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With Smaller, Targeted Loans, China Deploys New Development Finance Strategy in Africa

The announcement board of a new 220kv electricity substation in the DR Congo capital of Kinshasa, an example of the smaller-scale projects now financed by the China Exim Bank.

The huge state-owned power construction company China Three Gorges Corporation (CTG) signed a small $31.22 million contract last week to upgrade a pair of substations outside of the Ghanaian capital Accra. For a company as large as CTG a deal like this is financially insignificant, but it highlights a dramatic shift in Chinese development finance in Africa and other developing regions.

As part of this contract, the Anyaa and Asutuare substations will be upgraded in just 24 months with financing coming from CTG itself, not a Chinese policy bank.

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