Africa secured more than $10 billion in loans a year from China between 2012-2018, thanks to President Xi Jinping's Belt and Road Initiative , but the lending fell precipitously from the start of the COVID-19 pandemic in 2020.

Last year's figure, a more than three-fold increase from 2022, shows China is keen to curb risks associated with highly indebted economies, the study by Boston University's Global Development Policy Centre found.

"Beijing appears to be looking for a more sustainable equilibrium level of lending and experimenting with a new strategy," said the university centre, which runs the Chinese Loans to Africa Database project.

The new data comes as Beijing prepares to host African leaders next week for the Forum on China-Africa Cooperation, which takes place every three years.

There were 13 loan deals last year involving eight African countries and two African multilateral lenders, the study found.

Last year's biggest items include a nearly $1 billion loan from China Development Bank to Nigeria for the Kaduna-to-Kano Railway and similar size liquidity facility by the lender to Egypt's central bank.

--Reuters--