Highway to debt trap: With Belt and Road, China snares smaller countries with massive hidden loans
India Today
As the Covid-19 pandemic has pushed several countries into crushing debts, China’s Belt and Road Initiative (BRI) has compounded the debt burden many times over with hidden loans worth $385bn, according to a new report.
The Covid pandemic has pushed lower- and middle-income countries into crushing debts, mostly from financial institutions. But China’s Belt and Road Initiative (BRI) has compounded the debt burden many times over with hidden loans worth $385bn, a new report says.
As a result, many countries have to repay more money than they might think. These loans are structured in a way that is hidden from the World Bank.
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