A recent study by the World Bank on “Debt in Africa” revealed that the crisis in Ukraine affected the ability of 22 African countries with the lowest incomes in sub-Saharan Africa, especially those indebted to China, to pay their debts and caused structural financial problems.
The study showed that Chinese lending to Africa increased fivefold to $696 billion from 2000 to 2020, with 12% of the lending going to private and public sectors in Africa.
The study identified Angola as the African country with the highest debt from China. As of March 2023, Angola’s debts to China totaled about $42.916 billion.
Ethiopia owes China approximately $13.728 billion, making it the second-highest African debtor.
Zambia came in third place with a total debt of $13.848 billion to China, followed by Kenya in fourth with an estimated debt of $9.175 billion.
Nigeria owed China $6.732 billion, ranking fifth in total debt. Cameroon followed in sixth place with about $6.702 billion owed.
Sudan ranked seventh on the list of Arab countries with the highest debt to China, owing a total of $6.169 billion.
The Congo ranked eighth in terms of debt, with a total of 5.308 billion dollars owed.
In Africa, Ghana ranks ninth and Cote d’Ivoire ranks tenth for their total indebtedness to China, with $5.308 billion and $3.722 billion respectively.
A recent report by “Interregional Strategic Analyzes” warned that the continuation of the Russian war in Ukraine could lead to 23 African countries facing bankruptcy due to the exacerbation of the sovereign debt crisis.