China’s Export-Import Bank has more than two trillion yuan (about US$289 billion) in outstanding loans tied to the Belt and Road Initiative (BRI) as of end-January, according to state broadcaster CCTV.
The loans, extended to over 130 countries, mainly support trade, infrastructure, advanced manufacturing, green development and social projects.
Launched by President Xi Jinping in 2013, the BRI initially aimed to link East Asia and Europe through infrastructure, and later expanded to Africa, Oceania and Latin America.
While supporters say the initiative promotes development and economic growth, critics argue it increases China’s political influence and leaves some developing nations with heavy debt burdens. A recent report noted that several African countries are now repaying more debt to China than the new financing they receive.
Apart from the Export-Import Bank, BRI funding also comes from the China Development Bank, Silk Road Fund and major state-owned banks.
