China largest funder of infrastructure projects in sub-Saharan Africa ,more than double of US, Germany, Japan and France combined

[beijingwalker]

China largest funder of infrastructure projects in sub-Saharan Africa ,more than double of US, Germany, Japan and France combined​

9 Feb 2022 3:18 pm

A Chinese engineer and a local construction worker work on a section of the Mombasa-Nairobi standard gauge railway. (Reuters)
China's development banks provided US$23 billion in financing for infrastructure projects in sub-Saharan Africa from 2007 to 2020, more than double the amount lent by such banks in the United States, Germany, Japan and France combined, a new study showed.

The Center for Global Development think tank said a review of 535 public-private infrastructure deals funded in the region in those years showed that China's investments dwarfed those of other governments and multilateral development banks.

Nancy Lee, lead author of the paper and a senior policy fellow at the center, said overall public funding for projects in sub-Saharan Africa remained stuck at around US$9 billion, well short of what the region needs for roads, dams, and bridges.

"There is a lot of criticism of China," she said. "But if Western governments want to boost productive and sustainable investments to meaningful levels, they need to deploy their own development banks and press the multilateral development banks to make these investments a priority."

Between 2007 and 2020, China Exim Bank and China Development Bank provided US$23 billion in financing, while all other major development finance institutions combined provided US$9.1 billion, the report found.

It noted that the main U.S. development finance agency, now known as the U.S. International Development Finance Corp, lent just US$1.9 billion for infrastructure in the region during that period, less than a tenth of what China provided.

Multilateral development banks like the World Bank provided just US$1.4 billion per year on average for public-private infrastructure projects in sub-Saharan Africa from 2016-2020, the report found.

China's lending to Africa has come under heightened scrutiny in recent years for lack of transparency and its use of collateralized loans, with economists at the International Monetary Fund and World Bank warning that many low-income countries are facing or already in debt distress.

But Western countries have been slow to pump up investments despite "much rhetoric," Lee said.

The administration of U.S. President Joe Biden in July unveiled a new push to expand business ties between U.S. companies and Africa, with a focus on clean energy, health, agribusiness, and transportation infrastructure. But its ongoing review of trade policies has left the private sector skittish about committing funds.

A top U.S. trade official last week said Washington had been engaging in robust talks with Kenya as part of its drive to expand trade investment on the African continent and would have more to say in coming weeks.
(Reuters)

https://www.thestandard.com.hk/brea...infrastructure-projects-in-sub-Saharan-Africa

 

[beijingwalker]

China beats US, UK, others as largest investor in Africa, creates over 18,000 jobs​

Published February 22, 2022
By Ripples Nigeria

China has maintained its position as the largest investor in Africa over the last 10 years beating the United Kingdom, United States and other top European countries.

This is according to a new report by Swiss-African Business Circle released over the weekend.

The report also showed that during the 10-year period, the Asian country created 18,562 jobs on an average with a yearly increase.

The report noted that China had, on average in the last 10 years, 27% of its investments in Africa.

It’s followed by the US as the second-largest investor, and France, and Turkey, in third and fourth positions, respectively.

The United Kingdom is the fifth largest investor in Africa, and it is quickly losing ground, as Japan and UAE have both given Africa more weight in terms of share of Africa in their global investments over the last 10 years.

Swiss-African Business noted that UAE has substantially and gradually increased its number of newly created jobs in Africa on an annual basis.

On the Swiss-African relationship the report said Switzerland ranked as the 12th biggest investor in terms of the number of newly created jobs in Africa as Swiss companies have, on average, created 30,407 new jobs over the last 10 years with an average of 458 new projects announced annually over the same period.

China beats US, UK, others as largest investor in Africa, creates over 18,000 jobs

China has maintained its position as the largest investor in Africa over the last 10 years beating the United Kingdom, United States and other top European countries. This is according to a new report by Swiss-African Business Circle released over the weekend. The report also showed that during...

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