China is often accused of practicing “debt diplomacy” in Africa, which would weigh heavily on the development of debtor countries. Some African nations are now trying to loosen this financial stranglehold, in particular by diversifying their donors.
This is information that stirred the African press at the end of 2021. Local and international media reported that Uganda’s Entebbe international airport was at risk of being seized by China in the event of default on the loan granted by the Export-Import Bank of China for its modernization and expansion.
Although China has denied the allegation, this hypothetical takeover has amplified speculation and debate about the “debt trap diplomacy” last year, analysis Quartz Africa.
The situation is not unique to Uganda. In neighboring Kenya, citizens’ groups have feared that the port of Mombasa could be included as collateral for a railway loan from the Export-Import Bank and that the lender would seize it in the event of default.
Take advantage of high oil prices
Other countries are now taking steps to loosen the debt squeeze, particularly vis-à-vis China. So, reports the South Morning China Post, Angola plans to refinance its debt as the country faces higher repayments on Chinese loans. The international situation lends itself to this, since crude oil prices are rising in the wake of the war between Ukraine and Russia. Oil-rich Angola now wants to increase its disbursements under debt relief agreements and reduce its debt to China by refinancing through multilateral and commercial alternatives.
The country will increase its payments to China to settle a debt of 20
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