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COLOMBO, SRI LANKA - FEBRUARY 05: Workers are seen at the construction site at the Port City Colombo, the Chinese owned financial hub on the reclaimed land of the sea of Colombo on February 05, 2025 in Colombo, Sri Lanka. China's investments in Sri Lanka have spanned various sectors, with a particular focus on infrastructure development, trade, and strategic positioning. One of the main reasons for China's interest is Sri Lanka's geographic location; situated in the Indian Ocean, it serves as a key maritime hub for global shipping lanes. For China, access to Sri Lanka is crucial for its Belt and Road Initiative (BRI), as it helps secure trade routes to Europe, Africa, and the Middle East. (Photo by Buddhika Weerasinghe/Getty Images)
Chinese investments in Africa remained strong in 2024 as construction contracts rose 34 percent year-on-year (YoY) to $29.2 billion, according to the latest China BRI Investment Report 2024.
Africa came next to the Middle East, which reported a 102 percent YoY increase in Chinese construction contracts under the flagship Belt and Road Initiative (BRI) infrastructure programme.
Investments in the metals and mining sector remained strong in various African countries as various minerals and metals are particularly relevant to the green transition and batteries for electric vehicles (nickel and lithium).
Foreign Direct Investment in African economies saw strong growth, primarily due to a large project in Egypt worth over $40 billion, the report said.
(Writing by P Deol; Editing by Anoop Menon)
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