Analysis

Chinese sovereign lending to Africa fell below $1 billion last year—the lowest level in nearly two decades, data showed on Tuesday, 19 September. The drop in lending is reflected in data from Boston University’s Global China Initiative. Africa has been a focus of President Xi Jinping’s ambitious Belt and Road Initiative (BRI), launched in 2013 to recreate the ancient Silk Road and extend China’s geopolitical and economic influence through a global infrastructure development push. Boston University’s Chinese Loans to Africa Database estimates that Chinese lenders provided $170 billion to Africa from 2000 to 2022. But lending has declined sharply since a 2016 peak. China's internal politics have led to a reassessment of the Belt and Road Initiative investments, with higher benchmarks set for loan approval. African countries have struggled to meet these new requirements. Many African governments have been unable to muster the discipline required to develop and pursue projects that are viable. Instead, political considerations and grandiose pretensions remain a prime driver of project developments. As the global geopolitical climate continues to churn under the weight of significant realignments, Africa is again failing to position itself to be a net positive gainer. Furthermore, many analysts fail to see the ...

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