A study by Boston University has revealed that Nigeria’s Mambilla hydroelectric plant at Gembu in Taraba State and Zungeru hydropower plant on the Kaduna River in Niger State are among the beneficiaries of two Chinese development banks’ huge energy funding initiatives in the emerging markets.
The Mambilla hydroelectric plant was co-financed with the Nigerian government and it is the second hydroelectric dam the Chinese development banks invested in, with the most recent being the 2013 loan to the Zungeru hydropower plant on the Kaduna River.
China Development Bank (CDB) and China Export-Import Bank (CHEXIM) loaned $25.6 billion in global energy projects alone last year compared to the $22.6 billion, the emerging markets lending arm of the World Bank, known as the International Bank for Reconstruction and Development (IBRD) provided in financing across project lines.
According the study released this week, China’s two development banks reportedly spent more money on global energy projects than IBRD. Energy appears to be China’s favorite pet project. Their two development banks have loaned out nearly $225.8 billion worldwide since 2000. Hydropower and oil were the top two investments made by the Chinese banks.
- The Leadership