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1、 www.bu.edu/gdpGlobal Development Policy CenterGCI POLICY BRIEF 017 01/2023“Small is Beautiful”A New Era in Chinas Overseas Development Finance?REBECCA RAY1EXECUTIVE SUMMARYIn 2020 and 2021,the Chinas Overseas Development Finance(CODF)Database,managed by the Boston University Global Development Poli
2、cy(GDP)Center,recorded$10.5 billion in new loan commitments from Chinas two main development finance institutions(DFIs),the China Development Bank(CDB)and the Export-Import Bank of China(CHEXIM).This amount represents a continuation of the decline that has characterized Chinese overseas development
3、finance since it peaked in 2016.The CODF Database is the first global,harmonized,validated and geolocated record of Chinese overseas development finance.It covers the years 2008-2021 and includes loan commitments from CDB and CHEXIM to governments,inter-governmental bodies,major-ity state-owned enti
4、ties and minority state-owned entities with sovereign guarantees.Launched in December 2020,the January 2023 update includes commitments for the years 2020 and 2021.1Acknowledgements:This work benefitted from valuable research assistance provided by Dora Betts,Alvin Camba,Siqi Chen,Hua-Ke(Kate)Chi,Vi
5、ctoria Chin Ching,Jessica DiCarlo,Laura Gormley,Xinyi Han,Eleanor Horvath,Anjali Kini,Yud-ong(Nathan)Liu,Hsuan Lo,Yaxiong Ma,Ivan Nikitovic,Henry Nossiter,Andrea Pareja Villegas,Mackenzie Paskerian and Yiyang Xu.The author also gratefully acknowledges Oyintarelado(Tarela)Moses for data support.Rebec
6、ca Ray is a Senior Aca-demic Researcher at the Boston University Global Development Policy Center.She holds a PhD in Economics from the University of Massachusetts-Amherst and an MA in International Devel-opment from the Elliott School of International Affairs at the George Washington University.Sin
7、ce 2013,she has focused her work on the nexus of interna-tional development finance,par-ticularly Chinas role in reshaping the global financial landscape and on sustainable development,primarily in Latin America.G LO BAL CH I NA I N ITIATIVE2 www.bu.edu/gdpKey findings:Total number of loan commitmen
8、ts:The CODF Database records a total of 1,099 Chinese overseas development finance commitments made to 100 countries,totaling$498 billion between 2008-2021.This level of lending(83 percent of World Bank sovereign lending during these years)places Chinas DFIs among the most active DFIs in the world.L
9、oans have been made on nearly every continent,with concentrations in Southeast Asia,Africa and South America.The new“small is beautiful”approach to lending:As Chinese overseas development finance has fallen in total value,so too has the average loan commitment size,both in mon-etary value and in the
10、 geographic footprint of financed projects.This trend supports the“small is beautiful”approach to Chinese economic engagement in recent years,which pri-oritizes smaller and more targeted projects.Chinas overseas development finance and its current account surplus:From 2009-2018,Chinas overseas devel
11、opment loan commitments were strongly correlated with Chinas current account surplus,which supplied foreign currency that could then be leveraged through sovereign finance.In recent years,however,Chinas development finance has fallen while its current account surplus has rebounded.Top ten borrowers:
12、Chinas development finance has been concentrated among its top ten borrowers Angola,Argentina,Bangladesh,Brazil,Ecuador,Iran,Kazakhstan,Paki-stan,Russia and Venezuela which account for$296.3 billion,or 59 percent,of total loan commitments.Top three sectors:The top three sectors for Chinas developmen
13、t finance are extraction and pipelines,transport and power,accounting for$331 billion,or 66 percent,of total loan commitments.Changes in sectoral focus:Since 2018,Chinas overseas development finance has shifted away from general lending for state-owned enterprises(SOEs)and public-private part-nershi
14、ps(PPPs)entities in the extraction and pipelines sector,which was the top sector from 2008-2012.Instead,the transportation sector has been the top sector for the last five years,accounting for 33 percent of committed finance since 2018.Borrowers and sectors in lending from China and the World Bank:M
15、ost of Chinas bor-rowers also borrow in significant quantities from the World Bank,although for different sectors than China.While Chinese loans are concentrated in infrastructure and extraction,World Bank loans have supported health,education and other core public administration sectors.Of Chinas 1
16、00 borrowers,72 borrow from the World Bank at greater or about the same levels as China.Thus,for most borrowing countries,China appears to be a supple-ment for traditional development finance sources,albeit in different sectors.The decline of lending to oil firms:General purpose lending to SOEs and
17、PPPs in the extraction and pipelines sector like Angola(Sonangol),Brazil(Petrobras),Ecuador(Petro-ecuador)Russia(Rosneft)and Venezuela(PDVSA)accounted for$60 billion between 2009-2017.If these five firms were a country,they would have been the top national recipi-ents of Chinese overseas development
18、 finance.However,CDB and CHEXIM have not made new general-purpose commitments to them since 2017.Project geolocation:Of the$498 billion in Chinese overseas development finance,$278 billion supported 828 projects with physical locations.Of this,736 projects(worth$267 billion,or 96 percent of the proj
19、ect-specific finance total)have been geolocated in the CODF Database within 25 kilometers,to support spatial analysis.Project overlap with environmentally sensitive territories:Of the 736 precisely geolo-cated projects,about two-thirds(64 percent)of the committed loan value is associated with projec
20、ts overlapping at least one type of socially and environmentally sensitive ter-ritory:Indigenous peoples lands,critical habitats and national protected areas.Critical www.bu.edu/gdp 3habitats,which receive less legal protection than Indigenous peoples lands or national pro-tected areas,saw the great
21、est overlap,at 47 percent of finance for projects with footprints.The decline in project overlap with environmentally sensitive territories:From 2018-2021,projects supported by Chinese development finance with geographic footprints have become much less likely to overlap with sensitive territories.I
22、n this period,66 percent of finance for specific projects with geographic footprints had no overlaps with critical habi-tats,Indigenous peoples lands or national protected areas.This shift is a positive trend for conservation and Indigenous peoples rights.Looking forward,CDB and CHEXIM may be unlike
23、ly to return to their earlier ambitious lending lev-els.While Chinas current account surplus has rebounded(providing capital that can be mobilized abroad),its policy priorities have been directed inward in response to the COVID-19 pandemic and its economic impacts.Borrowers including Argentina and P
24、akistan have begun to propose new ambi-tious finance projects but have limited space for new borrowing amid a burgeoning global debt crisis.If these incentives and capabilities come into alignment in the coming years and produce additional development lending,they will be included in future editions
25、 of the CODF Database.INTRODUCTION TO CHINAS OVERSEAS DEVELOPMENT FINANCEThe Chinas Overseas Development Finance(CODF)Database managed by the Boston University Global Development Policy Center is the first global,harmonized,validated and geolocated record of Chinese overseas development finance.It c
26、overs the years 2008-2021 and includes loan commit-ments from Chinas two main development finance institutions(DFIs),the China Development Bank(CDB)and Export-Import Bank of China(CHEXIM),to governments,inter-governmental bodies,majority state-owned entities and minority state-owned entities with so
27、vereign guarantees.From 2008-2021,the CODF Database tracked 1,099 loan commitments to 100 countries,totaling nearly half a trillion dollars,at$498 billion.CDB and CHEXIM lend to support policy goals as well as commercial aims.Thus,they are compa-rable to multilateral development banks(MDBs),national
28、 development banks(NDBs)and export credit agencies(ECAs)globally.Together,this group of DFIs has a crucial role to play in the global economy,including creating and supporting public goods like infrastructure and government insti-tutional capacity,nurturing new sectors like renewable energy until th
29、ey are attractive to private investors and integrating the international community.2 CDB and CHEXIM are comparable to other major DFIs not only in mission,but also in scope.Their loan commitments recorded in the CODF Database are considered international sovereign loans when the recipients are publi
30、c entities,majority-public entities or minority-public entities with sov-ereign guarantees.These two institutions have issued about 83 percent as much as the World Banks sovereign lending from 2008-2021$498 billion in the case of CDB and CHEXIM,compared to$601 billion in the case of the World Bank.A
31、s these DFIs answer to broader development goals and lend at much higher levels than any other national DFIs,transparency is crucial for stakeholders in China,host countries and the broader international community to engage with and understand Chi-nas overseas development finance.2CDB and CHEXIM are
32、 referred to as“policy banks”in previous Boston University Global Development Policy Center publications.However,the government of China classifies CDB as a commercial bank that is also a development finance institution rather than a policy bank.Both CDB and CHEXIM fit the definition of DFI used by
33、Finance in Common,the global network of public development banks:stand-alone entities that primarily issue financial instruments such as loans for proj-ect-specific purposes with a public policy mandate,under a government-led strategy(Xu Maradon and Ru 2021).For this reason,both CDB and CHEXIM are s
34、imply labelled as DFIs here.4 www.bu.edu/gdpThe CODF Database aims to complement related academic datasets in two important ways.First,it strives to include information that is as up to date as possible,including projects that may still be in planning stages but for which financing arrangements have
35、 already been committed.As its focus on identifying and geolocating Chinese development finance projects,the CODF Database does not show when funds were disbursed or repaid for particular projects,but rather focuses on tracking the pipeline and network of supported projects.Thus,the CODF Database re
36、fers to specific projects as“loan commitments”and entries overall as“development finance,”rather than as debts.Secondly,for projects taking place in specific geographic places such as construction and infra-structure projects the CODF Database includes precise information on the exact geographic foo
37、t-prints of included projects,to facilitate analysis of the environmental and social risks and impacts implicit in locating finance projects in specific places.As a part of the geolocation resources of the CODF Database,each project associated with a physical location is also analyzed by its overlap
38、 with territory that may be particularly sensitive for one of three reasons:national protected areas,potential critical habitats for global biodiversity conservation,and land of or managed by Indigenous communities.Of 828 projects with associated physical locations,the CODF Database has success-full
39、y located 736 projects,or 89 percent of projects with geographic footprints and worth 96 percent of the total loan value of all CODF projects with specific geographic footprints,within 25 kilometers of the exact project sites,known as precision levels one and two in the Database,enabling spatial ana
40、lysis.For example,Yang et al(2021)use a previous version(December 2020)of the CODF Database to compare the environmental and social risks of Chinese and World Bank development finance,finding that CDB and CHEXIM lending posed significantly higher risks to biodiversity and to Indigenous peoples lands
41、 than projects financed through the World Bank.The January 2023 version of the CODF Database introduces three major new methodological enhancements.A broader array of sources is considered,including those in non-Roman alphabets such as Cyrillic and Arabic,and highly official host-country sources are
42、 considered authoritative without additional corroboration from China.Data has been crosschecked with other public data-bases.Projects that do not qualify as public and publicly guaranteed(PPG)debt under the World Bank External Debt Reporting System have been removed.See the Appendix for details.The
43、 remainder of this policy brief is divided among four major sections.The second section reviews recent trends in Chinese overseas development lending,including a shift away from broad-based support for governments,state-owned entities(SOEs)and public-private partnerships(PPPs),par-ticularly in the e
44、xtraction and pipelines sector,replaced with a shift toward smaller lending com-mitments,in accordance with the“small is beautiful”framework of more targeted lending.The third section compares borrowers interaction with Chinese DFIs to their borrowing from the World Bank,the largest traditional sour
45、ce of development finance.Section Four explores the environmental and social risks intrinsic to the geographic proximity of Chinese development finance projects to three types of sensitive territory:potential or likely critical habitats,Indigenous peoples lands and national protected areas.Finally,S
46、ection Five considers potential future directions for Chinas over-seas development finance.The brief closes with an Appendix delineating CODF Database coverage and methodology.RECENT TRENDSInternational sovereign loan commitments from CDB and CHEXIM have been on a general down-ward trend for several
