{"id":34411,"date":"2022-11-11T23:08:56","date_gmt":"2022-11-11T23:08:56","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-says-eximbank-to-represent-chinese-lenders-in-debt-talks"},"modified":"2022-11-11T23:26:39","modified_gmt":"2022-11-11T23:26:39","slug":"zambia-says-eximbank-to-represent-chinese-lenders-in-debt-talks","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-says-eximbank-to-represent-chinese-lenders-in-debt-talks","title":{"rendered":"Zambia says EximBank to represent Chinese lenders in debt talks"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>The Export-Import Bank of China (EximBank) will lead Beijing\u2019s team to renegotiate nearly $6 billion of loans that Zambia owes to Chinese state-owned creditors, the country\u2019s finance ministry told Reuters on Thursday.<\/p>\n

EximBank, one of Beijing\u2019s three policy banks and Zambia\u2019s single largest Chinese creditor, is the linchpin in China\u2019s Belt and Road Initiative (BRI) that oversees infrastructure lending.<\/p>\n

\u201cNegotiations with the committee are progressing well and the IMF\/World Bank DSA (debt sustainability analysis) assumptions are one of the subjects under discussion,\u201d the finance ministry said in a statement to Reuters.<\/p>\n

China is Zambia\u2019s largest bilateral creditor, accounting for 75% of what the country owes to nations, including France and India. Creditors and investors are closely monitoring how China, the world\u2019s largest bilateral lender, is managing debt negotiations around the world.<\/p>\n

China has tended to offer debt relief by extending maturities rather than accepting writedowns on loans. EximBank did not respond to a request for comment.<\/p>\n

China and France agreed earlier this year to co-chair an official creditors committee to renegotiate Zambia\u2019s bilateral debts but had not yet specified who would represent each country.<\/p>\n

EximBank said in a statement on its website on Wednesday its vice president Zhang Wencai has discussed the Common Framework and debt issues with French Treasury officials during a recent visit to Paris, without providing any further details.<\/p>\n

The policy bank has extended to Zambia more than half of Chinese loans while a $982 million loan was made jointly with the Industrial Commercial Bank of China (ICBC).<\/p>\n

Western countries last month pointed to China as the principle obstacle for many nations unable to service their debt to moving ahead with debt-restructuring deals.<\/p>\n

Ecuador announced in September it had agreed with China Development Bank and EximBank to extend maturities and reduce the amortization on $3.2 billion of loans.<\/p>\n

Zambia said last month it was eager to accelerate debt restructuring talks with creditors under the Common Framework, a Group of 20 major economies initiative that has been criticized for slow results.<\/p>\n

Lusaka\u2019s administration is expecting to present a first restructuring proposal to official creditors before year-end. Including commercial lending, Zambia government data showed it owed more than a third of its $17.27 billion external debt to Chinese lenders by end-2021.<\/p>\n

This includes loans from Jiangxi Bank (1916.HK) and China Minsheng Bank (600016.SS). EximBank-funded projects in the copper-rich nation range from roads and hydropower plants to military barracks and stadiums.<\/p>\n

The bank also leads China\u2019s team in Ethiopia\u2019s bilateral debt talks, its state finance minister told Reuters last month. EximBank committed to extending $7.7 billion across 31 loans to Ethiopia between 2007-2018, according to a Boston University database of Chinese lending to Africa.<\/p>\n

That is around half of all Chinese lending pledged to Ethiopia since 2006. In 2018, EximBank agreed to extend repayment on a loan worth at least $2.5 billion for a railway between Addis Ababa and Djibouti by 20 years.<\/p>\n

Ethiopia\u2019s Common Framework debt negotiations are delayed partly due to the civil war, though government and regional forces from Tigray agreed on Wednesday to cease hostilities in a diplomatic breakthrough.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. The Export-Import Bank of China (EximBank) will lead Beijing\u2019s team to renegotiate nearly $6 billion of loans that Zambia owes to Chinese state-owned creditors, the country\u2019s finance ministry told Reuters on Thursday. EximBank, one of Beijing\u2019s three policy banks and Zambia\u2019s single largest Chinese creditor, is the linchpin in China\u2019s Belt and […]<\/p>\n","protected":false},"author":84,"featured_media":34410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,248],"tags":[234,235,233],"class_list":["post-34411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-to-homepage","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nZambia says EximBank to represent Chinese lenders in debt talks - Zambia<\/title>\n<meta name=\"description\" content=\"The Export-Import Bank of China (EximBank) will lead Beijing\u2019s team to renegotiate nearly $6 billion of loans that Zambi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-says-eximbank-to-represent-chinese-lenders-in-debt-talks\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zambia says EximBank to represent Chinese lenders in debt talks\" \/>\n<meta property=\"og:description\" content=\"The Export-Import Bank of China (EximBank) will lead Beijing\u2019s team to renegotiate nearly $6 billion of loans that Zambi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-says-eximbank-to-represent-chinese-lenders-in-debt-talks\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-11T23:08:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-11T23:26:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/11\/postQueueImg_14-636eda1c0b4b2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"405\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-says-eximbank-to-represent-chinese-lenders-in-debt-talks#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-says-eximbank-to-represent-chinese-lenders-in-debt-talks\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Zambia says EximBank to represent Chinese lenders in debt talks\",\"datePublished\":\"2022-11-11T23:08:56+00:00\",\"dateModified\":\"2022-11-11T23:26:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-says-eximbank-to-represent-chinese-lenders-in-debt-talks\"},\"wordCount\":536,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-says-eximbank-to-represent-chinese-lenders-in-debt-talks#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2022\/11\/postQueueImg_14-636eda1c0b4b2.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-says-eximbank-to-represent-chinese-lenders-in-debt-talks#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-says-eximbank-to-represent-chinese-lenders-in-debt-talks\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/zambia-says-eximbank-to-represent-chinese-lenders-in-debt-talks\",\"name\":\"Zambia says EximBank to represent Chinese lenders in debt talks - 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