The Chinese government and state-run banks will offer loans of up to US$1 trillion to Africa until 2025 as the continent emerges as China's newest top destination for investment, according to an analyst with the state-owned Export-Import Bank of China.
At a recent conference in Hong Kong on investments in Africa, Zhao Changhui said his bank would provide between 70% and 80% of the US$1 trillion in loans to Africa.
"For many enterprises in China, Africa is poised to become China's top overseas destination for commercial activities and investments over the next two decades," Zhao stated.
"With US$3.5 trillion in foreign reserves, China should not only buy US debt but should inject its funds into other overseas investments," Zhao said.
The analyst said his bank is seeking cooperation with Africa's infrastructure projects, including transnational highways, railways and airports. He estimated work on a railway network linking various states in Africa would cost US$500 billion.
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