Top 10 African countries with the highest cumulative debt to China (2000–2023)

Business Insider

6 hours ago

Over the past two decades, China's financial engagement with Africa has grown remarkably, primarily through infrastructure-focused loans.
China's financial involvement in Africa has grown significantly, focusing on infrastructure-oriented loans.
The Chinese Loans to Africa Database tracks loan agreements from 2000 to 2023, showing trends in lending amounts and loan dynamics.
Angola leads as the top borrower, repaying loans through oil-backed mechanisms for reconstruction needs.
These loans have helped build roads, railways, power plants in several African countries, but they have also raised questions about debt sustainability, repayment risks, and the long-term autonomy of African economies.
The Chinese Loans to Africa Database, compiled by Boston University's Global Development Policy Center, provides a comprehensive record of loan agreements between China and African countries over a 13-year period, from 2000 to 2023.
It reveals not only the total loan amounts but also the number of individual loan agreements signed between African countries and Chinese lenders.
After several years of decline, Chinese lending to Africa increased in 2023 the first rise since 2016. This recent uptick shows a shift in Beijing's strategy toward projects with clearer financial viability, as China becomes more selective with its lending.
Below is a ranking of the ten African countries with the highest total debt to China, based on the cumulative loan amounts and the number of loans recorded from 2000 to 2023.
Rankings of top 10 African countries by debt to China
Rank Country Total Loan Amount (USD)
1 Angola $46.0 billion
2 Ethiopia $14.5 billion
3 Egypt $9.7 billion
4 Kenya $9.6 billion
5 Nigeria $9.6 billion
6 Zambia $9.5 billion
7 South Africa $6.9 billion
8 Sudan $6.3 billion
9 Ghana $6.1 billion
10 Cameroon $5.9 billion
Angola tops the list, borrowing $46 billion from China through 270 loans. Much of this debt stems from post-civil war reconstruction efforts, particularly in the oil and infrastructure sectors. Angola's model of repaying loans with crude oil became one of the earliest examples of resource-backed Chinese lending on the continent.
Ethiopia comes second, with $14.5 billion borrowed via 66 agreements, highlighting the country's deep reliance on Chinese funds for its railways, power projects, and telecommunications infrastructure.
Key developments like the Addis Ababa–Djibouti Railway have been financed almost entirely through Chinese lending.
Egypt, Kenya, and Nigeria follow closely, each holding debts between $9.5 and $9.7 billion. Egypt's loans have supported transportation, electricity, and real estate projects, while Kenya's financing was pivotal in constructing the Standard Gauge Railway (SGR).
Nigeria, similarly, has used Chinese funds for rail, road, and power initiatives.
Zambia's debt of $9.5 billion comes from a notably high 82 loans, the largest number in the top ten. This suggests frequent borrowing, likely for smaller-scale or diversified infrastructure efforts.
The remaining countries, South Africa, Sudan, Ghana, and Cameroon, each owe over $5.9 billion, reflecting years of engagement across transport, energy, and public service sectors.
The growing debt to China shows Africa's dependence on external capital for development. On one hand, Chinese loans have enabled tangible infrastructure improvements that traditional Western financiers often hesitate to fund.
On the other hand, the continent faces mounting concerns about debt distress, limited fiscal space, and vulnerability to external shocks.