{"id":86620,"date":"2023-04-01T13:26:45","date_gmt":"2023-04-01T13:26:45","guid":{"rendered":"https:\/\/www.africannewspaper.net\/2023\/04\/01\/eu-us-growing-investment-in-africa-challenges-chinas-belt-and-road-offensive-the-north-africa-post\/"},"modified":"2023-04-01T13:26:47","modified_gmt":"2023-04-01T13:26:47","slug":"eu-us-growing-investment-in-africa-challenges-chinas-belt-and-road-offensive-the-north-africa-post","status":"publish","type":"post","link":"https:\/\/www.africannewspaper.net\/2023\/04\/01\/eu-us-growing-investment-in-africa-challenges-chinas-belt-and-road-offensive-the-north-africa-post\/","title":{"rendered":"EU, US growing investment in Africa challenges China\u2019s Belt and Road offensive \u2013 The North Africa Post"},"content":{"rendered":"
China\u2019s Belt and Street funding in sub-Saharan Africa fell to a brand new low in 2023, which demonstrates that elevated EU and US spending might cut back the area\u2019s must depend on Beijing for funding.<\/p>\n
China\u2019s funding within the area associated to Beijing\u2019s Belt and Street (BRI) initiative, the primary pillar of its international infrastructure growth technique, dropped 55% to $7.5 billion final 12 months, based on a current report from the Inexperienced Finance and Improvement Heart at Shanghai-based Fudan College.<\/p>\n
This comes because the European Union and the US have more and more sought the type of affect Beijing has spent a long time constructing. \u201cWhereas China has maintained a considerable presence on the continent for over 20 years, the rising curiosity of Western powers in Africa might affect China\u2019s BRI technique,\u201d mentioned Alicia Garcia-Herrero, chief economist for Asia-Pacific at Natixis, a French funding financial institution.<\/p>\n
Whereas China continues to be one of many main financiers of infrastructure tasks in sub-Saharan Africa, with a complete funding of $155 billion over the previous 20 years, the EU and US are rapidly catching up, together with by lately asserting intentions to boost investments on the continent.<\/p>\n
In 2022, Brussels introduced its new Africa coverage and Washington joined different G7 nations in a $600 billion Partnership for World Infrastructure and Funding (PGII). This growth, specialists say, underlines mounting considerations in Western capitals about Beijing\u2019s rising huge affect and contacts with a number of African nations, gained by the BRI, which is extensively seen as a automobile for Chinese language geopolitical growth.<\/p>\n
\u201cThe elevated curiosity in Africa (by the US and the EU) displays a shift within the international financial order,\u201d Garcia-Herrero mentioned. \u201cWith China\u2019s economic system weakening, (the US and the EU) are looking for to diversify their property and prolong their affect in rising nations.\u201d<\/p>\n<\/div>\n