China has surpassed the World Bank in terms of the volume of lending to poor nations.
The China Development Bank and China Export-Import Bank lent at least USD110 billion to governments and firms in the developing world in 2009 and 2010, according to Financial Times research. The World Bank, it finds, committed loans of USD100.3 billion from mid-2008 to mid-2010, a record level of lending amid the financial crisis.
The World Bank has been looking at increasing its cooperation with China to avert competition over loan agreements, the London-based newspaper reports. CDB and China EximBank provide more preferential terms and impose “less onerous” transparency measures than other development lenders, it notes.
Read more:
CHINA’S FOREIGN AID STRATEGY PART 1: Western Donors Embrace China for African Development
CHINA’S FOREIGN AID STRATEGY PART 2: China’s ‘Noninterference’ Approach to International Cooperation
CHINA’S FOREIGN AID STRATEGY PART 3: China Moves to Enhance Aid Transparency
CHINA’S FOREIGN AID STRATEGY PART 4: In Africa, China Expands Aid Priorities
CHINA’S FOREIGN AID STRATEGY PART 5: Partnership Opportunities in Chinese Development Cooperation
About the author
Ma. Rizza Leonzon
As a staff writer, Rizza focuses mainly on business coverage, including key donors such as the Asian Development Bank and AusAID. She covers breaking business news particularly at the ADB and has conducted interviews with specialists from the Inter-American Development Bank, World Bank and other top players in international development. Rizza also contributes to the daily Development Newswire and other Devex publications.
