The COVID-19 pandemic has offered two key lessons for developing countries: They must build on their own endowments and tackle infrastructure bottlenecks in sustainable ways. What will it take to ensure that foreign investment – in particular, Chinese investment in Africa – supports these objectives?
BEIJING – The eighth triennial Forum of China-Africa Cooperation was recently held in Dakar, Senegal. At past forums, China has announced large development-financing packages. But this year, Chinese President Xi Jinping opened the FOCAC by pledging another billion doses of COVID-19 vaccines and more private-sector equity investment to Africa. This is just one sign of how profoundly the development landscape has changed in the pandemic’s wake.
BEIJING – The eighth triennial Forum of China-Africa Cooperation was recently held in Dakar, Senegal. At past forums, China has announced large development-financing packages. But this year, Chinese President Xi Jinping opened the FOCAC by pledging another billion doses of COVID-19 vaccines and more private-sector equity investment to Africa. This is just one sign of how profoundly the development landscape has changed in the pandemic’s wake.