These Two China Banks Lent More To Global Energy Projects Than The World Bank
By Kenneth Rapoza
China’s two development banks spent more money on global energy projects than the emerging markets lending arm of the World Bank, known as the International Bank for Reconstruction and Development (IBRD).
According to a Boston University study released on Monday, China Development Bank (CDB) and China Export-Import Bank (CHEXIM) loaned $25.6 billion in global energy projects alone last year compared with the $22.6 billion IBRD provided in financing across project lines. IBRD is the world’s largest development bank.
Energy is China’s favorite pet project. Their two development banks have loaned out nearly $225.8 billion worldwide since 2000. Brazil was the second largest recipient with $5 billion in energy deals, trailing the $5.2 billion sent to Pakistan.
Hydropower and oil were the top two investments made by the Chinese banks.
Photo courtesy of Dana Smillie.