Posted on Jul 25, 2020
China makes $1bn loan to Latin American and Caribbean countries for access to coronavirus vaccine...
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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
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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.
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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.
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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.
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PO1 William "Chip" Nagel
CW4 Guy Butler For a "Communist" Country they do seem to be Very Good at "Capitalism".
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