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China writes off four interest-free loans worth about $50 million from Sudan
China and Sudan signed a protocol in Port Sudan canceling four interest-free loans owed by Sudan to China, totaling about 344 million yuan ($50 million). China also pledged to provide a 200 million yuan grant for energy, water, and agriculture projects.
China has canceled about $50 million (344 million yuan) of Sudan's debt by writing off four interest-free loans. The protocol was signed in the Sudanese port city of Port Sudan by Finance Minister Jibril Ibrahim on behalf of Sudan and by Beijing's Charge d'Affaires to Sudan, Xu Jian, on behalf of China.
According to the signed protocol, the total value of the four interest-free loans written off amounts to 344 million yuan, equivalent to about $50 million. It was reported that the cancellation took immediate effect.
The debt cancellation decision came at a time when the conflict between the Sudanese army and the Rapid Support Forces has deeply shaken the country's economy. China also pledged to provide a grant of 200 million yuan to support projects in the energy, water, and agriculture sectors.
During talks, the importance of resuming operations of the China National Petroleum Corporation (CNPC) in Sudan was emphasized, and the removal of obstacles to banking cooperation between the two countries was discussed.
Charge d'Affaires Xu Jian said that China is ready to help rebuild structures damaged during the war. Considering that Sudan's pre-war external debt exceeded $56 billion, the written-off amount represents a very small portion of the total debt, and the move is seen as carrying more of a political message of support.
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