China has lent African countries hundreds of billions of dollars as part of President Xi Jinping's Belt and Road Initiative (BRI) which envisaged Chinese institutions financing the bulk of the infrastructure in mainly developing nations. Yet the credit has dried up in recent years.
On top of the damage wrought to both China and its creditors by COVID-19, analysts and academics attribute the slowdown to factors such as a waning appetite in Beijing for large foreign investments, a commodity price crash that has complicated African debt servicing, plus some borrowers' reluctance to enter lending deals backed by their natural resources.