African countries that have Chinese-funded projects on their banknotes

The Chinese government between 1999 and 2000, set up a strategy aimed at growing the country’s economic might with a new wave of Chinese engagement in Africa known as the “Going Out Policy”. This encouraged Chinese companies to seek investments outside the country and most especially in Africa.

Shortly after that, the Chinese government at the maiden Forum On China-Africa Cooperation (FOCAC) held in 2000, inaugurated a “strategic partnership” with 44 African governments.

These forums have been held every three years since then with China now becoming the second world power and Africa’s biggest trading partner, with Sino-African trade topping $200 billion per year.

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At the recently held FOCAC 2024 in Beijing, the Chinese foreign ministry showcased some African banknotes which featured designs of projects funded by the Chinese government, a testament to the country’s success in infrastructural development in Africa.

These projects range from from rice paddies to hydroelectric stations, bridges, buildings and railway stations and the table below shows eight African Countries with such projects on their currencies:

Apart from supporting large scale infrastructure investments on the continent, over 10,000 Chinese firms are currently operating on African soil and according to the US Senate Foreign Affairs Committee, the value of Chinese business in Africa amounts to over $2 trillion, with $300 billion in current investments.

Chinese President Xi Jinping during the just concluded FOCAC meeting, promised to support Africa with $50.7 billion over three years, with more interest in backing infrastructure projects, and the creation of at least one million jobs.

Xi Jinping also proposed the elevation of all bilateral relations between China and African countries to the level of strategic relations.