Placeholder Image

Subtitles section Play video

  • and we're starting with news from China, which says it has given $2.1 billion worth of debt relief to developing countries.

  • Assed part of its trillion dollar belt and road initiative, China has financed large infrastructure projects throughout Africa that critics say have left many poor countries overloaded with debt.

  • Thank you, it's been called the railway to nowhere.

  • Kenya celebrated the opening of this train connecting its capital Nairobi, in the port city of Mombasa in 2017.

  • Built in finance fate, China, it has now become a symbol of the controversy over China's presence across the continent.

  • China has loaned over $100 billion to African countries, is part of its transcontinental infrastructure program known as the Belt and Road Initiative.

  • Many African countries were already crippled under the weight of the money they owe China.

  • For projects like the money losing Kenyan railway.

  • Now, the coronavirus pandemic has made it nearly impossible for many to keep up with debt payments.

  • Angola is the biggest debtor to China after taking on billions in loans to build roads and hospitals.

  • Ethiopia's next followed by Zambia, which this month became the first country to default on its debt in the pandemic.

  • Kenya's $9 billion in debt comes largely from loans for the railway, critics say efforts to help poor countries by freezing repayments air only, delaying a broader reckoning over Africa's unsustainable debt load.

  • China's $2.1 billion in payment extensions covers only a tiny fraction of what African countries.

  • Oh, and the agreement struck last week by G 20 leaders to defer repayments until mid 2021 offers only a brief reprieve for many nations come out.

and we're starting with news from China, which says it has given $2.1 billion worth of debt relief to developing countries.

Subtitles and vocabulary

Operation of videos Adjust the video here to display the subtitles

B1 debt china railway african initiative kenya

China gives $2.1 billion in debt relief: What's the catch? | DW News

  • 1 0
    林宜悉 posted on 2020/11/23
Video vocabulary