africa Angola Banking development Diplomacy Economy FDI Finance

Angola received most of Chinese funding in 2017

Approximate reading time: 1 minute

Angola is among the countries on the African continent that has benefited from the largest share of funding from Chinese public banks, receiving nearly USD 9 billion since 2000, according to a study by Boston University.

According to the Global Development Policy Center, an analysis center operating at the university, the African continent received in 2017 the most funding from the two Chinese development banks that function as the financial arm of China’s diplomacy thus received USD 6.8 billion, about 25% of the total USD 25.6 billion.

Since the beginning of this century, Africa has received almost USD 35 billion in Chinese energy funding, which, despite being less than the USD 69 billion channeled to Europe and Central Asia, USD 62 billion to America and the 60 billion for Asia, shows well the Chinese interest in this continent.

The figures released by the US university study follow the commitment made in 2015 by Chinese President Xi Jinping to channel USD 60 billion annually into investments in Africa to underline the “common future.”

Source: Angop

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