China Sharply Cuts Energy Lending to Africa, Shifts Funding Toward Smaller Green Projects
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China has drastically reduced energy lending to Africa, with total loans dropping below $1 billion in 2021-2022 - the lowest in over 20 years.
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President Xi Jinping is pushing a "green" Belt and Road Initiative, shifting funding away from fossil fuels.
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China is now emphasizing smaller projects focused on the environment, education, transportation and other sectors.
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Nearly half of China's $59 billion in historical lending to Africa has gone to fossil fuel projects.
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The policy shift reflects China's domestic economic challenges and debt concerns among African nations.