Chinese funding dominated Africa’s project market in 2021

Despite disruptions of the COVID-19 pandemic, Africa started construction on more than $160 billion worth of projects in 2021. The Export-Import Bank of China is funding projects worth more than $15 billion that started construction work in 2021.

Egypt is the largest construction market in Africa and accounted for almost a third of the projects started in 2021. Nigeria, Morocco and South Africa followed Egypt in the rankings based on the value of construction projects started in 2021. 

The Export-Import Bank of China will provide funding to eight projects in 2021. The Lagos Calabar Coastal Railway is one of the largest rail projects in Africa at $11 billion. The bank is also funding the $3.1 billion Abuja Itakpe Lokoja Railway.

The African Development Bank is the second-largest funder by value and largest funder by the number of projects started in 2021. The Redstone Solar CSP 100 MW in South Africa is one of the bank’s most significant solar projects, which broke ground in 2021. The Temane Regional Electricity Project follows it in Mozambique at $543 million.

The third-largest funder by value and second-largest by the number of projects in 2021 was the World Bank Group. The Temane Power Plant in Mozambique, estimated to cost $720 million, is one of the most significant projects the group is funding. 

For more information on project funding in Africa and the Middle East, please reach out to us here.

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