Ethiopia PM Says China Will Restructure Railway Loan

China has agreed to restructure some of Ethiopia’s debt, including a loan for a $4 billion railway linking its capital Addis Ababa with neighbouring Djibouti, Ethiopia’s Prime Minister Abiy Ahmed said on Thursday. Abiy described the rescheduling as limited, but added that repayment of the railway debt has been extended by 20 years, Reuters reported. Landlocked Ethiopia and the Red Sea state inaugurated the railway in January, with 70 percent of the total cost covered through a loan from the Export-Import Bank of China (EXIM). Ethiopia has been a top destination for Chinese loans in Africa, with state policy banks extending it more than $12.1 billion since 2000, according to the China Africa Research Initiative at Johns Hopkins University of the United States. Speaking upon his return from a China-Africa forum for cooperation in Beijing, Abiy told reporters he held successful talks with Chinese government officials over his country’s debt. Read more.