Analysis-Post-COVID, China is back in Africa and doubling down on minerals
JOHANNESBURG/NAIROBI - China's flagship economic cooperation program is bouncing back after a lull during the global pandemic, with Africa a primary focus, according to a Reuters analysis of lending, investment and trade data.
Those minerals and oil also dominated trade. As efforts falter to boost other imports from Africa, including agricultural products and manufactured goods, the continent's trade deficit with China has ballooned. "China's practical support for Africa's path of modernisation in accordance with its own characteristics has been welcomed by an increasing number of African countries."China's engagement in Africa, a focus of the Belt and Road Initiative , grew rapidly in the two decades before the COVID-19 pandemic. Chinese companies built ports, hydropower plants and railways across the continent, financed mainly through sovereign loans. Annual lending commitments peaked at $28.
Daily average use in March was already 57,000 vehicles, exceeding a 2049 target of around 55,000 set by CRBC in a 2019 presentation on the project's economic viability seen by Reuters. Data from the American Enterprise Institute, a Washington-based think tank, showed investments hitting nearly $11 billion in 2023, the highest level since it began tracking Chinese economic activity in Africa in 2005.mine, which China's MMG Ltd bought for $1.9 billion, and cobalt and lithium mines in countries including Namibia, Zambia and Zimbabwe.
A Chinese foreign ministry spokesman, Wang Wenbin, said discussions about the request were ongoing. Kenya's finance ministry did not respond to a request for comment.
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