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China has revived its financial cooperation with Africa, lending $4.61 billion to the continent last year, the first increase in such loans since 2016. The increase is part of a more cautious approach by Chinese lenders aimed at balancing financial support with high debt risks in African countries.
A study by Boston University’s Global Development Policy Center details that China has become the main bilateral lender to many African countries, with recent lending increasing significantly from the previous year. The increase comes after a period of decline at the onset of the COVID-19 pandemic in 2020, when Chinese lending to Africa fell sharply.
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