The presidency of the Democratic Republic of Congo has disclosed that China has cancelled a part of the debt owed by the African country.
In a statement, the presidency said that China has cancelled about $28 million of its debt to help DRC fight the Covid-19 pandemic.
China’s Foreign Minister Wang Yi said this when he visited the Democratic Republic of Congo this week.
He said that the Chinese government would pump $28 million back into the coffers of the Sub-Saharan African country.
The press statement from the presidency said that “The cancellation of the debt should enable the DRC to fight effectively against the Covid-19 pandemic.”
Wang also offered $15 million to further support wider development efforts.
According to researchers from John Hopkins University in the US, Chinese entities have invested over $2.4 billion in loans in the past two decades.
China is a major investor in the Democratic Republic of Congo.
The Democratic Republic of Congo recorded its first Covid-19 case on March 10. The Central African country has so far recorded 18,738 cases and 610 deaths.