China to cancel Cameroon’s debts

The Peoples Republic of China will cancel Cameroon’s debts estiated to be worth about 3000 billion Francs CFA, it has been announced.

It is the major outcome of a meeting on Friday January 18  between Yang Jiechi, special representative of the Chinese President Xi Jinping and Paul Biya at the Unity Palace.

The Chinese envoy said the move shows the country’s willingness to cooperate with Cameroon and reinforce economic ties.

The Head of State Paul Biya during the new year wishes from the diplomatic corps said Cameroon will carry on its active cooperation with China aimed at mutual development.

China is Cameroon’s first commercial partner, and highest investor in the country in terms of develoment-oriented projects.

During Paul Biya’s last visit to China from the 22-24 March, for the China-Africa summit, Chinese President Xi Jinping had promised to cancel Cameroon’s debts.