It’s widely believed that Chinese lending to African countries is predominantly done by a few state policy banks, such as the China Exim Bank and the China Development Bank. While that was true in the past, today the situation is far more complicated.

New research found that a diverse array of Chinese creditors are now active in Africa, including commercial banks, state banks, and corporate actors, among many others. And contrary to the popular perception that Chinese lenders are monolithic, the reality is that each of these creditors has very different agendas.