Chinese lending to Africa nearly halves in a year as priorities shift to smaller projects
AI Summary
A recent report from Boston University indicates that Chinese lending to Africa decreased significantly in 2024, reaching $2.1 billion, nearly half of the $3.9 billion loaned in 2023. This decline continues a decade-long trend after peaking between 2012 and 2018 during the Belt and Road Initiative. The shift reflects a strategic change by Beijing, moving away from large, government-backed loans towards smaller, commercially viable projects, particularly in sectors like technology. China is also increasingly using its own currency, the yuan, in these transactions to mitigate risks associated with US dollar fluctuations.
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