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

Aug 29, 2024, 07:10 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 worth $4.61 billion (R81.5 billion) to African countries, marking the first annual increase since 2016. The study highlights that Chinese creditors issued 13 loans to borrowers in eight African countries and two regional financial institutions. This development suggests that Beijing may be seeking a more sustainable equilibrium level of lending.