The BRI, proposed by China in 2013, entails infrastructure development, trade and investment liberalization, and people-to-people interactions with the goal of enhancing connectivity on a transcontinental scale. In a press conference held on the 4th of March 2023, Mr. Wang Chao, the spokesperson for the 14th National People's Congress (NPC), defended the BRI ahead of the start of China's two sessions (the annual plenary meetings of the National People's Congress, the national legislature, and the Chinese People's Political Consultative Conference) (the national political advisory body). “The BRI program does not aim to gain its own political interests.” And even in the so-called “debt trap,” if you look at the data from international institutions, you will find that this thing does not exist.” the former deputy minister noted. “According to the World Bank, China is not Africa’s biggest creditor, and almost three-quarters of Africa’s debt is from financial institutions and commercial banks,” he added. He also mentioned that China has been working hard to assist African nations to lessen their debt loads by delaying debt payments for a while, particularly when the nation is going through economic difficulties.

Source: Daily Nation March 06, 2023 16:49 UTC