47、 years.In 2020 and 2021,the CODF Database recorded 28 loan commitments at a total value of$10.5 billion,the lowest level in recent years,as shown in Figure 1.www.bu.edu/gdp 5One factor behind the decline in Chinese overseas development finance is its own changing supply of foreign currency.As Dreher
48、 et al(2021)find,Chinese finance was directly correlated with Chinas current account surplus through 2017;incoming foreign currency can be leveraged more actively through direct sovereign finance than through accumulating foreign reserves.Figure 2 shows Chi-nese overseas development finance commitme
49、nts and current account surplus from 2008-2021.The two are clearly correlated from 2009 through the decline in lending in 2018,but the relationship does not hold for the most recent years.In 2021,Chinas current account surplus rebounded to levels not seen since 2015.While Chinas current account is j
50、ust one of many factors determining Chinas incentives for continued overseas development financing,the rebound indicates the potential for future expansion.Figure 1:Chinese Overseas Development Finance by YearSource:Author elaboration based on Chinas Overseas Development Finance(CODF)Database,Boston
51、 University Global Development Policy Center,2023.Figure 2:Chinas Overseas Development Finance and Current Account Surplus,2008-2021Source:Authors compilation from Chinas Overseas Development Finance(CODF)Database,Boston University Global Development Policy Center,2023;IMF 2022.6 www.bu.edu/gdpHowev
52、er,while China has shifted away from its most ambitious years of development finance,it has continued to lend in more measured and targeted ways,increasingly adopting a framework of“smart and small”or“small is beautiful,”prioritizing high-quality,targeted support over large-scale general support(see
53、,for example,Lawrence 2022;MOFCOM 2022;Nyabiage 2022).Table 1 shows the average commitment amount,length(for linear projects such as railways,pipe-lines and power transmission networks)and area(for area-based projects such as reservoirs and mines)for three time periods.The first period includes lend
54、ing before 2013,the year that China announced the Belt and Road Initiative(BRI).The second period includes the first five years of the BRI and shows a significant increase in the average size of loans,both in value and in the geographic scale of supported projects.In the most recent four years,howev
55、er,loans have returned to their previous average level of value and length and fallen even more for the size of area-based projects.It should be noted,however,that the average area value may rise from 16 square kilometers in coming years,as planned and recently built reservoirs are filled for projec
56、ts such as Laos Nam Tha 1 Hydro-power Plant.Table 1:Average Size of Loan Commitments,Financially and Geographically,by Time PeriodAverage commitment amount(USDm)Average length of linear projects(km)Average size of area-based projects(km2)2008-2012$378157472013-2017$534238902018-2021$37815716Overall$
57、45320165Source:Author elaboration based on Chinas Overseas Development Finance(CODF)Database,Boston University Global Development Policy Center,2023.Note:Average length and area are calculated only for projects with exact geolocation(precision code 1 in the CODF data-set).Linear projects include roa
58、ds,railways,pipelines,telecommunications and power lines and similar projects.Area-based projects include oil fields,mines,solar farms,reservoirs flooded for dams,complexes of multiple buildings and similar projects.Loan commitments in 2021 were limited to just two sectors:transportation and public
59、administra-tion(including general budgetary support).Transportation lending was limited to one project where planning began well before the COVID-19 pandemic but the loan was signed in the last year:Ban-gladeshs 24 kilometer Dhaka-Ashulia Elevated Expressway.Public administration and discretionary f
60、inance included loans for trade finance and general budgetary support for Angola,Pakistan,Sri Lanka,Trinidad and Tobago and Turkey.Rather than beginning new projects,this lending represents support for countries emergence from the COVID-19 pandemic and return to previous growth and infrastructure de
61、velopment trajectories.The continuation of transportation as the only specific sector with loan commitments in 2021 rep-resents a larger trend over the last several years.As overall lending has fallen dramatically,transpor-tation support has fallen by less than other sectors.Figure 3 shows sectoral
62、distribution of Chinas loan commitments across the same time periods shown in Table 1.Before the BRI announcement year of 2013,Chinese development finance showed a heavy preference for extraction and pipelines,which accounted for 34 percent of all Chinese loans from 2008-2012.In the second period,in
63、fra-structure sectors such as transportation and power rose as newly important sectors,and as a result,loans were more evenly split thematically.In the last four years of more limited lending,while loans for all sectors fell,transportation loans fell by less and accounted for 33 percent of all loans
64、 in this period.As a core theme of BRI lending,it is unsurprising that the transportation sector has main-tained its prominence,even as overall lending has fallen to a fraction of its former level.www.bu.edu/gdp 7Figure 3:Chinese Overseas Development Finance Commitments by Sector and Time PeriodSour
65、ce:Author elaboration based on Chinas Overseas Development Finance(CODF)Database,Boston University Global Development Policy Center,2023.Note:Multi-sector/other includes the sectors of agriculture,telecommunications,manufacturing and other construction projects such as multifaceted infrastructure su
66、pport.Geographically,Chinas overseas development lending has been concentrated among a few borrow-ers.Figure 4 shows total CDB and CHEXM commitments to each country globally,in billions of US dollars.The top ten recipient countries Russia,Venezuela,Angola,Brazil,Iran,Pakistan,Ecuador,Kazakhstan,Arge
67、ntina,and Bangladesh account for$296.3 billion in commitments,or 59 percent of the total.Figure 4:Geographic Distribution of Chinese Overseas Development Finance Commitments,Total,2008-2021Source:Author elaboration based on Chinas Overseas Development Finance(CODF)Database,Boston University Global D
68、evelopment Policy Center,2023.One reason for this heavy concentration among a few countries is Chinas early support for state-owned enterprises(SOEs)and public-private partnerships(PPPs)in the oil and gas sector.From 2009-2017,China lent heavily for general support,with no specific targeted project,
69、to oil and gas SOEs and PPP entities in Angola(Sonangol),Brazil(Petrobras),Ecuador(Petroecuador)Russia VEN$56.0BRUS$57.8BAGO$32.9BBRA$29.5BIRN$28.6BECU$18.8BKAZ$17.8BPAK$22.5BBGD$15.5BARG$16.9B8 www.bu.edu/gdp(Rosneft)and Venezuela(PDVSA).Chinas DFIs general-purpose(not earmarked for specific oil-fi
70、elds,pipelines or plants)finance for these five firms alone accounted for$60 billion between 2009-2017,as Figure 5 shows.If these five firms were a country,they would have been the top national recipients of Chinese overseas development finance for the entire 2008-2021 period.Nevertheless,CDB and CH
71、EXIM appear to have ended support for this type of loan,as the last general commit-ment to one of these firms recorded in the CODF Database was in 2017.Figure 5:Chinese General-purpose Development Lending to Hydrocarbons SOEs and PPP EntitiesSource:Author elaboration based on Chinas Overseas Develop
72、ment Finance(CODF)Database,Boston University Global Development Policy Center,2023.Note:Data does not include lending for specific projects(like specific oil fields,plants or pipelines)but only general support and oil purchase contracts.Firms include subsidiaries.Table 2 shows the top five borrowers
73、 for each of the three time periods shown in Figure 3,above.While the first two time periods show finance concentrated in the countries with hydrocarbons SOEs and PPP entities featured in Figure 5,the last time period shows a more diverse array of coun-tries that have borrowed for infrastructure pro
74、jects,including Bangladesh,Egypt and Sri Lanka.This change in focus helps explain the sectoral shift shown in Figure 3,as transportation infrastructure has continued to receive Chinese loans while other sectors lost prominence.This shift away from general-purpose support for oil and gas SOEs and PPP
75、s is another example of Chinas move toward“small is beautiful”overseas lending.Table 2:Top Five Loan Commitment Recipients by Time Period-20172018-2021Venezuela$35.4BIran$28.6BBangladesh$4.8BRussian Federation$27.2BRussian Federation$27.8BSri Lanka$4.6BArgentina$10.6BAngola$27.7BEgypt$4
76、.4BKazakhstan$10.2BBrazil$21.7BUzbekistan$3.0BEcuador$7.9BVenezuela$20.6BRussian Federation$2.8BSource:Author elaboration based on Chinas Overseas Development Finance(CODF)Database,Boston University Global Development Policy Center,2023.www.bu.edu/gdp 9CHINESE OVERSEAS DEVELOPMENT FINANCE IN CONTEXT
77、:COMPARISON WITH THE WORLD BANKIn their role as DFIs,CDB and CHEXIM lend for development policy goals beyond commercial aims.As such,it is important to understand borrowers relations with CDB and CHEXIM in comparison to more traditional sources of development finance like the World Bank.From 2008-20
78、21,Chinese DFIs committed$498 billion in development finance,or approximately 83 percent of the$601 billion lent by the World Bank in the same years through their sovereign lend-ing windows,the International Bank for Reconstruction and Development(IBRD)and International Development Association(IDA).
79、Figure 6 shows the distribution of lending across time.China increased lending in tandem with the World Bank during and after the 2008-2009 global financial crisis.As the World Bank returned to its previous lending levels,China increased its finance,particularly after the BRI was announced in 2013.A
80、fter 2016,however,Chinese finance fell dramat-ically,while World Bank lending has risen to historically high levels to help countries face the chal-lenges of the COVID-19 pandemic.Figure 6:Development Lending Commitments by Chinas DFIs and the World BankSource:Author elaboration from Chinas Overseas
81、 Development Finance(CODF)Database,Boston University Global Development Policy Center,2023;World Bank 2022.As Figure 6 shows,developing countries borrowed significantly from both the World Bank and China during and after the global financial crisis of 2008-2009 as well as the early years of the BRI,
82、effec-tively treating these two sources of development finance as complements for each other.Figure 7 reinforces this complementarity,showing countries relative borrowing from the World Bank and from Chinas DFIs.Among countries that borrowed from China between 2008-2021,the majority(72 percent)also
83、borrowed significantly from the World Bank,either borrowing mostly from the World Bank or about equally from both.Six of Chinas 100 borrowers have avoided borrowing from the World Bank altogether between 2008-2021,and 22 additional countries have borrowed from both sources but relied on China for ov
84、er twice as much finance as the World Bank.Among countries with heavy borrowing from both China and the World Bank,four are in Chinas top ten borrowers shown in Figure 4,above.These include Argentina,Brazil,Pakistan and Bangladesh.Argentina and Brazil borrowed slightly more from CDB and CHEXIM while
85、 Pakistan and Bangladesh borrowed slightly more from the World Bank,but all four of these major borrowers chose to pursue 10 www.bu.edu/gdpboth avenues of finance at about the same rate.Thus,even among some of Chinas major borrowers,China has effectively been a supplement for other,more traditional
86、sources of development finance rather than an alternative to those sources.Figure 7:Country Borrowing from World Bank and Chinese DFIs,2008-2021Source:Author compilation from the Chinas Overseas Development Finance(CODF)Database,Boston University Global Development Policy Center,2023;World Bank 2022
87、.Note:The four labeled countries are those that also appear among Chinas top borrowers in Figure 4,above.Even though most of Chinas borrowers have also continued to borrow from the World Bank,they have done so for different types of projects.Figure 8 shows the distribution of Chinese and World Bank
88、development finance by sector.Most of the World Banks lending(63 percent)went to the“public administration/discretionary”sector,which includes health,education,water and waste-water,poverty alleviation,security and other general government support.In contrast,the top sec-tors for Chinese lending hav
89、e been extraction and pipelines,transport and power,which together account for 66 percent of their lending.Figure 8:Sectoral Composition of Chinese and World Bank Development Lending,2008-2021Source:Author compilation from Chinas Overseas Development Finance(CODF)Database,Boston University Global De
90、velopment Policy Center,2023;World Bank 2022.BRA55%CODFBGD58%WBWB,noCODF 67%WB 67%CODFCODF,no WB473339226MiddlePAK51%WBARG54%CODFCountry distributionwww.bu.edu/gdp 11The high prevalence of projects with specific geographic footprints(including infrastructure and extraction projects)among Chinese dev
91、elopment finance raises the importance of understanding and managing environmental and social risks of these projects.The following section uses the CODF Databases high-precision geolocation to broadly consider trends in these risks.TERRITORY-BASED ENVIRONMENTAL AND SOCIAL SENSITIVITIESOf the 1,099
92、loans tracked in the CODF Database,828 loans(worth$278 billion)supported projects with specific geographic footprints,such as infrastructure,construction and extraction projects.Of these loans,736 projects(worth$267 billion,or 96 percent of the location-specific project finance)have been geolocated
93、within 25 kilometers in the CODF Database,to support spatial analysis.Figure 9 shows the locations of these 736 projects across 85 countries.This section explores trends in the environmental and social risks of these projects,based on their proximity to three types of globally defined sensitive terr
