News Snapshot:
China’s funding model for the Belt and Road Initiative in Africa is changing, as the worsened debt situation for many countries due to the coronavirus pandemic prompts Beijing to explore “innovative ways of financing”. China has traditionally made large financial commitments during the Forum on China-Africa Cooperation (FOCAC) meetings over the past two decades, with the money going into mega infrastructure projects, including ports, railways, highways and power dams. But, at this year’s forum in the Senegalese capital Dakar, it became evident that that financing model was set to change. At the 2018 FOCAC in Beijing, President Xi Jinping promised...
