Zambia has reached a deal with two Chinese state-owned lenders to restructure $1.5 billion in debt, according to Finance Minister Situmbeko Musokotwane, a major step toward concluding a years-long process.
The loans owed to China Development Bank and Industrial and Commercial Bank of China were among the biggest remaining liabilities the southern African nation needed to rework under a debt restructuring process it began in 2020 after becoming Africa’s first pandemic-era sovereign defaulter.
Source: Bloomberg