94、itory:Indigenous peoples lands,national protected areas and potential or likely critical habitats for biodiversity.Figure 9:Geographic Distribution of Chinese Overseas Development Finance Projects with Specific Locations,2008-2021Source:Author elaboration based on Chinas Overseas Development Finance
95、(CODF)Database,Boston University Global Development Policy Center,2023;Esri,Maxar,Earthstar Geographics and the GIS Community.These territorial categories do not encompass all types of social and environmental risks that devel-opment lenders may face,but their global definitions allow observers to t
96、rack trends in these broad areas of social and environmental governance across regions and over time.(For more on these location-based sensitivities and their application in Chinese overseas development finance,see Yang et al 2021.)Figure 10 shows the resulting overlaps of Chinese overseas developme
97、nt finance projects and the three types of sensitive territories.From 2008-2021,about two-thirds(64 percent)of Chinese over-seas development finance with high-precision geolocation supported projects that overlapped with at least one type of sensitive territory.Assessing the loan value of projects o
98、verlapping different sen-sitive territories:47 percent overlapped with possible or likely critical habitat,30 percent overlapped with national protected areas and 28 percent with Indigenous peoples lands.12 www.bu.edu/gdpFigure 10:Distribution of Chinese Overseas Development Finance among Social and
99、 Environmentally Sensitive Territories,2008-2021:Critical Habitats(CH),Indigenous Peoples Lands(IPL)and National Protected Areas(PA)Source:Author elaboration based on Chinas Overseas Development Finance(CODF)Database,Boston University Global Development Policy Center,2023;Brauneder et al 2018;Garnet
100、t et al 2018;UNEP-WCMC and IUCN 2020.Note:Critical habitat includes both potential and likely critical habitat.Indigenous peoples lands include lands with and without government recognition.The significant difference in the representation of critical habitats and other types of sensitive terri-tory
101、in Figure 10 is not simply due to different scales of each type of territory.Globally,critical hab-itat comprises 15.2 percent of land;national protected areas cover 15.8 percent of land and inland waters;and Indigenous peoples lands represent over 25 percent of the worlds land surface(Braun-eder et
102、 al 2018;Garnett et al 2018;UNEP-WCMC and IUCN 2020).However,legal protections differ significantly across territory types.National protected areas are recognized,delineated and managed for conservation,although spe-cific regulations vary regarding the types of permitted activities pursue within the
103、ir boundaries.In contrast,critical habitats do not receive any specific legal protections,though they have been rec-ognized by conservation biologists for their value for biodiversity.Indigenous peoples lands are in a middle ground of legal protection,with varying legal protections across different
104、countries.Many countries have joined international agreements recognizing specific rights for Indigenous peoples in the management of land and other natural resources,including the Indigenous and Tribal Peoples Convention of the International Labor Organization(ILO 169)and the United Nations Declara
105、tion on the Rights of Indigenous Peoples.To date,24 nations have ratified ILO 169,which recognizes the rights of Indigenous peoples to consultation regarding the development of their traditional lands and resources,as well as the extent and pace of their integration into surrounding economies(ILO 19
106、89).The UN Declaration on the Rights of Indigenous Peoples,ratified with the approval of 144 nations,states that Indigenous peoples“shall not be forcibly removed from their lands or territories.No relocation shall take place without free,prior and informed consent”(UN 2007).Thus,the greater concentr
107、ation of the CODF Database projects in critical habitats than in national protected areas or Indigenous peoples lands may signal a difference in host country legal protections for these types of territories.www.bu.edu/gdp 13The differences in levels of host country legal protections are particularly
108、 important for consider-ation due to Chinas“country systems”approach to social and environmental governance of over-seas investment and loans.This framework recognizes and defers to the authority of host country national governments for setting and enforcing relevant standards,rather than applying a
109、 universal set of regulations for all outbound investment and loans.China is hardly unique among development lenders in this approach:country systems are often used by multilateral and national DFIs based in developing countries,including the New Development Bank,the Development Bank of Latin Amer-i
110、ca(CAF)and the Islamic Development Bank,as well as Brazils Banco Nacional de Desenvolvi-mento Econmico e Social(BNDES)and the Southern Africa Development Bank(managed by South Africa)among others(for more,see Esteves,Zoccal Gomes and Torres 2016;Gallagher and Yuan 2017;Guo,Gallagher and Zhang 2022;R
111、ay and Kamal 2019;and Zhuo,Shi and Gallagher 2020).Nonetheless,regional and case study analyses suggest that the“country systems”approach,if not properly managed,may create incentives for host country governments to circumvent or relax their own regulations to increase or expedite investment(de Souz
112、a Borges and da Cunha Cruz 2018;Ray et al 2022;Ray,Gallagher and Sanborn 2018).A comparative analysis of Chinese and World Bank development lending,based on the first version of the CODF Database released in December 2020,found that Chinese financed projects posed significantly higher risks to all t
113、hree types of sensitive territories studied here(Yang et al 2021).China has made significant strides in the past few years in developing internal environmental risk management processes.In July 2021,the Ministry of Commerce(MOFCOM)and the Ministry of Ecology and Environment(MEE)issued joint“Green De
114、velopment Guidelines for Overseas Invest-ment and Cooperation”highlighting the importance of a“whole lifecycle”project management approach,which considers environmental risks in project design and selection as well as imple-mentation(BRI Green Development Coalition 2021).Two months later,Chinese lea
115、der Xi Jinping committed in his speech at the 76th United Nations General Assembly speech to end support for coal-fired power projects overseas and to increase support for renewable and low-carbon energy in developing countries(Xi 2021).In 2022,the China Banking and Insurance Regulatory Commission i
116、ssued new“Green Finance Guidelines for the Banking and Insurance Industry,”which specifies that lenders should develop grievance mechanisms to ensure project compliance with environmental regulations(CBIRC 2022,Article 28).Nonetheless,it is ultimately the regulatory framework of host country governm
117、ents that determines whether planners are permitted to develop and seek financing for projects.Thus,while China con-tinues to develop its own governance for outbound loans and investment,it is crucial that host countries also continue to develop and strengthen their own regulatory frameworks in line
118、 with their individual sustainable development strategies(for more on Chinas ongoing reforms,see Ray 2021).As Figure 11 shows,the location-based environmental and social risks of Chinese overseas devel-opment finance projects have changed over time.In the first period,about one-third of Chinas devel
119、opment finance supported projects that overlapped with each type of sensitive territory,with significant number of projects with multiple sensitivities.In the second and third periods,the over-lap of financed projects in the CODF Database with potential critical habitat overlap grew dramat-ically an
120、d encompassed over half of all projects financed by loan commitments in the second time period.Finally,in the third time period of 2018-2021,the overlaps reduced,and 66 percent of Chi-nese finance associated with projects with geographical footprints did not overlap with any of these types of sensit
121、ive territory.This shift is a positive trend for conservation and Indigenous peoples rights.Just 9 percent of project-specific finance for projects with geographical footprints since 2018 overlaps with Indigenous peoples lands,while 5 percent overlaps with all three types of sensitive territories.14
122、 www.bu.edu/gdpFigure 11:CODF Overlap with Potential Critical Habitats(CH),Indigenous Peoples Lands(IPL)and National Protected Areas(PA),by Time Period,Weighted by Loan ValueA.2008-2012B.2013-2017C.2018-2021Source:Author elaboration based on Chinas Overseas Development Finance(CODF)Database,Boston U
123、niversity Global Development Policy Center,2023;Brauneder et al 2018;Garnett et al 2018;UNEP-WCMC and IUCN 2020.However,this trend does not signify the absence of all environmental and social concerns,as these three types of sensitive territory do not encompass all possible social and environmental
124、risks.For example,Guineas Souapiti Hydropower Plant(which entailed the displacement of thousands of res-idents)and South Africas Kusile Coal Plant(a coal power plant with supercritical boilers for reduced emissions but an ambitious scale of 4800 megawatts)are examples of recent projects whose design
125、 requires significant government and civil society attention to limit social and environmental www.bu.edu/gdp 15impacts beyond what can be measured in this global analysis(for more on these two projects,see,for example,Diabat,Gu and Qui 2008;Nkambule and Blignaut 2017).PROSPECTS FOR 2022 AND BEYONDI
126、t may be unlikely for Chinese overseas development finance to return to the highest levels seen in 2016 in the near future.While the COVID-19 pandemic continues to hamper economic activity,China has prioritized sup-port for its domestic economic growth(see,for example,Shijia 2022;Yao and Zhang 2022)
127、.Further-more,as Figure 5 shows,Chinas interest in general support for hydrocarbons SOEs and PPP entities has waned dramatically in recent years.Finally,Malik et al(2021)consider Chinas finance more broadly,concluding that China in recent years has been directing more of its financing commitments to
128、 its own investors operating overseas and relying less on state-to-state finance.Nonetheless,Chi-nas capacity for outbound development finance is recovering.As Figure 2 shows,in 2021,Chinas current account surplus rebounded to levels not seen since 2015.Thus,Chinas capacity for overseas development
129、finance may be rebounding more quickly than its interest in directing capital outward.Developing countries interest for development finance appears to be beginning to rebound.Fre-quent borrowers from China,including Argentina and Pakistan,have approached China for financing this year.When Argentina
130、joined the BRI in early 2022,it announced an agreement in principle with China for$23.7 billion in new finance and investment.These projects have yet to be finalized but are likely to include additional lending for an expansion of the Cauchari solar farm(Bellato 2022;Laufer 2022;Ministerio de Relaci
131、ones Exteriores 2022).In June,Pakistan signed a$2.3 billion loan with a consortium of Chinese banks including CDB to bolster foreign exchange and in November it continued negotiations toward a$10 billion loan for renovating the 1,733 kilometers Main Line 1(ML-1)railway(Ministry of Foreign Relations
132、2022;Rana 2022;Salman 2022).Nonetheless,borrowers capacity to take on additional debt is still at reduced levels,as the economic impacts of the COVID-19 pandemic have triggered a global debt crisis.While renegotiations for debt service payments are ongoing,it is unlikely that new issuances of debt w
133、ill rebound to previous levels.Table 3:Mismatched Capacity and Incentives for Development Finance among China and BorrowersFeasibilityInterestChinaRebounding:Current account has returned to previous high levelsReduced:Competing domestic stimulus prioritiesBorrowersReduced:High debt burdens limit spa
134、ce for additional borrowingRebounding:Borrowers proposing new projectsSource:Author elaboration based on Chinas Overseas Development Finance(CODF)Database,Boston University Global Development Policy Center,2023.Table 3 summarizes the mismatched levels of feasibility and incentives for new Chinese de
135、velop-ment finance.If these factors come into alignment in the coming years,CDB and CHEXIM lending may return to higher levels.As new deals with Argentina,Pakistan and others come to fruition,the Boston University Global Development Policy Center will track them for inclusion in future updates to th
136、e CODF Database.16 www.bu.edu/gdpIf and when more active lending patterns return,it will be crucial for China and host countries alike to incorporate environmental and social risk management into their project planning.As CDB and CHEXIMs recent lending patterns indicate,project finance need not enta
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168、-Development.pdf 20 www.bu.edu/gdpAPPENDIX:Methodology and EnhancementsThe CODF Database includes loan commitments tied to specific projects such as highways and power lines,as well as commitments for general financial support.These are mapped at varying levels of precision,depending on the availabi
169、lity of public information and the scale of each project.The resulting precision levels are shown in Table A1.Table A1:CODF Version 2.0 Geolocation PrecisionCredit ProjectsLoan CommitmentNumber of projectsPercent of totalBillions of USDPercent of totalNo footprint27124.7%220.244.2%Geolocated82875.3%
170、278.055.8%Total1,099100.0%498.2100.0%Precision of project footprints,with associated precision codes 1:Exact location 63476.6%239.986.3%2:Within 25km10212.3%27.39.8%3:2nd order AD384.5%4.61.7%4:1st order AD161.9%0.80.3%5:Multiple 1st order ADs182.2%2.50.9%6:Nation202.4%3.01.1%Total828100.0%278.0100.
