Summary
The United States has overtaken China as the largest foreign investor in Africa. In 2023, the U.S. invested $7.8 billion across Africa, surpassing China's $4 billion investment. This shift is driven by competition for access to critical minerals and metals necessary for technology and other industries.
Key Facts
- The U.S. invested $7.8 billion in Africa in 2023, more than China's $4 billion investment.
- Africa has rich deposits of critical minerals like lithium, cobalt, and rare earths.
- China previously led global markets for these critical minerals, with extensive foreign investments, particularly in Africa.
- The U.S. International Development Finance Corporation (DFC) leads American investments and aims to counter China's influence.
- The DFC was created in 2019 during President Donald Trump's first term.
- Rwanda's Trinity Metals received a $3.9 million grant from the DFC and exports tungsten and tin to the U.S.
- Trinity Metals claims to operate with high safety and ethical standards in mining.
