Move over Belt and Road Initiative. China’s overseas development finance footprint continues to dwindle in the post-pandemic era, according to a new study from the Global Development Policy Centre at Boston University. The trend has concrete ramifications for Africa, where China is banking on smaller projects while shifting its attention away from oil and gas in favour of the telecom, transport and power sectors.
The study looked at the two main Chinese development finance institutions, the China Development Bank (CDB) and the Export-Import Bank of China (CHEXIM). Scouring data from the university’s database of China’s Overseas Development Finance, it identified 28 new Chinese loan commitments in 2020-2021 worth a total of $10.5bn, the lowest in recent years.
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