China's $4.61 Billion Lending to Africa Rises for First Time in Seven Years

Aug 29, 2024, 04:42 AM

China's lending to Africa has increased for the first time in seven years, according to an independent study released on Thursday. In 2023, Chinese lenders approved loans totaling $4.61 billion to African countries, marking the first annual increase since 2016. The loans were distributed across eight African countries and two regional financial institutions, with a total of 13 loans issued. This development suggests that Beijing is seeking a more sustainable equilibrium level of lending.