China provided 128 rescue loans in 22 countries from 2008 to 2021, according to researchers from the U.S.-based research lab AidData, the World Bank, Harvard Kennedy School, and the Kiel Institute for the World Economy
. Thewere provided after countries struggled to repay their debts from the Belt and Road Initiative, an infrastructure mega-project that Chinese leader Xi Jinping once called the “project of the century.”
China’s loans mainly targeted middle-income countries due to the risk they posed to Chinese banks, the study said. Eighty percent of the loans were made from 2016 to 2021 to countries like Argentina, Mongolia, and Pakistan. Argentina received the largest loans with $111.8 billion, followed by Pakistan with $48.5 billion, and Egypt with $15.6 billion.
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