China funding aids Africa development

Financial assistance from China has played a crucial role in infrastructure development in Africa since the Forum on China-Africa Cooperation, or FOCAC, was established, paving the way for economic prosperity, observers said, adding that Sino-African cooperation will help address emerging challenges facing the continent such as climate change.

Lucas Engel, a data analyst for the Global China Initiative at the Boston University Global Development Policy Center in the United States, said while the volume of lending from China to Africa has decreased in the last few years, it has overall added to the vast amount of cumulative Chinese financing for development projects in Africa over the years.

Speaking at an online seminar ahead of the FOCAC summit scheduled in Beijing in September, Engel said that since the establishment of FOCAC, the Export-Import Bank of China and the China Development Bank have made great loan commitments to Africa, with the majority directed toward vital infrastructure projects in energy, transport, and information and communications technology sectors.