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Debt-plagued Zambia reaches deal with China, other nations to rework $6.3B in loans, French say
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FILE - Zambian President Hakainde Hichilema, left, is greeted by French President Emmanuel Macron at the Elysee Palace in Paris, May 10, 2023. The French government says Thursday, June 22, that Zambia has reached a deal with China and several other government creditors to restructure $6.3 billion in loans. - photo by AP Photo/Michel Euler, File
PARIS (AP) — Zambia and its government creditors, including China, have reached a deal to restructure $6.3 billion in loans, the French government announced Thursday on the sidelines of a global finance summit in Paris. The agreement covers loans from countries including France, the UK, South Africa, Israel and India as well as China — Zambia's biggest creditor at $4.1 billion of the total. The deal, announced by officials who spoke anonymously in accordance with the French government's customary practices, may provide a roadmap for how lenient China may be with other nations in debt distress.