$240 billion.. Support from China to 22 developing countries between 2008 and 2021

China spent an amount of $240 billion on financial bailouts for up to 22 developing countries between 2008 and 2021, explaining that a number of countries face obstacles in repaying loans spent on the infrastructure of the Belt and Road Initiative.

the study, which was prepared by researchers from the World Bank, Harvard “Kennedy School”, “Ed Data”, and the “Keele” Institute for the World Economy, revealed that about 80% of these loans were in the period between 2016 and 2021, Most of them are for middle-income countries, including Argentina, Mongolia and Pakistan.

The study indicated that China's loans to countries with debt problems rose from less than 5% of its foreign lending portfolio in 2010 to 60% in 2022.

The value of loans granted by China to Egypt

Reports indicated that Argentina obtained the largest proportion of loans granted by China to developing countries, amounting to 111.8 billion dollars, Then Pakistan, whose loans from China were estimated at $48.5 billion, Egypt $15.6 billion, and 9 countries got less than $1 billion.

China is negotiating debt restructuring with countries including Zambia, Ghana and Sri Lanka, and has faced criticism for disrupting these processes, in response, it has called on the World Bank and the International Monetary Fund to provide debt relief as well.

Relationship with China

The relationship with China is a way for Egypt to forge strong ties with the world's second largest economy. Cairo's main drivers are opportunities for economic and trade integration with Beijing. It is also important for Egypt to establish lasting relations with China.