Africa's dependence on Chinese debt increases - ONE Data: Many governments face financial difficulties
China's role as a major financier for developing countries has changed over the past decade, with new loans to the poorest countries falling sharply while debt payments continue to rise, according to an analysis published by the organization ONE Data.
The first report found that many low- and middle-income countries—particularly in Africa—are now transferring more funds to China in debt payments than they are receiving in new financing from it. This shift has coincided with a surge in net financing from multilateral institutions, which have become the main source of development finance.
Multilateral lenders increased net financing by 124% over the past decade and now provide 56% of net flows, equivalent to $379 billion between 2020 and 2024.
Africa has experienced the biggest reversal in its financial relations with China. It went from receiving $30 billion to paying $22 billion, an increase of $52 billion.
In 2020-24, the most recent period for which data is available, Africa saw the greatest impact, with an inflow of $30 billion in 2015-19 turning into an outflow of $22 billion.
The executive director of ONE Data said the trend was a "net negative" for African countries, as many governments face difficulties in financing public services and investment - but at the same time it promotes internal accountability as governments rely less on external funding.
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