The Chinese government is expected to announce a write off of some outstanding interest free-loans of some struggling landlocked countries and small islands but Malawi will not be among beneficiaries as its US$8 million interest free loan was only signed off last year.<\/p>\n
Political Counsellor at Chinese Embassy to Malawi, Lai Xing, said this in Lilongwe during a press briefing on the forth coming China-Africa Summit to take place in South Africa. He said that the debt cancellation will be made after a decade.<\/p>\n
\u201cChina shall call off all the debt of outstanding intergovernmental interest free loans due by end of 2015 for all the least developed countries,\u201d said Lai.<\/p>\n
However, the Ministry of Finance\u2019s spokesperson Nations Msowoya said Malawi signed US$8 million interest free loan with China last year but is yet to access the funds.<\/p>\n
The other loans are concessional with low interest rates and are not applicable for the debt relief and include US$80 million for the Malawi University of Science and Technology, US$110 million for Bingu International Conference Centre and the US$60 million BinguNational Stadium.<\/p>\n
According to Lai, China will establish a US$2 billion South- South Cooperation Fund to be accessed by African countries for implementing the Sustainable Development Agenda. He further said his government plans to increase annual aid to Africa to US$12 billion by 2030.<\/p>\n
On infrastructure, Lai said his government is still committed to assist countries like Malawi improve infrastructure development which he said is critical to the economic development of any country.<\/p>\n
The Chinese government has so far assisted in the construction of Karonga-Chitipa Road and has just committed to finance a modern airport at Chileka with multi terminal building in Blantyre.<\/p>\n
China recently committed to finance over US$1.8 billion development projects in Malawi including rehabilitation of Chileka Airport, 300 megawatts Kamwamba coal fired power project and a dual carriage highway in Lilongwe, among others.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Chinese government is expected to announce a write off of some outstanding interest free-loans of some struggling landlocked countries and small islands but Malawi will not be among beneficiaries as its US$8 million interest free loan was only signed off last year. Political Counsellor at Chinese Embassy to Malawi, Lai Xing, said this in […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-12689","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/12689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=12689"}],"version-history":[{"count":0,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/12689\/revisions"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=12689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=12689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=12689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}