BEIJING (AP) — China's Belt and Road Initiative looks to become smaller and greener after a decade of big projects that boosted trade but left big debts and raised environmental concerns.
Called “One Belt, One Road” in Chinese, the Belt and Road Initiative started as a program for Chinese companies to build transportation, energy and other infrastructure overseas funded by Chinese development bank loans.
China became a major financer of development projects under BRI, on par with the World Bank.
Chinese development banks provided money for the BRI projects as loans, and some governments have been unable to pay them back.
Now, having learned the hard way through defaults, China development banks are pulling back.
Persons:
Xi Jinping's, Xi, “, Alessia Amighini, Kevin Gallagher, Sri Lanka, Christoph Nedopil, Nedopil, Colleen Barry
Organizations:
BEIJING, Initiative, Silk, Italy, World Bank, Boston University Global Development Policy Center, U.S, Export, Import Bank of, Asia Institute, Griffith University, Associated Press
Locations:
Beijing, Africa, Asia, Latin America, China, Europe, Kazakhstan, Indonesia, Kenya, Laos, Pakistan, Italy, “ Italy, Sri Lankan, Zambia, Sri, Import Bank of China, Australia, BRI, Hungary, Milan