The first decade of the initiative saw China distribute huge loans to fund the construction of bridges, ports and highways in low and middle-income countries. "Beijing is navigating an unfamiliar and uncomfortable role -- as the world's largest official debt collector," the report said. "Total outstanding debt -- including principal but excluding interest -- from borrowers in the developing world to China is at least $1.1 trillion," AidData said. At a major summit in Beijing last month marking the project's tenth anniversary, Xi said China would inject more than $100 billion of new funds into the BRI. The initiative has also drawn scrutiny for its massive carbon footprint and the environmental degradation caused by massive infrastructure projects.

Source: The Guardian November 07, 2023 12:43 UTC