Like other major economies around the world, many countries have borrowed from China. According to data compiled by the Visual Capitalist website, here are the top 20 countries with the highest debt to China as of the latest available data from 2022, sourced from the World Bank and Yahoo Finance.
The list reveals that the majority of countries indebted to China are located in South America and Africa. The debt amounts are as follows:
1. Pakistan - $26.6 billion
2. Angola - $21.0 billion
3. Sri Lanka - $8.9 billion
4. Ethiopia - $6.8 billion
5. Kenya - $6.7 billion
6. Zambia - $6.1 billion
7. Bangladesh - $6.1 billion (tied with Zambia)
8. Laos - $5.3 billion
9. Egypt - $5.2 billion
10. Nigeria - $4.3 billion
11. Ecuador - $4.1 billion
12. Cambodia - $4.0 billion
13. Belarus - $3.9 billion
14. Ivory Coast - $3.9 billion (tied with Belarus)
15. Cameroon - $3.8 billion
16. South Africa - $3.4 billion
17. Congo - $3.4 billion (tied with South Africa)
18. Brazil - $3.4 billion
19. Mongolia - $3.0 billion
20. Argentina - $2.9 billion
The Visual Capitalist website indicates that Pakistan and Angola have the largest debts to China by a significant margin. Both countries have borrowed billions of dollars from China for various infrastructure and energy projects.
It is noteworthy that both countries have struggled to manage their debt burdens. In February 2024, China extended the repayment period for a $2 billion loan to Pakistan. Shortly after, in March 2024, Angola renegotiated lower monthly debt payments with its largest Chinese creditor, the China Development Bank (CDB).
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