China development loans hit 13-year low

Commitments made to 100 developing nations by the Export-Import Bank of China and the China Development Bank have fallen every year since hitting a record in 2016 as the lenders scaled back financing even before the Covid pandemic struck in 2020. — China Daily

BEIJING: Loans committed by China’s two main trade policy banks fell to a 13-year low of US$3.7bil (RM15.9bil) in 2021 due to Beijing curtailing funding for large-scale oil projects, a study by Boston University’s Global Development Policy Centre shows.

Commitments made to 100 developing nations by the Export-Import Bank of China (China EximBank) and the China Development Bank (CDB) have fallen every year since hitting a record in 2016 as the lenders scaled back financing even before the Covid pandemic struck in 2020.