Zambia Signs Deals With Chinese Lender to Revamp Some Loans

Zambia has signed bilateral debt-restructuring deals covering some of its obligations to Chinese lenders, including the Export–Import Bank of China, Finance Minister Situmbeko Musokotwane said.

The agreements mark a significant step in the slow and complex process to rework loans that started when Zambia became Africa’s first sovereign defaulter in the wake of the coronavirus pandemic. The southern African nation owes more than $4 billion to China Exim, its single biggest creditor.