(Bloomberg) — The US plans to push for more transparency around the terms of debts that African nations owe to China as they struggle to make repayments, a senior government official said.
Most Read from Bloomberg
Washington will also “try and figure out how these countries can get out of a crushing debt that oppresses their people,” said Jose Fernandez, the under secretary for economic growth, energy, and the environment at the State Department.
Fernandez made the comments in an interview on the sidelines of the US-Africa Leaders Summit in Washington, attended by more than 40 heads of state as President Joe Biden seeks to revitalize the US relationship with the continent, where China has made influential inroads through billions of dollars of investment.
The Chinese Embassy in Washington didn’t respond to an emailed request for comment.
Many nations on the continent turned to China — now the world’s biggest creditor to developing countries — for loans to build airports, hospitals, housing and roads. While the funding has helped construct key infrastructure in some African countries, many are also struggling to repay as the projects are not fully commercialized.
The question of confidentiality of Chinese debt became an issue during pandemic-era talks to provide emerging nations with relief as there was concern that not all lending by Chinese banks was public and they could get a better deal in any restructuring.
China has come under criticism for its perceived lack…
