aid over the past few days.

The package, signed late on Friday, included the cancellation of 5,5 billion CFA francs ($11 million) owed to Beijing by the former French colony as well as an aid payment of 1,9 billion CFA ($3,8 million). Keen to feed its booming economy, China has been offering low interest loans, debt relief and other incentives to governments around the world’s poorest continent in return for access to their vast reserves of minerals and oil.China says its economic support to Africa helps fill a financing gap and is less prescriptive than Western aid.Nampa-ReutersKeen to feed its booming economy, China has been offering low interest loans, debt relief and other incentives to governments around the world’s poorest continent in return for access to their vast reserves of minerals and oil.China says its economic support to Africa helps fill a financing gap and is less prescriptive than Western aid.Nampa-Reuters