Posted on Jul 25, 2020
China makes $1bn loan to Latin American and Caribbean countries for access to coronavirus vaccine...
4.43K
34
11
10
10
0
China has announced a $1bn loan to Latin American and Caribbean countries to pay for access to a coronavirus vaccine, according to the Mexican government.
The announcement, by Chinese foreign minister Wang Yi, followed a virtual meeting with his counterparts on Wednesday.
In a statement the Mexican government said: "China's foreign minister said that the vaccine developed in his country will be a public benefit of universal access, and that his country will designate a loan of $1bn to support access for the nations of the region."
The announcement, by Chinese foreign minister Wang Yi, followed a virtual meeting with his counterparts on Wednesday.
In a statement the Mexican government said: "China's foreign minister said that the vaccine developed in his country will be a public benefit of universal access, and that his country will designate a loan of $1bn to support access for the nations of the region."
China makes $1bn loan to Latin American and Caribbean countries for access to coronavirus vaccine...
Posted from independent.co.uk
China
Coronavirus COVID19
Mexico
South America
Posted >1 y ago
Responses: 6
10
10
0
4
4
0
I wonder what the repercussion will be if the countries can't pay back the loans. I read in some cases if a nation fails to repay the Chinese loan, the country would have to forfeit something like infrastructure.
(4)
(0)
LTC Eugene Chu
We can look to African countries with current Chinese debt as potential examples
https://www.bloomberg.com/news/articles/2020-07-22/chinese-credit-fuels-debt-crisis-in-africa
https://www.bloomberg.com/news/articles/2020-07-22/chinese-credit-fuels-debt-crisis-in-africa
Africa Starts to Have Second Thoughts About That Chinese Money
After years of borrowing on easy terms, many countries in the region are saddled with debt they can’t repay.
(2)
(0)
MAJ Ken Landgren
LTC Eugene Chu - I highly doubt any of the projects China financed would lead to profits that would support debt repayments. I could see many corrupt politicians in third world countries committing to bad deals for substantial bribes. The Chinese own more than 40% of the Philippines' electric capacity. Even Trump was working with the Chinese government in 2018 to develop Indonesia which is the year Trump started the tariffs. Ethics be damned.
(2)
(0)
2
2
0
PO1 William "Chip" Nagel
CW4 Guy Butler For a "Communist" Country they do seem to be Very Good at "Capitalism".
(0)
(0)
Read This Next
Continue with Facebook 
Continue with Google