(Ecofin Agency) - Angola, Ethiopia, and Kenya’s debts represent 47% of African debts owed to China, according to a report published on November 14, 2018, by the rating agency Moody’s.

Titled "Sovereigns - Africa, China's lending supports growth, exacerbates fiscal and external pressures in Sub-Saharan Africa", the report explains that Angola owes 30% of the continent’s debt stock towards China. This means that in this country endowed with natural resources, each of the 28 million residents owes China $745.

With 10% of this debt, Ethiopia was the second in the ranking of countries with the most important volume of debt towards China, ahead of Kenya (7%).

The other main countries are Congo republic (5%), Sudan (5%), Cameroon (4%) and Zambia (4%). According to the China Africa Research Initiative (CARI), a research center which depends on the American University Johns-Hopkins, China provided $94.4 billion in loans in Africa between 2000 and 2015.

The Asian giant promised $60 billion funding to Africa within three years during the sixth edition of the Forum on China-Africa Cooperation (FOCAC) held in December 2015 in Johannesburg. These funds have almost been totally provided.

Last but not least, during the seventh edition of the FOCAC held on September 3, 2018, in Pekin, China announced $60 billion of additional funds to Africa. This fund includes $20 billion in credit lines, $15 billion as grants, interest-free and non-concessional loans, $10 billion for a special fund and $5 billion to support African imports.