China’s Belt and Road funding and investment fell in the first half, with no new spending in Russia, Sri Lanka and Egypt, according to a study by the Green Finance & Development Center, Bloomberg reports.
Financing and investment totaled $28.4 billion in the first half, up from $29.4 billion in the same period a year earlier, according to the Fudan University-affiliated center. The first-half figures were 40% lower compared to the same period in 2019, it said.
About $11.8 billion went to investments and $16.5 billion to construction contracts financed in part by Chinese loans. Saudi Arabia was the main recipient of Chinese investment, while no coal projects received funds in the first half, according to the study.
China’s “Belt and Road” program has drawn criticism, and in recent years the US has accused China of using “debt diplomacy” to make developing nations more dependent on Beijing .
Source: Capital
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