171、0%Source:Author compilation from Chinas Overseas Development Finance(CODF)Database,Boston University Global Development Policy Center,2023.Note:Precision codes reflect values for the Precision variable in the CODF dataset shape-files.AD:Administrative division.Second-order administrative divisions i
172、nclude municipalities and counties.First-order administrative divisions include states,provinces and departments.Project attributes,locations and codes used in compiling the dataset are available for download through the Data Download Form on the CODF Database interactive webpage,managed by the Bost
173、on University Global Development Policy Center.These resources aim to empower research-ers to conduct economic,environmental and social analyses of this network of projects.For exam-ple,Yang et al(2021)compare the location-based social and ecological risks of Chinese overseas development finance to
174、World Bank projects,based on their proximity to the boundaries of national protected areas,potential critical habitats and Indigenous peoples lands.The CODF Database also supports holistic environmental analysis of interconnected networks of projects,based on their col-lective footprints.To respect
175、the sensitivity intrinsic to the locations of strategic national infrastruc-ture networks,researchers are asked to complete a data use agreement committing to avoid disturb-ing the projects themselves or the surrounding communities and ecosystems.The interactive CODF Database webpage displays all 1,
176、099 credit commitments and the mapped central points for each of the 736 projects located with high levels of precision(within 25 kilome-ters).As Figure A1 shows,each project is displayed by color,reflecting its overlap of national pro-tected areas,potential critical habitats and/or Indigenous peopl
177、es lands.www.bu.edu/gdp 21Figure A1:The Chinas Overseas Development Finance Database,Online Interactive MapSource:Chinas Overseas Development Finance(CODF)Database,Boston University Global Development Policy Center,2023.The CODF Database draws from and aims to contribute to a wide and growing body o
178、f database projects tracking Chinese overseas finance.Each of these projects has developed an area of focus and a specialized methodology to support that focus.The CODF Databases specific focus on two Chinese DFIs the China Development Bank and the Export-Import Bank of China allows each project to
179、be thoroughly vetted and a geolocation established with the greatest precision possible.The first edition of the CODF Database launched in December 2020 introduced three innovations to this literature:In-house web-scraping algorithm to collect press,government and other reports on Chi-nese lending w
180、ithout the geographic or language limitations of widely available web search engines.Double verification to ensure each financing project included in the dataset was signed,by matching high-quality Chinese sources with similar host-country or international sources.Visual validation to establish the
181、exact physical footprint of each relevant project,to the extent possible at the time of publication.More information on these steps can be found in Ray et al,2021 and the Boston University Global Development Policy Center Database Methodology Guidebook(“Global Development Policy Center Database Meth
182、odology Guidebook”,2021).The January 2023 version of the CODF Database has introduced two additional innovations to better capture Horn,Reinhart and Trebesh(2019)s conclusion that Chinese overseas finance projects may go without mention in high-quality Chinese sources.First,in cases where the in-hou
183、se algorithm yields official international sources,such as audited financial statements,bond prospectuses or gov-ernmental budget documents,these projects can now be incorporated into the working dataset without double verification.Secondly,to capture as many of these high-quality sources as possibl
184、e,the in-house algorithm has expanded to include non-Roman alphabets such as Cyrillic and Arabic.These innovations are illustrated in Step 2 of Figure A2.22 www.bu.edu/gdpIn addition,the research team cross-checked results with newly available public datasets,including AidDatas Global Chinese Develo
185、pment Finance Dataset,Version 2.0.As a result of this broader search algorithm and admission of high-quality sources without double-verification,the CODF Database has greatly expanded.A total of 334 additional projects from before 2020 have been added.These projects are listed in the Table A2.Figure
186、 A2:Chinas Overseas Development Finance Database,Methodology Flow ChartSource:Adapted from Ray et al 2021.Additional methodological enhancements have better aligned the CODF Database with the World Banks External Debt Reporting System(World Bank 2020).The CODF Database now excludes loan commitments
187、to borrowers with 50 percent or less state ownership unless the research team has been able to find evidence of a sovereign guarantee.Loans in this category do not carry direct or contingent liability for the host country government.This improvement eliminates commitments that do not qualify as PPG
188、debt under the World Bank definition.It allows the reported commitments to be compared more effectively with lending by the World Bank and other multilateral and national development finance institutions.For example,the World Bank issues finance to private borrow-ers through the separate lending win
189、dow of the International Finance Corporation and reports this lending separately.Other multilateral development banks such as the Inter-American Development Bank do so as well,through windows such as IDB Invest.While non-sovereign lending has a crucial role in the development of the private sector a
190、nd the support of emerging market investment,it cannot be said to be driven by policy objectives for the creation of public goods to the same extent as development lending.It should be noted that according to the World Bank External Debt Reporting System,PPG debt also includes borrowing by wholly pr
191、ivate entities with sovereign guarantees.The CODF Database does not include these commitments,because it is not possible to do so with globally comparable cover-age with a high degree of confidence.In this regard,the CODF Database has a narrower scope than the World Banks borrower definition for PPG
192、 debt.www.bu.edu/gdp 23As a result of the removal of loan commitments that fall outside of PPG debt,113 projects that appeared in the first version of the CODF Database in December 2020 have been removed from the second version of the database released in January 2023.See the tables below for remove
193、d project details.Table A2:Newly Added Entries,Before 2020CountryYearProject NameLender(s)Amount($m)Angola2014Caxito Integrated Infrastructure,Phase 1CDB55Angola2014Viana Integrated Infrastructure,Viana,Phase 1CDB37Angola2015Water Supply Network,Huambo City,Construction,Lot 1&2,Phase 2CDB139Angola20
194、15Housing,Cunene(450 Units)and Uge(500 Units)CDB52Angola2015Water Supply System,Porto Amboim,Kwanza Sul,Improvement CDB51Angola2016Quilonga Grande,Construction,Package S5CDB386Angola2016Electrification,Benguela City(22,800 Household Connections)CDB71Angola2016EN100,Benguela,Rehabilitation,Lot 6(39km
195、)CDB38Angola2016Caculo Cabaca Hydropower Project(2170MW);Transmission LinesCHEXIM*3,700Antigua&Barbuda2008Wadadli OIl Plant(30MW)CHEXIM44Argentina2012Agro-Industrial Purchases,SME Support,Energy InvestmentsCDB80Bangladesh2014Shahjibazar Power Plant(330MW)CHEXIM*239Bangladesh2018Padma Bridge,Construc
196、tionCHEXIM2,668Belarus2008Cement Plants(On-lending to Belarusian Cement JSC)CHEXIM386Belarus2008Krasnoselskstroymaterialy Cement Plant(On-lending to Krasnoselsk JSC)CHEXIM142Belarus2010Lukoml Power Plant(285MW)CHEXIM313Belarus2010Electric Train Locomotive(12 Units)CHEXIM85Belarus2013Power Distributi
197、on System,Belarusian NPPCDB323Belarus2013Electric Train Locomotive Purchase(18 Units)CHEXIM994Belarus2014SC Svetlogorsk Cellulose and Cardboard Factory Equipment(On-lending)CHEXIM30Belarus2015SME FinancingCDB50Belarus2015BelGee Passenger Car PlantCHEXIM247Belarus2015China-Belarus Great Stone Industr
198、ial Park(PEBC)CHEXIM170Belarus2015Orsha Linen Mill,Modernization,Phase 2CHEXIM52Belarus2019General Purpose LoanCDB500Benin2017Drinking Water Supply,Collines ProvinceCHEXIM93Brazil2016Debt Financing(Credit Line)CHEXIM900Brazil2019Petrobras Development(Line of Credit)CHEXIM750Bulgaria2017Bulgarian Dev
199、elopment BankCDB87Bulgaria2017SME FinancingCHEXIM56Bulgaria2018Bulk Carrier Ship Purchase(6 Units)CHEXIM9424 www.bu.edu/gdpCountryYearProject NameLender(s)Amount($m)Burundi2017Digital Broadcasting UpgradeCHEXIM33Cambodia2009Phnom Penh Loop Transmission Line(230kV)CHEXIM76Cambodia2009NR78,Constructio
200、n and RehabilitationCHEXIM75Cambodia2009Kanghot Irrigation Development Project,Phase 1CHEXIM50Cambodia2010Stung Atay Pursat Dam,Phase 1CHEXIM63Cambodia2010NR 41,Thnal Toteung-Chum KiriCHEXIM45Cambodia2010Prek Stung Keo Water Resources Development ProjectCHEXIM43Cambodia20104th China-Cambodia Friends
201、hip(Takhmao)BridgeCHEXIM32Cambodia2010Kampong Trabek River Flood Control ProjectCHEXIM31Cambodia2010Port Container Terminal,Phnom PenhCHEXIM27Cambodia2011Stung Sreng Water Basin Development Project,Phase 1CHEXIM52Cambodia2011Rural Power Grid Extension,Phase 1CHEXIM51Cambodia2012Multipurpose DamCHEXI
202、M99Cambodia2012Kanghot Irrigation Development Project,Phase 2CHEXIM33Cambodia2013Transmission Line and Substation,Phnom Penh-Bavet(115kV)CHEXIM77Cambodia2013Stung Chikreng Water Resources Development Project,Phase 1CHEXIM46Cambodia2013Achang Irrigation Development ProjectCHEXIM46Cambodia2014Stung Sr
