China has been financing African projects for several decades. In August 2018, the president of China, Xi Jinping, announced over $60 Billion in additional “aid” financing for the continent. This “aid” or “trade” financing is actually significant debt financing that’s woeful if not properly managed. Debt financing in ideal markets, should be used to service growth to increase and maximize revenue and not for “aid” purposes that should be funded from internally generated revenue. Presidents and the government of African countries must be meticulously careful in accepting international financing and even international aid. We must first maximize and capitalize on the natural and human potentials within our individual countries and within intra-Africa opportunities. The following are the top 5 African countries receiving the largest debt financing from China:
- Nigeria
- Angola
- Ethiopia
- Kenya
- South Africa
Democratic Republic of Congo and Zambia are also receiving significant debt financing from China. Most of the debt financing is geared towards projects related to Mining, Telecommunications, Infrastructure and Energy (Oil, Gas and Power). Possibly also financing corruption activities as minimal developments continue to emerge from the continent as a whole.
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