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Zambia’s Landmark Debt Deal Highlights China’s Success in Setting New Rules for Development Finance

French President Emmanuel Macron greets Zambia's President Hakainde Hichilema upon arrival for an official dinner at the Elysee Palace, on the sidelines of the Summit for a New Global Financial Pact, in Paris, on June 22, 2023. LUDOVIC MARIN / AFP

Zambian President Haikinde Hichilema looked visibly relieved following Friday’s announcement that the country’s creditor committee had finally reached an agreement to restructure $6.3 billion of bilateral external debt.

The deal that took more than two years to finalize was unveiled by Hichilema together with French President Emmanuel Macron and Chinese Prime Minister Li Qiang at the conclusion of a two-day development finance summit that took place last week in Paris.

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