203、eng Water Basin Development Project,Phase 2CHEXIM43Cambodia2014NR1577,Rehabilitation(52km)CHEXIM36Cambodia2016Vaico Irrigation Project,Phase 2CHEXIM90Cambodia2016Phnom Penh Second Ring Road,West SectionCHEXIM58Cambodia2017NR 11,Nak Leoung-Thnal Torteung(96km)CHEXIM99Cambodia2017NR71C,8th China-Cambo
204、dia Friendship Bridge,Phase 1CHEXIM58Cambodia2017Stung Atay Pursat Dam,Phase 2CHEXIM46Cameroon2012National Telecom Broadband Network,Phase ICHEXIM168Cameroon2015Djoum Solar Plant(0.5 MW)CHEXIM90Chad2019National Information and Communication Technologies(NTIC),ModernizationCHEXIM189Comoros2018Network
205、 Modernization ProjectCHEXIM82Congo,Dem.Rep.2009Triomphal and Sendwe Boulevards,Kinshasa,Refurbishment(3.7km)CHEXIM29Congo,Dem.Rep.2015Tembe Na Tembe Administrative Building,KinshasaCHEXIM34Congo,Dem.Rep.2018Kalemie Road,Rehabilitation and Modernization,Phase 2CHEXIM27Congo,Dem.Rep.2019NDjili Airpor
206、t Terminal,KinshasaCHEXIM301Congo,Rep.2014National Telecom,Phase 3(RMB loan)CHEXIM74Congo,Rep.2014Social Housing,Mt.MambouCHEXIM70Congo,Rep.2014Social Housing,Mpila Brazzaville(264 Units)CHEXIM55Congo,Rep.2014Housing,MpilaCHEXIM47www.bu.edu/gdp 25CountryYearProject NameLender(s)Amount($m)Costa Rica2
207、008Infrastructure,Social DevelopmentCDB40Cote dIvoire2015National Power Grid Upgrade,Tranche 2CHEXIM580Cote dIvoire2019Gribo Popoli Hydropower Project(112MW)CHEXIM290Cote dIvoire2019Drinking Water SupplyCHEXIM284Cuba2017La Herradura Wind Farm,Phases 1 and 2CDB160Cuba2017Floating Dock,Port of HavanaC
208、HEXIM29Djibouti2016Addis-Djibouti Railway Electrification,Nagad-HollHoll-AliSabieh(90km)CHEXIM20Dominica2009Building Construction;Road RehabilitationCHEXIM40Ecuador2011DiscretionaryCDB457Ecuador2011Minas San Francisco Hydropower Plant(270MW)CDB312Ecuador2011ECU-911 Security ProjectCDB240Ecuador2011D
209、elsitanisagua Hydropower Plant(180MW)CDB185Ecuador2011Quijos Hydroelectric DamCDB96Ecuador2011Mazar-Dudas Hydroelectric DamCDB42Ecuador2016Santa Elena Aqueduct Hydraulic Plan,Stage 1CDB103Ecuador2017PROCDB Multisectoral Investment ProgramCDB200Egypt2017Transmission Line(500kV)(1210km)(CDB Loan)CDB23
210、1Egypt2019Cairo-10th of Ramadan-New Administrative Capital Light Rail(68km)(Loan 1)CHEXIM739Egypt2019Cairo-10th of Ramadan-New Administrative Capital Light Rail(68km)(Loan 2)CHEXIM461Egypt2019New Cairo City Central Business DistrictCHEXIM*2,550Equatorial Guinea2010Power Grid,Bata City,Phase 1CHEXIM3
211、00Equatorial Guinea2012National Institute of SportsCHEXIM330Equatorial Guinea2013Djibloho Hydropower Plant(480MW)CHEXIM201Equatorial Guinea2016Power Grid,Bata City,Phase 2CHEXIM290Equatorial Guinea2017Oyala(Djibloho)New Capital:Ministerial Buildings(10 Units)CHEXIM208Equatorial Guinea2017Oyala(Djibl
212、oho)New Capital:Social Housing(500 Units)CHEXIM175Equatorial Guinea2019High Voltage Electricity Network,Extension and Maintenance CDB83Ethiopia2017Woldiya II,Combolcha III Power Supply Stations(400kV)CHEXIM90Gabon2013Port Gentil-Omboue Road and Booue Bridge(93km)(Commercial Loan)CHEXIM493Ghana2019In
213、telligent Traffic Management System;Road Completion,AccraCDB211Ghana2019Coastal Fishing Landing Sites,Construction(11 Sites)CDB186Ghana2019Int.Nat.Security Comm.Enhancement Network(ALPHA)Project,Phase 2CHEXIM199Guinea2011Kaleta Hydropower Plant(240MW)CHEXIM335Guyana2011E-Government ProjectCHEXIM34Gu
214、yana2018Guyana National Broadband ProjectCHEXIM3826 www.bu.edu/gdpCountryYearProject NameLender(s)Amount($m)Indonesia2008Indramayu Coal Plant(990MW)CDB85Indonesia2008Aircraft Purchase,MerpatiCHEXIM223Indonesia2009Labuan Angin Coal Plant(230MW)(Additional Loan)CHEXIM32Indonesia2011Railway Equipment P
215、rogram,Phase 1CHEXIM69Indonesia2012Medan Kualanamu(Medan Kualanamu Tebing Tinggi)Toll Road(18km)CHEXIM122Indonesia2012Cileunyi-Sumedang-Dawuan(CISUMDAWU)Toll Road,Phase 2CHEXIM93Indonesia2012Tayan Bridge,ConstructionCHEXIM67Indonesia2013Jatigede Hydropower Plant(110MW)CHEXIM117Indonesia2015Bank Raky
216、at LoanCDB1,000Indonesia2015Bank Mandiri LoanCDB1,000Indonesia2015PT Bank Negara LoanCDB1,000Indonesia2016Cilacap Sumber Coal Plant(600MW)CDB98Indonesia2016Railway Equipment Program,Phase 2CHEXIM175Iran2017Tehran-Mashhad High-Speed Railway,Electrification Upgrading(926km)CHEXIM1,500Iran2017Abadan Re
217、finery Upgrade,Phase 2CHEXIM613Iran 2017Infrastructure SupportCHEXIM10,000Jamaica2009Development Bank of Jamaica(On-Lending)CDB20Jamaica2017Southern Coastal Highway Improvement ProjectCHEXIM326Kazakhstan2008Moynak Hydropower Plant(300MW)CDB200Kazakhstan2008Development Bank of Kazakhstan(Credit Line)
218、CDB100Kazakhstan2009Development Bank of Kazakhstan(Credit Line)CDB100Kazakhstan2009KazMunayGas Atyrau Refinery Aromatic Hydrocarbons Complex(On-lending)CHEXIM884Kazakhstan2010Kazakhstan Development Bank(Loan)CHEXIM400Kazakhstan2010Pavlodar Aluminium Smelter CHEXIM400Kazakhstan2010Kazakhstan Developm
219、ent Bank(Loan)CHEXIM156Kazakhstan2011Kazakhstan Development Bank(Loan)CHEXIM500Kazakhstan2012Kazakhstan Development Bank(Loan)CHEXIM217Kazakhstan2012KazMunayGas Atyrau Refinery Advanced Oil Refining Center(On-lending)CHEXIM200Kazakhstan2012Kazakhstan Development Bank(Loan)CHEXIM199Kazakhstan2014Deve
220、lopment Bank of Kazakhstan(Credit Line)CDB500Kazakhstan2015Development Bank of Kazakhstan(Credit Line)CDB650Kazakhstan2015Chemical Park Taraz Special Economic Zone,Caustic Soda FacilityCDB100Kazakhstan2015Beineu-Bozoi-Shymkent Gas Pipeline(Additional Finance)CDB*350Kazakhstan2016Aktogay Mine Sulphid
221、e Ore Processing Plant,Phase 3 CDB300Kazakhstan2017Shymkent Oil Refinery,Reconstruction and Modernization,Phase 2 CDB607www.bu.edu/gdp 27CountryYearProject NameLender(s)Amount($m)Kazakhstan2017National Industrial Petrochemical Technopark Special Economic ZoneCDB409Kazakhstan2017Almaty-Oskemen highwa
222、y,Taldykorgan-Ust-Kamenogorsk(763km)CHEXIM796Kazakhstan2017Kalbatau-Maykapshagai Highway,Reconstruction(415km)CHEXIM435Kazakhstan2017Merke-Burylbaital Highway,Reconstruction(262km)CHEXIM253Kazakhstan2018Kazakhstan Border Port Technology and Equipment,ModernizationCHEXIM300Kazakhstan2019Kazakhstan De
223、velopment Bank(Loan)CDB800Kenya2016National Optic Fiber Backbone Infrastructure(NOFBI),Expansion,Phase 2CHEXIM99Kenya2017Computed Tomography Scanner Purchase for 37 HospitalsCDB67Kenya2017Technical And Vocational Training Laboratories Project(TVET),Phase 2CHEXIM135Kenya2017Nairobi Inland Container D
224、epot and Access Roads,ConstructionCHEXIM115Kenya2017Transmission Line,Garsen-Hola-GarrissaCHEXIM90Kenya2017Transmission Line(220 KV);Substations(220kV,132kV;132kV,66kV)CHEXIM90Kenya2018Nairobi Western Bypass Road,Construction(16.8km)CHEXIM170Kenya2019Konza Data Center and Smart City FacilitiesCHEXIM
225、168Kenya2019Kenya Power Transmission Expansion Project CHEXIM97Kyrgyz Republic2011Southern Power Grid,Reconstruction CHEXIM208Lao P.D.R.2008Nam Lik 1-2 Dam(100MW)CDB119Lao P.D.R.2008Luang Prabang International Airport,ReconstructionCHEXIM63Lao P.D.R.2009Transmission Line,Hin Heup-Luangprabang 2(230k
226、V)(210km)CHEXIM120Lao P.D.R.2009230kV Hin HeupNaxaythong Transmission Line;SubstationCHEXIM65Lao P.D.R.2010Northern Province Rural Electrification ProjectCHEXIM39Lao P.D.R.2011National Road 1,Phongsaly-Lantouy International CheckpointCHEXIM87Lao P.D.R.2011Vientiane Capital,Saravan Province Electrici
227、ty Transmission,Distribution CHEXIM35Lao P.D.R.2012Lao Satellite;Ground StationCHEXIM269Lao P.D.R.2012National Road 13(NR13),Oudomxay-Pakmong,RehabilitationCHEXIM83Lao P.D.R.2012Xesalalong Irrigation Project(51km);ReservoirCHEXIM56Lao P.D.R.2013Water Supply System,DongmarkkhaiCHEXIM88Lao P.D.R.2013N
228、am Theun 2(NT2)Irrigation Dam,Tailrace Outlet 3CHEXIM29Lao P.D.R.2014Nam Ngum 3 Hydropower Plant(540MW)CHEXIM1,290Lao P.D.R.2015Transmission Line and Substations,Thavieng-Thabok(230kV)CHEXIM96Lao P.D.R.2015Electronic Identification Card ProjectCHEXIM32Lao P.D.R.2016Electricity Transmission Line,Vien
229、tiane(115/22kV)CHEXIM76Lao P.D.R.2017Ring Network,Vientiane(500/230 kV)CDB266Lao P.D.R.2017Banha-Sekong Power Transmission Project(500kv)(237km)CHEXIM321Lao P.D.R.2017Nam Chiane Hydropower Plant(104MW)CHEXIM217Lao P.D.R.2017Houay La Nge Hydropower Plant(60MW)CHEXIM9028 www.bu.edu/gdpCountryYearProje
230、ct NameLender(s)Amount($m)Lesotho2008Econet Telecom Lesotho National Network Project,Phase 1CHEXIM30Lesotho2011Econet Telecom Lesotho National Network Project,Phase 2CHEXIM30Madagascar2019RN5A,Ambilobe-Vohemar,Rehabilitation(150km)CHEXIM157Malaysia2009Second Penang BridgeCHEXIM330Malaysia2017Trans-S
231、abah Gas PipelineCHEXIM2,100Mauritania2013Mali Gouina Hydropower Project(140MW)(Mauritania finance)CHEXIM139Mauritania2019Integrated Marine Industrial Park;Capital Fishing PortCHEXIM87Mauritius2018Safe City ProjectCHEXIM75Mongolia2010Zamyn-Uud Infrastructure Improvement ProjectCHEXIM50Mongolia2011Ul
232、aanbaatar Housing and Infrastructure ProjectCHEXIM100Mongolia2013Amgalan Coal Plant(348MW)CDB76Mongolia2013Yarmag New Bridge,Construction;Old Bridge,RenovationCHEXIM30Mongolia2014New Century Education ProjectCHEXIM46Mongolia2015Transmission Line,Ulaanbaatar-Mandalgobi(330kV)CHEXIM113Mongolia2015Ulaa
233、nbaatar Traffic Police Intersection OverpassCHEXIM42Mongolia2015AH-3 Road,Gachuurt-Nalaikh-Choir,Renovation(21km)CHEXIM36Mongolia2015Surveillance Cameras,Ulaanbaatar City;Rural Areas Streets&Roads ProjectCHEXIM28Mongolia20167th Khoroolol Housing Construction ProjectCHEXIM188Mongolia2016Bayankhongor-
234、Baidrag Bridge Road(129km)CHEXIM60Mongolia2018Erdenet Coal Plant(50MW)CHEXIM52Montenegro2013Cargo Ship Purchase(2 Units)CHEXIM46Myanmar2009Yadana-Yangon Natural Gas PipelineCDB258Myanmar2010Myingyan No.1 Steel MillCDB1,381Myanmar2010Sino-Myanmar Pipeline(Additional Loan)(On-lending to MOGE)CDB604Mya
235、nmar2010Naypyidaw International Airport ReconstructionCHEXIM200Myanmar2011Baluchaung 3 Hydropower Plant(52MW)CHEXIM48Myanmar2011Dredgers and Supporting Vessels PurchaseCHEXIM40Myanmar2013Transmission Lines,Upper Yeywa-Shwesaryan and Shwesaryan Substation CHEXIM102Myanmar2013Microfinance for Small Fa
