BEIJING, CHINA -China announced Tuesday its Belt and Road Initiative infrastructure project had generated two trillion dollars in contracts around the world, equivalent in size to some of the world's biggest economies.
A white paper from China's State Council also said countries participating in the initiative owe more than $300 billion to the Export-Import Bank of China , a figure one expert said was likely understated but which lays bare the huge debts incurred in the global infrastructure initiative.
Beijing said Tuesday the value of signed construction contracts with partners now totalled two trillion dollars -- roughly the size of the economy of Russia or Canada.It also said the balance of loans for BRI projects from Eximbank -- a key BRI creditor -- now totalled 2.2 trillion yuan . "We simply don't have information about these projects and how these figures have added up," she said.Eximbank has financed major transport and energy projects across the BRI and has been linked to foreign loan plans everywhere from Africa to Central Asia.
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