Name: Beijing Hands Out Rescue Loans on Belt and Road Debt
Uploaded: 2023-11-08T07:15:59.000Z
Description: The world's biggest creditor now handing out discounts on its sky-high lending.

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The world's biggest creditor now handing out discounts on its sky-high lending.

Beijing has loaned over $1.3 trillion to other nations through its Belt and Road Initiative.

Most of the 165 borrowers are from low to middle-income countries.

Many report that Beijing's overseas infrastructure projects have brought them more debt than economic growth.

After more than two decades of Beijing's Belt and Road over half of its borrowers are facing looming repayment due dates.

According to the finance institute AidData, the financial environment in China and high interest rates are only making those debt problems worse.

Beijing handled it by issuing rescue loans.

Data shows Chinese rescue funds given to poor creditor nations have climbed from just 5 percent to 58 percent within ten years.

It seems China is losing a massive amount of money and Beijing says China has gained more friends globally.

As certain nations tighten their friendships with China things seem to be getting political and one example ties into the seaports that the Belt and Road helped to build.

Beijing owns or operates nearly a hundred foreign ports often taking control of them when host countries prove unable to pay off their Chinese debt.

The network covers virtually every ocean and continent with some of them located in the globe's most strategic waterways.

Experts have raised concerns that China could use the infrastructure to spy on U.S. military activities, or station warships there.

In one case, a Chinese naval fleet entered a Nigerian port four months ago.

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