236、rms,Tranche 1CHEXIM100Myanmar2013Locomotive PlantCHEXIM92Myanmar2014Microfinance for Small Farms,Tranche 2CHEXIM300Namibia2012DR3602,Omafo-Outapi,Upgrade(98km)CHEXIM85Namibia2012MR67,Omakange-Ruacana(86km)CHEXIM33Nigeria2019Lekki Deep Water PortCDB629Nigeria2019Airport Expansion(4 Terminals),Increme
237、ntal Project CHEXIM209www.bu.edu/gdp 29CountryYearProject NameLender(s)Amount($m)Nigeria2019Airport Expansion(4 Terminals),Ancillary Project CHEXIM184North Macedonia2013Miladinovci-tip Highway(52km)CHEXIM278Oman2017Fiscal Deficit FinancingCDB*3,200Pakistan2009Urban Infrastructure Development(UDP),Az
238、ad Jammu and Kashmir CHEXIM300Pakistan2010Darawat DamCHEXIM70Pakistan2011Guddu Gas Plant(511MW)CHEXIM*513Pakistan2016Port Qasim Datang 1(700MW)CDB750Pakistan2016Machinery PurchaseCDB700Pakistan2016Thar Block 2 Engro Coal Plant(660MW)CDB*207Pakistan2017Bolster Foreign Exchange ReservesCDB1,000Pakista
239、n2018Bolster Foreign Exchange ReservesCDB1,000Pakistan2019Budgetary SupportCDB700Papua New Guinea2011Distant Education Network of Community Colleges,Phase 2CHEXIM35Papua New Guinea2013National Broadband Project(on-lending to Telikom PNG Ltd)CHEXIM173Papua New Guinea2014City Roads Project,Port Moresb
240、y CHEXIM111Papua New Guinea2016Kokopo Town Sewerage ProjectCHEXIM35Papua New Guinea2017National Power Grid Development Project,Transmission Lines(132kV)CHEXIM133Philippines2009Angat Water Utilisation and Aqueduct Improvement Project,Phase 2CHEXIM117Philippines2018Safe Philippines Project,Camera Purc
241、hase(12,000 Units)CHEXIM395Philippines2018Ilocos Norte Irrigation ProjectCHEXIM73Regional2019Afreximbank:Reduce Cost of Funds,China Guaranteed Loan 2 Tranche IICHEXIM75Russian Federation2009Slantsy Cement Plant(On-lending to LSR Group OJSC)CDB310Russian Federation2009Drilling Equipment PurchaseCHEXI
242、M300Russian Federation2009LCC Asia Cement Plant(On-lending)CHEXIM134Russian Federation2010Timber Processing Facility(On-lending to Arkaim Joint Venture)CDB362Russian Federation2012LLC RUSAL Taishet Aluminum Plant(On-lending)CDB1,430Russian Federation2013Rosneft OilCDB2,000Russian Federation2013Mosco
243、w Multifunctional ComplexCDB800Russian Federation2013Ekibastuz GRES-2 JSC Coal Plant in Kazakhstan(3rd unit,630MW)CDB400Russian Federation2014Far East Coal Fields,Equipment Purchase(Loan to Sberbank)CHEXIM500Russian Federation2014Far East Coal Fields,Equipment Purchase(Loan to VEB)CHEXIM300Russian F
244、ederation2015Trade FinanceCDB1,909Russian Federation2015CJSC Chek-Su Electrolytic Manganese Production Plant(On-lending)CHEXIM620Russian Federation2016Yamal LNGCDB,CHEXIM11,796Russian Federation2019Amur Gas Processing PlantCDB*2,772Senegal2018Smart Senegal Broadband ProjectCHEXIM15030 www.bu.edu/gdp
245、CountryYearProject NameLender(s)Amount($m)Serbia2010Container/Vehicle Inspection SystemCHEXIM30Serbia2011Kostalac Coal Plant(350MW),Phase 1CHEXIM293Serbia2016Fixed Network Modernization and UpgradingCHEXIM*144Sierra Leone2019National Fiber Optic Backbone Project,Phase 2CHEXIM30South Africa2018Kusile
246、 Coal Plant(4800MW)CDB1,443South Africa2018Transnet Locomotive PurchasesCDB1,139Sri Lanka2009Norochcholai(Lakvijaya)Power Plant,Phase 2(300MW)CHEXIM891Sri Lanka2010Diesel Units Purchase for Sri Lanka Railways(13 Units)CHEXIM103Sri Lanka2010Northern Province Power Sector Development ProgrammeCHEXIM32
247、Sri Lanka2011Equipment Purchase,Lighting Sri Lanka,Eastern ProvinceCHEXIM32Sri Lanka2013Southern Railway Extension(Phase 1),Matara-Beliatta(27km)CHEXIM278Sri Lanka2014Southern Expressway Extension,Matara-Beliatta(Section 1)(30km)CHEXIM683Sri Lanka2014Southern Expressway Extension,Wetiya-Mattala(Sect
248、ion 3)(15km)CHEXIM252Sri Lanka2016Water Supply,Gampaha Attanagalla,MinuawngodaCDB195Sri Lanka2016Southern Expressway Extension,Beliatta-Wetiya(Section 2)(26km)CHEXIM360Sri Lanka2017Water Supply,Kandy-North PathadumbaraCDB243Sri Lanka2017Water Supply,ThambuttagamaCDB103Sri Lanka2017Water Supply,Katan
249、aCDB55Sri Lanka2017Southern Expressway Extension,Consultancy ServicesCHEXIM88Sri Lanka2018New Credit to Repay Existing DebtCDB*1,000Suriname2008Dalian III Road,RehabilitationCHEXIM140.5Suriname2008Road Rehabilitation(500km)CHEXIM52Syria2009Oil Drilling Rigs PurhcaseCHEXIM37Tajikistan2008Lolazor-Khat
250、lon and South-North Transmission Lines,Additional WorksCHEXIM51Tajikistan2009Dushanbe-Dangara Road,Phase 1,Part 1,ReconstructionCHEXIM49Tajikistan2010Dushanbe-Dangara Road,Phase 1,Part 2,ReconstructionCHEXIM144Tajikistan2012Dushanbe-Dangara Road,Phase 1,Part 3(Chormagzak Tunnel)CHEXIM51Tajikistan201
251、3Regar Substation(500kV),RehabilitationCHEXIM35Tajikistan2014Tajik Aluminum Company Fluoride Salt ProjectCHEXIM89Tajikistan2014Dushanbe-Kurgan-Tube Railway,Vahdat-Yavan(41km),UpgradeCHEXIM69Tanzania2012TPDC Natural Gas Processing Plants;PipelineCHEXIM920Togo2009CDMA Transmission ProjectCHEXIM32Togo2
252、013Lom Bypass,Phase 2,AsphaltingCHEXIM94Trinidad&Tobago2011National Academies for Performing Arts,RenovationCHEXIM32Trinidad&Tobago2013National Sporting FacilitiesCHEXIM85Turkey2017Bank FinanceCDB600www.bu.edu/gdp 31CountryYearProject NameLender(s)Amount($m)Turkey2017Trk Eximbank FinancingCDB200Turk
253、menistan2009Turkmeneft Oil and Gas Equipment PurchaseCHEXIM59Turkmenistan2011Trkmengaz Oil and Gas Equipment PurchaseCHEXIM31Uganda2015Karuma Falls Hydropower Plant(600MW);transmission lines CHEXIM789Uganda2019Bridging Demand-Supply Gap through Accelerated Rural Electrification Prog.CHEXIM213Uganda2
254、019National Science,Technology and Engineering Skills Development ProjectCHEXIM85Uzbekistan2008Fergana,Margilan,Andizhan Water PipelineCHEXIM45Uzbekistan2009Tashkent Power Supply,RenovationCHEXIM26Uzbekistan2010On-lending to SMEsCDB75Uzbekistan2010Gas Network Modernization ProjectCHEXIM74Uzbekistan2
255、010Water and Soil Improvement Equipment PurchaseCHEXIM50Uzbekistan2011Dehkanabad Potash Fertilizer Plant,Phase 2CHEXIM111Uzbekistan2012Taskhent Combined Cycle Gas Plant(372MW)CHEXIM220Uzbekistan2012Novo-Angren Coal Plant,Upgrade,Units 105(1500MW),Phase 1CHEXIM166Uzbekistan2012Kungrad Soda Ash Plant
256、ExpansionCHEXIM74Uzbekistan2012Transmission Line,Syrdarya TPS Novo-Angren TPS(500kV)CHEXIM37Uzbekistan2013Ustyurt Natural Gas and Petrochemicals Complex,Surgil Gas FieldCDB250Uzbekistan2013Gas Network Modernization ProjectCHEXIM74Uzbekistan2014Development of GSM-Operator UZmobileCDB550Uzbekistan2014
257、Mubarek Gas Chemical Complex ProjectCDB85Uzbekistan2014Angren Special Economic Zone Tire Plant CHEXIM156Uzbekistan2014National Telecom NetworkCHEXIM62Uzbekistan2015Trade FinanceCDB150Uzbekistan2016Aircraft Purchase,Uzbekistan AirwaysCDB107Uzbekistan2017On-lending to SMEsCDB30Uzbekistan2017Baisun and
258、 Shargun Coal Deposits,ModernizationCDB,CHEXIM106Uzbekistan2017Tashkent City Subway(Yunusabad line)CHEXIM61Uzbekistan2018Gas-to-Liquid Plant,Kashkadarya(Cofinanced)CDB*1,000Uzbekistan2018Kamolot Hydropower Plant(8.5MW)CHEXIM86Uzbekistan2019Shaudar Hydropower Plant(7MW)CHEXIM66Uzbekistan2013Trade Fin
259、anceCDB100Uzbekistan2018Nizhne-Bozsuyskiye,Shakhrikhan and Tashkent HPP cascadesCHEXIM63Uzbekistan2018Chirchik,Samarkand and Tashkent HPP cascadesCHEXIM41Uzbekistan2019Trade FinanceCDB71Uzbekistan2019Trade FinanceCHEXIM20032 www.bu.edu/gdpCountryYearProject NameLender(s)Amount($m)Venezuela2014Workin
260、g Capital LoanCDB1,500Vietnam2008Ninh Binh Nitrogenous Fertilizer Plant CHEXIM250Vietnam2008Cat Linh-Ha Dong Light Rail(13km)(Loan 1)CHEXIM173Vietnam2009Cat Linh-Ha Dong Light Rail(13km)(Loan 2)CHEXIM250Vietnam2009Cao Bang Iron and Steel ComplexCHEXIM46Vietnam2010Vinh Tan 2 Coal Plant(1244MW)(Conces
261、sional loan)CHEXIM84Vietnam2011Thanh Hoa Steel Billet FactoryCHEXIM46Vietnam2011Ca Mau Fertilizer PlantCHEXIM*154Vietnam2011An Khanh 1 Coal-Fired Power Plant(100MW)CHEXIM*36Vietnam2012Duyen Hai 3 Coal-Fired Power Plant 1245MWCDB*1,001Vietnam2013Railway Signal Modernization,Hanoi-Dong Dang,Hanoi-Thai
262、 NguyenCHEXIM49Vietnam2013Ninh Binh Fine Coal Based Urea Plant ProjectCHEXIM45Vietnam2013Vinh Ha Hydropower Plant(21MW)CHEXIM30Vietnam2014Hanoi-Lang Son Expressway(Phase 1),Bac Giang-Lang Son(64km)CHEXIM300Vietnam2016Vinh Tan 3 Coal Plant(1980MW)CDB*2,000Vietnam2017Cat Linh-Ha Dong Light Rail(13km)(
263、Loan 3)CHEXIM248Zambia2017Kafue Gorge Lower Hydropower Plant(750MW)CHEXIM*1,531Zimbabwe2012UnallocatedCHEXIM55Zimbabwe2019NetOne Telecom Network Expansion,Phase 3CHEXIM71Source:Chinas Overseas Development Finance(CODF)Database,Boston University Global Development Policy Center,2023.*Indicates additi
264、onal co-financiers.Table A3:Projects Removed from CODF Version 1.0(December 2020)CountryYearProject nameLender(s)Amount($m)Angola2011Cazenga/Sambizanga Infrastructure Construction(2nd disbursement,part 1)CDB55Angola2011Caxito/Nzeto/Mbanza Congo Road ConstructionCHEXIM465Angola2011Machine Purchases a
265、nd Training(Tranche 2)CHEXIM33Angola2012Lar Patriota Infrastructure ConstructionCDB25Angola2016Reinforcement of Existing Water System 3(Kikuxi)CDB124Angola2016Futungo de Belas Project(Phase I)CDB31Angola2017Moxico Roads RehabilitationCDB235Angola2017Sumbe City infrastructure Lot 1(Stabilizing Slopes
266、 and Relocation)CDB158Angola2017Cabinda Infrastructure(Phase II)CDB140Angola2017Cabinda infrastructure(Phase I Lot 1)CDB119Angola2017Cabinda infrastructure(Phase I Lot 2)CDB117Angola2017Sumbe City Infrastructure Lot 3(Road Construction)CDB112www.bu.edu/gdp 33CountryYearProject nameLender(s)Amount($m
267、)Angola2017Sumbe City Infrastructure Lot 2(Drainage)CDB106Angola2017Cabinda Urban Road ConstructionCDB75Bangladesh2015Pipeline Project to Carry Crude OilCHEXIM509Benin2015Adjarala Hydropower ProjectCHEXIM229Bolivia2009Drilling Rig ExportCHEXIM60Brazil2008Presidente Mdici Candiota Power Station(Third
