China's lending to developing nations tops $180 billion, with majority financing infrastructure and extraction projects

China has become the largest creditor to low and middle income countries (LMICs), with $180 billion in debt owed to China in 2022.

A large proportion of this debt is for infrastructure projects and extraction industries in Africa, which accounts for 44% of LMIC debt to China.

South Asian debt to China has grown 7-fold from 2012 to 2022, largely driven by Pakistan.

China lends mainly to oil-producing countries, mineral-rich Sub-Saharan African countries, and Belt and Road initiative neighbors.

The top 5 countries most in debt to China are Pakistan, Angola, Ethiopia, Kenya, and Sri Lanka, owing between $6.9 billion and $30.1 billion each.