Title page
Contents
Summary 4
01. Introduction 6
02. Case studies of Chinese lending to Africa 9
03. China's evolving approach to African debt relief and future lending 22
04. The current multilateral approach to addressing African debt distress 30
05. Recommendations 36
06. Conclusion 45
About the authors 47
Acknowledgments 47
Figure 1. Composition of total Chinese loan commitments to African countries by financier, 2010-20 7
Figure 2. Top 20 recipients of Chinese loans in Africa, 2000-20 10
Figure 3. Chinese annual loan commitments to African countries as a proportion of annual GDP, average for 2010-20 16
Figure 4. Composition of Chinese loans to African governments, 2000-20, by financier 23
Figure 5. Major Chinese financiers and financing mechanisms to Africa 25
Boxes
Box 1. Angola's oil-based economy underpins Chinese lending 11
Box 2. Poor decisions on public borrowing drive Kenyan debt distress 14
Box 3. Lack of transparency over Chinese loans to Zambia drives local resentment, debt default and delayed restructuring 17
Box 4. Cote d'Ivoire maintains debt sustainability through careful management of Chinese loans 19
Box 5. Djibouti leverages strategic position at significant cost 20
Box 6. The role of China's foreign exchange reserves in its approach to development finance 28