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China 'buying out' Africa: Top 5 destinations of Chinese money

On a quest to secure raw materials and energy resources to support the exponential growth of its economy, China has become the fastest-growing investor in Africa. Here are the top five destinations of Chinese capital, in order of estimated Chinese investment.

5. Botswana

  • By Michail Vafeiadis Contributor

With rich natural resources such as diamonds, nickel, coal, copper, and gold, Botswana is one of the fastest developing economies in the world, averaging a 9 percent annual growth, the World Bank reports. Botswana's diamond reserves are the main driver, accounting for one-third of the country's GDP and 70 percent of its export earnings, and they are expected to be sufficient for at least another 20 years, according to the US Department of State. In addition, significant uranium reserves were discovered in 2006. 

China is offering Botswana interest-free loans, low-interest loans, as well as grants, and it has a stake in 28 projects such as roads and railway renovation, health facilities and low-cost housing construction, according to the website of the Chinese Embassy in Botswana. Along these lines, in 2009, Standard Bank and the Industrial and Commercial Bank of China (ICBC) financed the expansion of the Morupule coal power station by providing a $825 million loan over a 20 year period. The deal aims to improve the country’s energy self-reliance and to “secure power supply by expanding the existing generating capacity,” Reuters reports.

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Mark Sappenfield
Editor

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