The Embassy of the people’s republic of China has exempted the government of Botswana from payment of 3 interest free loans worth $7.79 million.
The credit facility had been extended to Botswana to finance the railway rehabilitation project and a multi-purpose youth center.
“The exemption is in harmony with the undertaking during the forum on China-Africa Cooperation (FOCAC) Summit held in Johannesburg in December 2015.” says a press release sent to newsrooms.
Botswana’s minister of Finance and Economic development Kenneth Matabo says the exemption will minimize the country’s debt burden while allowing the government to embark on other development projects in the National Development Plan.
“Botswana government appreciates the long standing cooperation with the Chinese government through the extension of both grants and concession loans.” Says the statement.