Chinese lenders approved loans worth $4.61 billion to Africa last year, marking the first annual increase since 2016, an independent study showed on Thursday.
Africa secured more than $10 billion in loans a year from China between 2012-2018, thanks to President Xi Jinping's Belt and Road Initiative (BRI), but the lending fell precipitously from the start of the COVID-19 pandemic in 2020.
Last year's figure, a more than three-fold increase from 2022, shows China is keen to curb risks associated with highly indebted economies, the study by Boston University's Global Development Policy Centre found.
The new data comes as Beijing prepares to host African leaders next week for the Forum on China-Africa Cooperation, which takes place every three years.
Last year's biggest items include a nearly $1 billion loan from China Development Bank to Nigeria for the Kaduna-to-Kano Railway and a similar size liquidity facility by the lender to Egypt's central bank.
China has vaulted to the top bilateral lender for many African nations like Ethiopia in recent years.
Nearly a tenth of 2023 loans were for three solar and hydropower energy projects, the study found, illustrating a desire by China to move into funding renewable energy instead of coal-fired power plants.
In a separate development, the Chinese government affirmed on Thursday that quarter of all the country’s energy consumption now comes from clean sources, as Beijing rapidly pivots its huge economy to a greener footing.
The country is the world's largest emitter of greenhouse gasses, though has in recent years emerged as a global leader in renewable energy.
A white paper published Thursday said the proportion of “clean energy” in total national consumption rose from 15.5% to 26.4% over the past decade, according to State news agency Xinhua.
