{"id":553426,"date":"2021-12-02T03:58:16","date_gmt":"2021-12-02T03:58:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/02\/china-to-scale-back-africa-loans-amid-soaring-debt\/"},"modified":"2021-12-02T03:58:16","modified_gmt":"2021-12-02T03:58:16","slug":"china-to-scale-back-africa-loans-amid-soaring-debt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/02\/china-to-scale-back-africa-loans-amid-soaring-debt\/","title":{"rendered":"China to scale back Africa loans amid soaring debt"},"content":{"rendered":"

<\/a> China is scaling back the value of loans it hands out to African countries<\/strong> in what the Financial Times<\/a> suggests is evidence of a growing wariness at the level of debt being taken on by countries on the continent. Beijing pledged to lend USD 40 bn in investment, credit lines, trade finance and special drawing rights to African nations over the next three years, Chinese president Xi Jinping announced at this week\u2019s Forum on China\u2013Africa Cooperation. This is a third less than the USD 60 bn China pledged at the previous two summits.<\/p>\n

The news comes as China has denied it has plans to take over Uganda\u2019s only international airport <\/strong>if the company defaults on a USD 200 mn facility<\/a> it took from Beijing to expand the facility. \u201cA parliamentary probe last month concluded that China had imposed onerous conditions on the loan<\/strong>, including potential forfeiture of the airport in case of default, sparking public outrage,\u201d Reuters reports.<\/p>\n

Afghanistan will likely suffer one of the worst economic meltdowns in history <\/strong>within a year following the Taliban\u2019s takeover, according to new data published by the UNDP, the FT<\/a> reported. The UN has forecast Afghanistan\u2019s GDP to shrink 20%, an abrupt drop they have never seen before that could result in nine out of 10 Afghans falling beneath the poverty line. For comparison: <\/strong>It took five years of civil war in Syria to achieve a similar economic contraction.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11,420<\/p>\n<\/td>\n

\n

+0.2% (YTD: +5.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,850<\/p>\n<\/td>\n

\n

+0.8% (YTD: +24.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,547<\/p>\n<\/td>\n

\n

+0.8% (YTD: +69.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,073<\/p>\n<\/td>\n

\n

+0.4% (YTD: +23.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,513<\/p>\n<\/td>\n

\n

-1.2% (YTD: +20.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,169<\/p>\n<\/td>\n

\n

+1.6% (YTD: +11.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 68.87<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 4.29<\/p>\n<\/td>\n

\n

+0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,783<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 56,732<\/p>\n<\/td>\n

\n

-0.6% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 1.05 bn (26.9% below the 90-day average). Foreign investors were net buyers. The index is up 5.3% YTD.<\/p>\n

In the green: <\/strong>Qalaa Holdings (+3.7%), Rameda (+3.5%) and Egyptian Resorts Company (+3.3%).<\/p>\n

In the red: <\/strong>CIRA (-2.4%), Fawry (-2.2%) and EFG Hermes (-1.3%).<\/p>\n","protected":false},"excerpt":{"rendered":"

China is scaling back the value of loans it hands out to African countries in what the Financial Times suggests is evidence of a growing wariness at the level of debt being taken on by countries on the continent. Beijing pledged to lend USD 40 bn in investment, credit lines, trade finance and special drawing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[434,7098,116,72,119,122,7085],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553426","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-afghanistan","tag-africa","tag-china","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-un","wpautop","entry"],"acf":{"mongo_id":"6ffa6db5-4ac2-4128-bf80-871fdead2d37","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[553401],"teaser":"","voice_url":""},"yoast_head":"\nChina to scale back Africa loans amid soaring debt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/02\/china-to-scale-back-africa-loans-amid-soaring-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China to scale back Africa loans amid soaring debt\" \/>\n<meta property=\"og:description\" content=\"China is scaling back the value of loans it hands out to African countries in what the Financial Times suggests is evidence of a growing wariness at the level of debt being taken on by countries on the continent. 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Chinese lenders, including Exim\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":624277,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/04\/china-state-construction-inks-usd-9-6-bn-worth-of-agreements-with-egypt\/","url_meta":{"origin":553426,"position":3},"title":"China State Construction inks USD 9.6 bn worth of agreements with Egypt","author":"enterpriseam admin","date":"4 September 2018","format":false,"excerpt":"INVESTMENT WATCH- More from China as CSCEC signs USD 9.6 bn in new agreements: China State Construction Engineering Corporation (CSCEC) signed USD 9.6 bn in new agreements with Egypt in the latest round of contracts signed during the China-Africa Cooperation Forum in Beijing, according to Reuters\u2019 Arabic Service. CSCEC, which\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597712,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/02\/usd-3-bn-in-chinese-financing-for-egypt-as-el-sisi-deepens-ties-with-china-at-belt-and-road-forum-in-beijing\/","url_meta":{"origin":553426,"position":4},"title":"USD 3 bn in Chinese financing for Egypt as El Sisi deepens ties with China at Belt and Road Forum in Beijing","author":"enterpriseam admin","date":"2 May 2019","format":false,"excerpt":"USD 3 bn in fresh financing for Egypt as El Sisi deepens ties with China at Belt and Road Forum in Beijing: A series of new financing, manufacturing, and communications agreements were signed last week between Egyptian and Chinese companies as President Abdel Fattah El Sisi joined the three-day Belt\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/4\/1191.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548917,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/28\/this-morning-abdalla-to-go-faster-on-egp-adjustment-is-the-imf-going-easy-on-us\/","url_meta":{"origin":553426,"position":5},"title":"THIS MORNING: Abdalla to \u201cgo faster\u201d on EGP adjustment + Is the IMF going easy on us?","author":"enterpriseam admin","date":"28 August 2022","format":false,"excerpt":"Good morning, friends, and welcome to a very busy Sunday. It\u2019s largely good news to start the week, with lots of fresh investment in green energy, a new head of the EGX, and the easing of cash deposit and withdrawal restrictions at banks setting the tone. There are also signs\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=553426"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553426\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/553401"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553426"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553426"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}