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GLOBALink | Private Western lenders to blame for African debt burden, urged to do more on relief

NAIROBI, July 20 (Xinhua) -- According to a report released by UK-based charity Debt Justice last week, African governments owe three times more debt to Western private lenders than to China, and are charged double the interest.

The report said just 12 percent of African governments' external debt is owed to Chinese lenders compared to 35 percent owed to Western private lenders, citing calculations based on World Bank data.

It added that the average interest rate on private loans is 5 percent, compared to 2.7 percent on loans from Chinese public and private lenders.

African experts said the debt-trap narrative exploited by the West against China is nothing but clap-trap.

Meanwhile, experts said China's support for Africa has been clearly impactful.

Experts said China has demonstrated what a responsible global power should do by fully implementing the G20 Debt Service Suspension Initiative for Poorest Countries, adding that Africans want to see more of such an example.

Produced by Xinhua Global Service