According to an independent study, Chinese lenders approved loans totaling $4.61 billion for African economies in 2023, marking the first annual increase since 2016.
Between 2012 and 2018, Africa benefited from over $10 billion in loans from China each year under President Xi Jinping’s Belt and Road Initiative. However, lending experienced a significant decline following the onset of the COVID-19 pandemic in 2020.
The study, conducted by the Global Development Policy Center at Boston University, reveals that last year’s lending volume increased more than threefold compared to 2022.
Notable loans issued last year included approximately $1 billion from the China Development Bank to Nigeria for a railway project, as well as a similar cash facility provided to the Central Bank of Egypt.
This new data emerges as Beijing prepares to host leaders from various African nations next week for the Forum on China-Africa Cooperation, an event held every three years.
