China Belt & Road spend in Russia, Sri Lanka falls to zero: Report

China’s Belt and Road financing and investments fell in the first half, with no new spending in Russia, Sri Lanka and Egypt, according to a study by the Green Finance & Development Center.

Financing and investments were at $28.4 billion in the first six months, compared with $29.4 billion in the same period a year earlier, according to the center which is an affiliate of Fudan University. The first-half figures were 40 per cent lower compared with the same period in 2019, it said.

About $11.8 billion went toward investments and $16.5 billion went to construction contracts partly financed by Chinese loans. Saudi Arabia was a major recipient of Chinese investments, while no coal projects received funds in the first half, according to the study.

China’s belt and road program has come under criticism, and over the past few years, the US has accused China of using “debt diplomacy” to make developing nations more dependent on Beijing. 

Also, the Belt and Road Initiative agreement signed between Nepal and China has crossed the five-year mark, however,  the projects under the initiative are nowhere to be seen on the horizon, reported The Kathmandu Post.