Study: Zambia heavily indebted to China

South Africa’s Zambia is much deeper in debt to Chinese banks than previously believed. The landlocked country may owe its creditors nearly twice what the government has previously disclosed, according to a new study by Johns Hopkins’ China Africa Research Initiative. According to the study, the country owes Chinese banks and government agencies the equivalent of €5.6 billion. The figure released by the Zambian government is only the equivalent of €2.9 billion. In total, Zambia’s foreign debt amounts to the equivalent of €12.2 billion-