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China & Africa Sign First Yuan Loan Deal, Media Reports

China & Africa Sign First Yuan Loan Deal, Media Reports

Sputnik Africa

China & Africa Sign First Yuan Loan Deal, Media ReportsThe China Development Bank (CDB) and the Development Bank of Southern Africa (DBSA) signed a loan... 10.07.2025, Sputnik Africa

2025-07-10T18:43+0200

2025-07-10T18:43+0200

2025-07-10T18:44+0200

sputnik africa

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China & Africa Sign First Yuan Loan Deal, Media ReportsThe China Development Bank (CDB) and the Development Bank of Southern Africa (DBSA) signed a loan agreement worth 2.1 billion yuan (about $290 million) on the sidelines of the 17th BRICS Summit, marking Africa's first financial subsidy in Chinese currency, according to the media. According to the CDB, the money will be used to support African projects in the areas of: 🟠infrastructure, 🟠energy, 🟠industry, 🟠information and communications, 🟠water and sanitation.The China-South Africa yuan financial project is reportedly expected to boost Southern Africa's economy, strengthen the yuan, and lessen dependence on the US dollar.Subscribe to @sputnik_africa Sputnik Africa | X

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