China cuts lending as Belt and Road shifts focus [Business Africa]
China’s Belt and Road Initiative (BRI) has significantly boosted African infrastructure development, providing funding for railways, hydropower projects, roads, airports, and communications. The initiative also increased Chinese investments in manufacturing, mining, and agriculture in Africa, making China the continent’s largest infrastructure financier. However, some experts believe that the BRI’s momentum may be waning due to China’s increased risk aversion and economic challenges post-pandemic. Meanwhile, Senegal aims to recover from recent political unrest, and Nigeria continues to struggle with inflationary pressures affecting its economy since 2016.