China intentionally extends excessive credit to African countries with the intention of extracting economic or political concessions from the countries when it fails to honor its debt obligations.
The conditions of the loans are always kept as a secret, the loaned money is typically used to pay contractors mostly Chinese.
The Debt trap diplomacy has left many African countries entitled to China which invested about $60 billion to the Continent.
Chinese president Xi Jin Ping once said China and Africa will join hands to build the Chinese-African community.
Below is the top five list of countries mostly indebted to China.
Sudan is the only African country which managed to secure the largest share of the $60 billion invested in Africa by China.
China now controls 75% of Sudan’s oil stream. Sudan estimated debt is at $6, 4 billion.
The country has an estimated debt of $7, 3 billion. The debt is a growing amount without known conditions. This means if Congo fails to pay, China will make additional demands. China offered to build Congo’s new parliament for free.
According to International Monetary fund, Congo might be hiding part of its debt.
Kenya owes China almost $8 billion.
China funded and built Kenya’s new railways. Kenya’s president is said to have secured another $31 billion loan to extend the railway however the project is expensive and won’t generate much revenue.
The country owes about $13,5 billion to China. Ethiopia had the African Union funded and built by China only to find bugs spying and monitoring everything by the Africans.
Angola is the most African country with a huge debt. It owes $25 billion. Chinese companies and Chinese loans are building and funding the entire cities.
African countries are highly Indebted to China which will make it difficult to resist their monopoly.