China leads new financiers in Africa

China is ramping up financing for power and transport projects in Africa, with the majority in four countries endowed with natural resources, according to a report by the World Bank on Thursday. The report, which looks at the growing role of the Chinese government as a financier of infrastructure projects in Africa, estimates China's funding for roads, railways and power projects peaked at $7-billion in 2006 from just $1-billion a year between 2001-03.