West criticises China over its debt policy in 'new scramble for Africa'

China is now Kenya’s largest bilateral creditor, accounting for 72 per cent of all foreign loans. FILE PHOTO | NMG

What you need to know:

  • Western critics have hit out at China’s plan for $60 billion worth of loans to Africa saying there is a real concern that it could create a new debt crisis.
  • Beijing responded by saying that, unlike the West, its loans come with no strings attached and go to where investment is vitally needed.
  • China is now Kenya’s largest bilateral creditor, accounting for 72 per cent of all foreign loans.
  • China has taken to seizing critical national assets in lieu of payment in the event of a default.

A war of words is emerging between China and the West over who has the best interests of Africa at heart when it comes to vitally needed investment.

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