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Browsing: Chinese loans to Africa
- Chinese leader Xi Jinping has pledged over $50 billion in financing for Africa over the next three years.
- This sets the stage for Beijing-led cooperation in the financing of infrastructure, trade, agriculture, mining, and energy projects.
- Beijing has also offered to create at least one million jobs in Africa.
In recent years, economies across Africa and the world’s second biggest economy, China, have been enjoying strong ties, powered by Beijing’s massive financing of key projects. A the ongoing China-Africa forum, several financing, investment, and trade deals are, however, poised to further cement this relationship, raising the continent’s relevance in the global contest for its rich resources and a fast growing market.
On Thursday, Chinese leader Xi Jinping’s pledged over $50 billion in financing for Africa over the next three years, setting the stage for deeper Beijing-led cooperation in critical industries such as infrastructure, trade, agriculture, mining, and energy.
The 2024 …
- Africa received loans worth $4.6 billion from China last year, an increase from what economies across the continent received in 2022.
- This amount is, however, a far cry from Beijing’s massive infrastructure financing witnessed before the Covid-19 pandemic.
- Beijing will host African leaders for the Forum on China-Africa Cooperation between September 4th-6th.
A total of nine countries in Africa received Chinese loans worth $4.6 billion last year, an increase from what economies across the continent received in 2022. However, this amount is a far cry from Beijing’s massive infrastructure financing that was witnessed before the Covid-19 pandemic.
The new statistics from the Boston University Global Development Policy Centre come just days before Beijing hosts African leaders for the Forum on China-Africa Cooperation, scheduled for September 4th-6th.
In 2023, lenders from China processed approximately 13 loans targeting various projects across the continent with the biggest beneficiary being players in the financial …