268、 Expansion)CDB356Cambodia2008Kirirom III Hydropower PlantCHEXIM47Cambodia2009115kV Transmission Line and Substation from Phnom Penh to Bavet ProjectCHEXIM475Cambodia2009Rural Power Grid Extension Project Phase 1CHEXIM54Cambodia2010Stung Tatay Hydropower Project Main ProjectCHEXIM540Cambodia2011Chroy
269、 Changvar-Thnal Keng Section-National Road 6(Widening)CHEXIM70Cambodia2013Siem Reap New International Airport,Siem ReapCDB,CHEXIM880Cambodia2013Lower Stung Russey Chrum/Orussei Hydropower ProjectCHEXIM412Cameroon2015National Telecom Broadband Network Project(Phase II)CHEXIM328Congo,Dem.Rep.2008Sicom
270、ine Copper Mining ProjectCHEXIM429Congo,Dem.Rep.2010Eastern Butangbo Road Construction(Phase II)CHEXIM26Congo,Dem.Rep.2015Busanga Hydropower ProjectCHEXIM165Congo,Dem.Rep.2015Government Administrative Building ConstructionCHEXIM36Congo,Dem.Rep.2015RN2 Construction(crossing to Butembo)CHEXIM33Congo,R
271、ep.2009Transmission Lines from Imboulou Hydropower:220kV;110kV;30kV;20kVCHEXIM264Congo,Rep.2014Mpila Business District DevelopmentCHEXIM62Ecuador2011Delsitanisagua,Minas-San Francisco,Mazar-Dudas damsCDB680Ecuador2013Minas-San Francisco Hydroelectric Dam(in Addition to the 2011 CDB loan)CHEXIM312Eth
272、iopia2011Gibe III Hydropower Project(Part C)CHEXIM89Gabon2016Libreville Perimeter Highway ProjectCHEXIM154Ghana2011Takoradi Port Expansion(Phase I)-Access RoadCDB150Indonesia2008Indramayu Sumuradem Power StationCDB562Indonesia2009Nagan Raya Thermal Power Plant(Meulaboh Power Station)CHEXIM124Indones
273、ia2012Celukan BawangCDB880Indonesia2013Cilacap Sumber Power Station with BOC and Bank Rakyat IndonesiaCDB700Indonesia2013Cilacap Power Plant Extension ProjectCDB700Indonesia2013Sumsel(SS-5)Power StationCDB318Indonesia2013East Nusa DamCHEXIM100Indonesia2014Pangkalan Susu Power Plant Phase II Unit ICH
274、EXIM37334 www.bu.edu/gdpCountryYearProject nameLender(s)Amount($m)Indonesia2014Pangkalan Susu Power Plant Phase II Unit IICHEXIM373Indonesia2014Pangkalan Susu Power Plant Phase I Unit IICHEXIM373Indonesia2015Bangko Tengah(SS-8)Power Station,aka South Sumatra 8 or Sumsel-8CDB,CHEXIM1,200Indonesia2016
275、Bengkulu Power StationCDB,CHEXIM270Jordan2017Attarat Power PlantCHEXIM2,100Kazakhstan2013Third Unit of Ekibastuz GRES-2 Power Plant with RussiaCDB400Kenya2012Olkaria V Geothermal DrillingCHEXIM484Kenya2015SME LoansCDB143Kyrgyz Republic2014North-South Transport Corridor(Phase 1)CHEXIM400Laos2009Nam K
276、han 2 DamCHEXIM308Laos2011Nam Ou hydropower project,phase 2(Nam Ou 1,3,4,7)CDB1,000Laos2012Laos SpaceflightCHEXIM258Madagascar2018Ranomafana Hydropower Plant ProjectCHEXIM197Mali2008New Sukala Sugar Refinery ConstructionCHEXIM29Mali2011Taoussa Hydropower PlantCHEXIM100Mongolia2016Tavan Tolgoi coal r
277、ailwayCHEXIM1,300Mozambique2011SMEs LoanCDB30Myanmar2013Upper Yeywa Power Transmission and Transformation EPC ProjectCHEXIM180Myanmar2015Myanmar farm equipment and machineryCHEXIM400Namibia2012MR67 and DR3602 Road UpgradeCHEXIM135Nepal2011Trishuli-3A projectCHEXIM152Nepal2015West Seti Hydropower Pro
278、ject(Chinese Covering 75%of the Cost)CHEXIM1,350Nepal2017Budhigandaki Hydroelectric ProjectCHEXIM2,500Nigeria2013Transmission Capacity UpgradeCHEXIM500Pakistan2009Bunji Hydropower Project(Bunji Dam)CHEXIM6,868Pakistan2011Taunsa hydro electric projectCHEXIM377Pakistan2014Karachi-Lahore highwayCHEXIM1
279、,906Pakistan2015Thar Block II Power Plant(Thar Engro)CDB207Pakistan2015Karachi-Lahore MotorwayCDB,CHEXIM2,682Pakistan2015Gwadar-Nawabshah LNG terminal and pipeline projectCHEXIM2,706Pakistan2015Balloki Combined Cycle Power PlantCHEXIM785Pakistan2016Rahim Yar Khan Coal Fired PlantCHEXIM956Pakistan201
280、7Hubco Coal Power PlantCDB,CHEXIM1,500Pakistan2017Emergency Loan-Foreign ExchangeCDB,ICBC1,200www.bu.edu/gdp 35CountryYearProject nameLender(s)Amount($m)Papua New Guinea2011Pacific Marine Industrial ZoneCHEXIM156Philippines2016Southern Luzon RailwayCHEXIM2,000Philippines2016Subic-Clark Railway Proje
281、ctCHEXIM995Philippines2017Bases Conversion Development Authority infrastrucural project(MOU)CDB4,500Philippines2019Mabini LNG hubCDB2,000Russian Federation2016Europe China International Transport Route;Various Energy CooperationCDB2,500Serbia2014Obrenovac-Uba and Lajkovac-Ljig Road projectsCHEXIM334
282、Serbia2016Loznica Thermal Power StationCDB230Serbia2017Electric Power DistributionCHEXIM715South Africa2016Transnet Locomotive Purchases(1st Disbursement)CDB464South Africa2017Transnet Locomotive Purchases(partial 2nd disbursement)CDB667Sri Lanka2009Norochcholai(Lakvijaya)Power Plant Phase 2CHEXIM89
283、1Sri Lanka2009Colombo Katunayake ExpresswayCHEXIM248Sri Lanka2011Highway Section from Kodagoda to GodagamaCHEXIM63Sri Lanka2012Hambantota Deep Sea Port Phase II(PPP)CHEXIM809Sri Lanka2015E01 Southern Expressway(Construction)CHEXIM180Sudan2009El Renk Malakal Road ConstructionCHEXIM119Sudan2014New Kha
284、rtoum International Airport ConstructionCHEXIM700Tajikistan2014Vahdat-Javan railway section upgradeCHEXIM57Togo2009CDMA Transmission ProjectCHEXIM32Togo2016Adjarala Dam Project(Add-on Loan)CHEXIM57Turkmenistan2009Galkynysh Gas Field DevelopmentCDB3,000Turkmenistan2013Financing for Turkmenistan Gas F
285、ieldsCDB4,100Uzbekistan2015Pap-Angren RailwayCHEXIM350Venezuela2013PDVSA,credit to buy 40%share of Abreu e Lima from PetrobrasCDB1,500Venezuela2016New Dehydration and Desalination Plant;expansion of Jose Processing PlantCDB2,200Vietnam2008Hai Phong Thermal Power Plant Phase 2CHEXIM557Vietnam2012Duye
286、n Hai 3 with Sinosure/BOC&ICBCCDB1,000Vietnam2015Coal-fired Thermal Power Plant Project in Hai Duong province,Vietnam CHEXIM*1,402Vietnam2015Vinh Tan Coal Fired Power Plant III Unit I,II,IIICHEXIM200Vietnam2017Duyen Hai 2 Thermal Power PlantCHEXIM1,800Zambia2018D019 Road Upgrade(Kawambwa to Mporokos
287、o)CHEXIM121Zimbabwe2017Rural Base Stations Construction-250 UnitsCHEXIM71Source:Chinas Overseas Development Finance(CODF)Database,Boston University Global Development Policy Center,2023.36 www.bu.edu/gdpTable A4:Changes in Year or AmountCountryProject nameYearLenderAmt.Prev.ValueAntigua&BarbudaV.C B
288、ird International Airport Terminal2010CHEXIM35Amt.38AngolaMT and BT Networks,Luanda,Phase 42008CHEXIM130Amt.144AngolaSoyo-Kapary Transmission(400kV)and Transformation2013CHEXIM1,003Amt.118AngolaLar do Patriota Integrated Infrastructure,Phase 12014CDB59Amt.50 Yr.2011AngolaCazenga/Sambizanga,Requalifi
289、ed Infrastructure Construction2011CDB130Amt.110AngolaEN120,Cuanza-Sul,Lot 4(57.5km)2016CDB56Amt.102AngolaHuambo City Electrification(17,500 Home Connections)2016CDB47Amt.51AngolaLuanda Electrification(300,000 Home Connections)2016CDB452Amt.574AngolaLubango/Matala,Huila Electrification(12,500 Home Co
290、nnections)2016CDB47Amt.51AngolaCabinda City Electrification(20,000 Household Connections)2016CDB47Amt.340AngolaWater Distribution Systems,Panguila,Caop-Velha,km32,Luanda2016CDB41Amt.51AngolaLar do Patriota Basic Infrastructure,Phase 22016CDB87Amt.50ArgentinaCndor Cliff,La Barrancosa Hydropower Plant
291、s(1310MW)2014CDB2,500Amt.2,499ArgentinaBelgrano Cargas Railway,Rehabilitation2014CDB1,890Amt.2,100ArgentinaCauchari Solar Plant(210MW)2017CHEXIM331Amt.332Bosnia&HerzegovinaTuzla 7 Lignite Power Plant2017CHEXIM882Yr.2011BangladeshShahjalal Fertilizer Factory2011CHEXIM326Yr.2009BangladeshSummit Gazipu
292、r Oil Plant(156MW)2013CHEXIM129Amt.132BangladeshSingle Point Mooring,Double Pipelines2016CHEXIM552Amt.542BangladeshPayra Patuakhali Coal Plant(1320MW)2016CHEXIM1,984Amt.1,560Bangladesh Oil Tankers and Three Bulk Carriers Purchase(3 Units Each)2016CHEXIM185Yr.2015BangladeshOil Tanker Mooring Platform
293、;Underwater and Onshore Pipeline2017CHEXIM550Amt.694BangladeshDhaka Power Distribution Company(DPDC)Power System Networks,Modernization2017CHEXIM1,022Amt.1,400 Yr.2019BeninPDI2T Telecommunications Infrastructure for Broadband2015CHEXIM80Amt.66BoliviaSatellite Purchase2010CDB250Amt.251BoliviaEl Espin
294、o-Charagua-Boyuibe Road(159km)2015CHEXIM215Amt.253BoliviaEl Sillar Highway(30km)2015CHEXIM362Amt.426BoliviaRurrenabaque-Riberalta Road(508km)2015CHEXIM492Amt.600BelarusMinsk Gas Plant(250MW)2008CDB362Amt.260BelarusDvina Hydropower Plant(40MW)2010CDB186Amt.189 Yr.2011BelarusBerezovskaya Gas Plant(483
295、MW)2010CHEXIM321Amt.378BelarusRailway Electrification,Gomel-Zhlobin-Osipovichi(193km)2012CHEXIM64Amt.81BelarusChina-Belarus Great Stone Industrial Park2013CDB110Amt.3,000 Yr.2012www.bu.edu/gdp 37CountryProject nameYearLenderAmt.Prev.ValueBelarusElectrification of Molodechno-Gudogay-State Border Line
296、 Railway2015CHEXIM76Yr.2013Congo,Dem.Rep.Hopital du Cinquantenaire,Kinshasa(450 beds,40,000 m2)2008CHEXIM115Amt.100Congo,Dem.Rep.Beni-Niania Road,North Kivu,Refurbishment(60km)2008CHEXIM57Amt.58Congo,Dem.Rep.Boulevard du 30 Juin,Kinshasa,Refurbishment,Part 1(5.3km)2009CHEXIM26Amt.29 Yr.2008Congo,Dem
297、.Rep.Lwambo-Mitwaba-Manono-Kalemie Road,Rehabilitation,Phase 1 2013CHEXIM30Amt.35Congo,Dem.Rep.RN5,Bukavu-Ngangezi-Kamanyola,Upgrade,Phase 2(50km)2018CHEXIM80Yr.2015Congo,Rep.Maya-Maya Airport,Brazzaville2008CHEXIM180Amt.136Congo,Rep.Drinking Water Supply System,Djiri2009CHEXIM259Amt.213Congo,Rep.Oy
298、o Harbor,Phase 12013CHEXIM63Amt.55Congo,Rep.Liouesso Hydropower Plant(19.5MW)2012CHEXIM110Amt.105Congo,Rep.Mpila Commercial Zone(Brazza-Mall)2014CHEXIM62Amt.502Congo,Rep.Digital Television Migration2017CHEXIM154Amt.162Cote dIvoireNational Power Grid Upgrade,Tranche 12015CHEXIM170Amt.776Cote dIvoireT
299、ibissou-Bouak Highway(96km)2018CHEXIM283Amt.69CameroonMekin Hydropower Plant(15MW)2010CHEXIM51Amt.53 Yr.2009CameroonLow Cost Social Housing(1500 Units)2011CHEXIM71Amt.75CameroonMemveele Hydropower Plant(211MW)2011CHEXIM542Amt.541 Yr.2012CameroonNational Fibre-Optic Backbone Expansion2015CHEXIM79Amt.
