China’s apparent decision to bail on financing the $2.8 billion AKK pipeline in Nigeria is the latest evidence that Beijing’s strategy to engage the continent has changed, a lot. This pipeline is now the third major project in Nigeria this year that Chinese financiers have walked away from. And it’s happening elsewhere too. In Zimbabwe, China’s largest bank, ICBC, ditched the $3 billion Sengwa coal-fired power plant.
This is a trend that’s been underway for quite some time as Chinese infrastructure financing plunged last year from $11 billion to just $3.3 billion.
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