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China ramping up bailout loans to 'Belt and Road' countries

China Xi Jinping Beijing Developing Countries International Monetary Fund London United States

A hoarding displaying an image of Abdel-Fattah El-Sisi, Egypt's president, and Xi Jinping, China's president, on an under-construction building in the central business district (CBD) of Egypt's New Administrative Capital, east of Cairo in Egypt on July 27, 2022. (Photo: Bloomberg)

LONDON: China has handed out US$240 billion worth of bailout loans to 22 developing countries at risk of default over the past two decades, with the trend accelerating in recent years, a report said Tuesday.

Almost all the funds went to Belt and Road Initiative (BRI) countries such as Sri Lanka, Pakistan and Turkey -- mostly low- and middle-income nations that have received Chinese loans for infrastructure development, according to the study.

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