Zambia Agrees to $1.5 Billion Debt Revamp with Chinese Lenders

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Zambia Agrees to $1.5 Billion Debt Revamp with Chinese Lenders

Deal crucial to ending years-long debt restructuring process
Zambia became Africa’s first pandemic-era sovereign defaulter

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 .