300、83 Yr.2014CameroonE-National Higher Education Network2016CHEXIM135Amt.155 Yr.2015CameroonMilitary Equipment,MINDEF2012CHEXIM333Amt.330CameroonPotable Water Supply Systems2013CHEXIM175Amt.174CameroonNational Broadband Telecommunication Network;SAIL Link2015CHEXIM337Amt.85CameroonBafoussam&Limbe Stadi
301、ums2009CHEXIM41Amt.44CameroonCDMA Lines(350,000)2010CHEXIM32Amt.33 Yr.2017CubaPort Terminal,Santiago de Cuba2016CHEXIM120Yr.2015EgyptBolster Roreign Exchange Reserves2016CDB900Amt.1000EgyptTransmission Line(500kV)(1210km)(Eximbank and ICBC Loan)2017CHEXIM459Amt.690EritreaHirgigo Oil Plant(48MW)2014C
302、HEXIM99Amt.100EthiopiaEthiopia-Djibouti Railway Transmission Line Power Supply 2015CHEXIM31Amt.63CountryProject nameYearLenderAmt.Prev.ValueFijiNadarivatu Hydropower Plant(80MW)2009CDB70Amt.7438 www.bu.edu/gdpCountryProject nameYearLenderAmt.Prev.ValueFijiBuca Bay(30km)and Moto Road(5km),Improvement
303、2010CHEXIM54Amt.366 Yr.2013FijiSigatoka Valley Road(15km);Sawani-Serea Road(19km),Upgrade2010CHEXIM48Amt.328 Yr.2014FijiNabouwalu-Dreketi Road,Upgrading(70km)2012CHEXIM102Amt.840GabonPower Grid,Libreville,Upgrade2011CHEXIM130Amt.135GhanaWestern Corridor Gas Infrastructure Project,Jubilee Oil Field20
304、12CDB850Yr.2013GuineaSouapiti Hydropower Plant(450MW)2018CHEXIM1,175Amt.599Equatorial GuineaMicomeseng-Bonkoro Road(88.6 km)2017CHEXIM261Yr.2015Equatorial GuineaOyala(Djibloho)New Capital:Presidential Palace Buildings 2017CHEXIM128Amt.510Equatorial GuineaPower Grid,Malabo,Phase 22009CHEXIM149Amt.221
305、 Yr.2008GuyanaGuyana Power and Light(GPL)2010CHEXIM39Yr.2011HungaryBelgrade-Budapest Rail Link,Hungary Section(152km)2020CHEXIM1,900Yr.2014IndonesiaAdipala Coal Plant(700MW)2009CDB625Amt.277IndonesiaPLTU Nanggroe Aceh Darussalam(NAD)-Meulaboh Power Plant2009CHEXIM124Amt.124IndonesiaPelabuhan Ratu Co
306、al Plant(945MW)2009CHEXIM482Amt.481IndonesiaTanjung Kasam Coal Plant(130MW)2011CHEXIM126Amt.150 Yr.2014IndonesiaParit Baru Coal Plant(100MW)2012CHEXIM133Yr.2011IndonesiaPangkalan Susu Coal Plant(440MW)2014CHEXIM482Amt.317 Yr.2013IndonesiaBalikpapan-Samarinda Road(99km)2015CHEXIM53Amt.65 Yr.2010Indon
307、esiaSolo-Kertosono Toll Road,Solo-Ngawi(20km Section),Nga-wi-Kertosono(36km Section)2015CHEXIM99Amt.200 Yr.2014IndonesiaManado-Bitung Toll Road,Section 1(15km)2016CHEXIM78Amt.503 Yr.2017IndonesiaCileunyi-Sumedang-Dawuan(CISUMDAWU)Toll Road,Phase 2,Pamulihan-Sumedang(17km)2016CHEXIM219Amt.235 Yr.2014
308、IndonesiaPLTU Jawa 7 Coal Plant(2100MW)2016CDB1,800Amt.128KenyaNairobi Eastern and Northern Bypass Highway(Nairobi Ring Road)2008CHEXIM108Yr.2009KenyaOlkaria IV Geothermal Drilling(140MW,26 wells)2010CHEXIM97Amt.102KenyaNairobi Southern Bypass2011CHEXIM184Amt.156 Yr.2012KenyaNational Optic Fibre Bac
309、kbone Infrastructure(NOFBI)2012CHEXIM74Amt.73KenyaNational Youth Service Project,Phase 2,Equipment2013CHEXIM70Amt.56 Yr.2010KenyaSGR,Mombasa-Nairobi,Phase 1(472.3km)(Commercial Loan)2014CHEXIM2,004Amt.2,000KenyaSGR,Nairobi-Naivasha,Phase 2 Sub-Phase 1(120.4km)2015CHEXIM1,483Amt.1,500www.bu.edu/gdp 3
310、9CountryProject nameYearLenderAmt.Prev.ValueKenyaGarissa Solar Plant(50MW)2015CHEXIM136Amt.138 Yr.2016KenyaKarimenu Dam Water Supply Project2017CHEXIM201Amt.229KenyaTransmission Network,Upgrade and Reinforecement,Nairobi City Center(EHV and 66kV)2017CHEXIM128Amt.132 Yr.2016Kyrgyz RepublicAlternative
311、 North-South Road2015CHEXIM299Amt.298CambodiaNR59,Construction2010CHEXIM73Amt.79 Yr.2011CambodiaNR62,Rehabilitation2010CHEXIM52Amt.54CambodiaNR6,Chroy Changvar-Thnal Keng2011CHEXIM68Amt.70CambodiaNR442012CHEXIM78Yr.2013CambodiaNR5,Expansion2012CHEXIM55Amt.57CambodiaPhnom Penh Loop Transmission Line,
312、Phase 22013CHEXIM76Amt.76CambodiaStung Staung River Basin Water Resources Dev.Project,Phase 12013CHEXIM54Amt.330CambodiaVaico Irrigation Project,Phase 12013CHEXIM99Amt.100CambodiaNR582014CHEXIM120Amt.120CambodiaRural Power Grid Extension Project,Phases 3 and 42014CHEXIM95Amt.90CambodiaRural Power Gr
313、id Extension Project,Phases 5 and 62016CHEXIM85Amt.100CambodiaNR51,Expansion2016CHEXIM38Amt.41 Yr.2017KazakhstanAtyrau Petrochemical Complex2008CHEXIM1,865Amt.1,260Lao P.D.R.Houay Lamphan Gnai Hydropower(88MW)2009CHEXIM206Yr.2011Lao P.D.R.Nam Phay Hydropower Plant(86MW)2013CHEXIM367Yr.2017Lao P.D.R.
314、Nam Ngum 4 Hydropower Plant(220MW)2016CHEXIM600Amt.322Lao P.D.R.China-Laos Railway Project(420km)2016CHEXIM480Amt.465Lao P.D.R.Pak Lay Hydropower Plant(770MW)2017CHEXIM1,700Amt.90Sri LankaMattala-Hambantota International Airport Project2010CHEXIM192Amt.191Sri LankaEquipment Purchase,Lighting Sri Lan
315、ka,Uva Province2011CHEXIM32Amt.33MoroccoJerada Coal Plant(350MW)2014CHEXIM300Amt.305MoroccoBerrechidBen Ahmed Highway,Berrechid-Beni Mellal,Section 1 2011CHEXIM248Amt.184MontenegroBar-Boljare Motorway,Phase 1,Smokovac-Matesevo(41km)2014CHEXIM944Amt.912North MacedoniaKicevo-Ohrid Highway(57km)2013CHE
316、XIM505Amt.580MaliGouina Hydropower Project(140MW)2013CHEXIM145Amt.248MaliNational Broadband Network2014CHEXIM65Amt.79MalawiBingu International Conference Center;Presidential Hotel,Villas2009CHEXIM92Amt.90MozambiqueMaputo-Catembe Bridge/Katembe Bridge/Ponta DOuro Road2012CHEXIM682Amt.686MozambiqueMal
317、uana Data Center2012CHEXIM135Yr.2016MyanmarSino-Myanmar Pipeline2010CDB1,087Amt.2,400 Yr.200940 www.bu.edu/gdpCountryProject nameYearLenderAmt.Prev.ValueMyanmarMicrofinance for Small Farms,Tranche 12013CHEXIM100Amt.86NigeriaNational ICT Infrastructure Backbone Phase II Project2018CHEXIM334Amt.328Nep
318、alUpper Trishuli 3A Hydropower Plant(60MW)2011CHEXIM115Amt.200Papua New GuineaIntegrated Government Information Network(IGIS)2010CHEXIM53Amt.50Papua New GuineaGoroka University Student Dormitory 2011CHEXIM46Amt.42Papua New GuineaKumul Submarine Cable2016CHEXIM229Amt.200 Yr.2013Papua New GuineaEnga P
319、rovincial Hospital,Construction2016CHEXIM136Amt.160PakistanChashma Power Station,Units 3 and 4(680MW)2010CHEXIM1,570Amt.157 Yr.2011PakistanPeshawar-Karachi Motorway(PKM),Multan-Sukkur 2014CHEXIM2,900Yr.2016PakistanNeelum-Jhelum Hydropower Plant(968MW)(Loan 2)2015CHEXIM1,024Amt.576PakistanML-1 Railwa
320、y,Karachi-Peshawar,Taxila-Havelian,Upgrading 2021CHEXIM6,120Yr.2017SerbiaZemun-Borca Bridge2010CHEXIM217Yr.2009SerbiaHighway E-763,Obrenovac-Ub(26km)2013CHEXIM301Yr.2015SerbiaKostalac Coal Plant(350MW),Phase 2;Drmno Mine2014CHEXIM608Yr.2013SerbiaHighway E-763,Surcin-Obrenovac(18km)2016CHEXIM198Yr.20
321、17SenegalMali Gouina Hydropower Project(140MW)(Senegal finance)2013CHEXIM146Amt.147SenegalBlaise-Diagne International Airport(AIBD)-Mbour-This Road 2015CHEXIM400Amt.331TogoLome bypass;Aledjo Fault Bypass;Montagne de Defale Bypass;N1 2009CHEXIM99Amt.165TajikistanTransmission Line,KhujandAyni(220 kV)2
322、010CHEXIM35Amt.37TajikistanDushanbe 2 Coal Plant(400MW)2014CHEXIM332Amt.30TurkmenistanIoujno-Elotenshoie Gas Field(Extension of 2009 Loan)2013CDB4,100Yr.2011TanzaniaTPDC Natural Gas Processing Plants;Pipeline2012CHEXIM275Amt.1,164UkraineAir Express Airport Railway2011CHEXIM372Amt.52 Yr.2009UkraineAg
323、ricultural Projects Purchase2012CHEXIM1,500Amt.3,000UkraineGas to Coal Projects2012CDB300Amt.3,500UgandaEquipment Supply to Local Governments2011CHEXIM100Amt.106UgandaNational Backbone Data Transmission,Project 22011CHEXIM59Amt.67UgandaIsimba Falls Hydropower Plant(183MW)2014CHEXIM483Yr.2015CountryP
324、roject nameYearLenderAmt.Prev.ValueUgandaEntebbe Airport,Expansion,Phase 12015CHEXIM194Amt.200UgandaKaruma Falls Hydropower Plant(600MW);transmission lines 2015CHEXIM646Amt.1,445UzbekistanAngren Coal Plant(150MW),Upgrade2010CHEXIM273Amt.166 Yr.2013UzbekistanCentral Asia-China Gas Pipeline,Route C201
325、3CDB1,200Amt.2,200 Yr.2011www.bu.edu/gdp 41CountryProject nameYearLenderAmt.Prev.ValueUzbekistanPVC Plant,Construction2014CHEXIM374Amt.300UzbekistanKadyrinskaya 3 Hydropower Plant(13MW);2017CHEXIM59Amt.240UzbekistanGas to Oil Processing Plant2019CDB1,200Yr.2017VietnamVinh Tan 2 Coal Plant(1244MW)(Pr
326、eferential Export Buyers Credit)2010CHEXIM995Amt.300VietnamDuyen Hai Coal Plant(2490MW)2011CHEXIM1,029Amt.1,008VietnamVinh Tan 1 Coal Plant(1240MW)2014CDB,CHEXIM1,404Amt.1,170SamoaNational Medical Centre;Ministry of Health Headquarters2010CHEXIM41Yr.2008SamoaNational Medical Center,Phase 22012CHEXIM
327、30Yr.2010SamoaFaleolo International Airport Terminal2014CHEXIM55Amt.136 Yr.2015South AfricaMedupi Coal Plant(4800MW)2017CDB1,500Amt.900 Yr.2018ZambiaLusaka International Airport(Kenneth Kaunda International Airport)2014CHEXIM229Amt.360ZambiaCommunication Towers Project(Smart Zambia/Zambia ICT Projec
328、t)2017CHEXIM265Amt.281ZambiaDigital Migration,Phases 2,3(Eximbank Loan)2015CHEXIM193Amt.93ZambiaNdola International Airport,Phase 32016CHEXIM193Amt.338ZambiaUrban Roads,Kitwe,Chingola,and Mufulira,Copperbelt Prov-ince,Lot 1 2018CHEXIM138Amt.197ZambiaLusaka Urban Road(L400),Upgrade(400km),Phase 32018
329、CHEXIM198Amt.205ZimbabweHwange 3 Coal Plant(600MW)2016CHEXIM998Yr.2017Source:Chinas Overseas Development Finance(CODF)Database,Boston University Global Development Policy Center,2023.Boston University53 Bay State RoadBoston,MA 02215gdpbu.eduGDP_Centerbu.edu/gdpGlobal Development Policy CenterThe Glo
330、bal China Initiative(GCI)is a research inititiative at Boston University Global Development Policy Center.The GDP Center is a Univer-sity wide center in partnership with the Frederick S.Pardee School for Global Studies.The Centers mission is to advance policy-oriented research for financial stability,human wellbeing,and environmental sustainability.www.bu.edu/gdpG LO BAL CH I NA I N ITIATIVEThe views expressed in this Policy Brief are strictly those of the author(s)and do not represent the position of Boston University,or the Global Development Policy Center.