China Invests More Than $13 Billion Developing African Power Sector
With more than 635 million people in Sub-Saharan Africa without access to electricity, China has made significant contributions to developing Africa's power sector.
According to a report released by the International Energy Agency (IEA) last Tuesday, during the past 5 years China has helped Sub-Saharan Africa with 30% of new capacity additions in the region. As the Deputy Executive Director of the IEA said, “African countries have relied heavily on China to support the expansion of their electricity systems, to enable growth and improve living standards."
In last December, Commercial Bank of China (ICBC) announced a five-year partnership with South Africa’s biggest operating financial institution, Standard Bank, to raise $697 million for developing South Africa's power generation infrastructure. Between 2010 and 2015, it is estimated that China had invested around $13 billion to develop African power capacity, which were mainly financed through public lending from China.
For more information, please refer to the publication,'Boosting the Power Sector in Sub-Saharan Africa: China’s Involvement'.