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        <title><![CDATA[Countries request loan relief from China for ‘Belt and Road Initiative’]]></title>
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        <lastBuildDate>Mon, 11 May 2020 17:01:23 +0000</lastBuildDate>
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            <media:title type="html">Countries request loan relief from China for ‘Belt and Road Initiative’</media:title>
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        <content:encoded><![CDATA[<p>Countries involved in China&#8217;s massive international infrastructure push have reportedly asked Beijing for breaks on loans as the coronavirus roils their economies.</p><p>China has lent countries hundreds of billions of dollars for infrastructure projects under its &#8220;Belt and Road Initiative,&#8221; which aims to build railroads, highways, energy pipelines and other arteries linking the country with Europe, Africa and other parts of Asia.</p><p>But some poor nations building those links have asked Beijing for debt relief as they grapple with the pandemic, <strong>CNBC reported</strong> Sunday. China could help by suspending payments, extending payment periods or waiving interest, according to the network.</p><p>The countries seeking help include Pakistan, which asked Beijing last month to extend the repayment period on $30 billion in loans for the China-Pakistan Economic Corridor, the <strong>Nikkei Asian Review reported</strong>. That $68 billion collection of projects aims to connect China to the Gwadar Port in Pakistan, according to the <strong>Council on Foreign Relations</strong>.</p><p>Several African countries are also believed to have asked Beijing for a break, the <strong>Financial Times reported</strong> last month. Chinese banks and contractors, along with the government, poured $143 billion in loans into Africa from 2000 to 2017, according to the paper.</p><p>In a <strong>letter</strong> last month, a group of US senators urged the Trump administration to take the lead in an international effort to pressure China&#8217;s institutions to renegotiate debts owed by developing nations &#8220;without a political quid pro quo.&#8221;</p><p>&#8220;Short of this, US and other Western taxpayers would be in essence bailing out Chinese financial institutions and enabling China’s debt-trap diplomacy,&#8221; the 16 senators wrote April 22.</p>]]></content:encoded>
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