At least $385 billion is owed by 165 countries to China for #BeltAndRoad projects, with 42 low-to-middle income countries owing more than ten percent of their GDP, including Laos, the Maldives, Brunei, Cambodia and Myanmar.
In this very big story, The Guardian reports China is owed $385bn, including ‘hidden debt’ from 42 poorer nations.
AidData researchers found 42 low-to-middle income countries with ‘belt and road’ exposure exceeding 10% of GDP.
China’s loans for “Belt and Road Initiative” (BRI) projects were systematically underreported to international bodies such as the World Bank.
Researchers have identified debts of at least $385bn (£286bn) owed by 165 countries to China for “Belt and Road Initiative” (BRI) projects, with loans systematically underreported to international bodies such as the World Bank.
The loans were kept off data sheets through the use of special-purpose and semi-private loans.
Research reveals 42 low-to-middle income countries (LMICs) had debt exposure to China exceeding 10% of their GDP, including Laos, Papua New Guinea, the Maldives, Brunei, Cambodia, and Myanmar.
There is a serious lack of transparency and more than 100 countries signed up to the BRI.
There are “suggestions that massive loans to high-risk countries were enabling “debt book diplomacy” in some – but not all – regions, forcing them to cede ownership or control of major assets to Beijing in lieu of repayment.”
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“Many poor governments could not take on any more loans,” AidData executive director Brad Parks told AFP. “So [China] got creative.”
The CCP is trying to take over the world.
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