China has handed out $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 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.
Beijing says the initiative aims to deepen friendly trade relations with other nations, particularly in the developing world. "Beijing has targeted a limited set of potential recipients, as almost all Chinese rescue loans have gone to low- and middle-income BRI countries with significant debts outstanding to Chinese banks," its authors wrote.
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