Brazil received $10.65 billion last year, followed by Venezuela with $10 billion and Ecuador with $7 billion, the Inter-American Dialogue public policy think tank said in its annual report
WASHINGTON – Chinese loans to Latin American and Caribbean governments and that region’s state-owned firms climbed sharply in 2015 despite the global economic slowdown, rising to $29 billion and focused once again on Venezuela, Brazil and Ecuador, the Inter-American Dialogue public policy think tank said in its annual report.
The volume of finance was the highest since 2010 and marked a nearly 200 percent increase from the $10 billion registered in 2014.
Chinese bilateral loans eclipsed the combined lending to the region by the World Bank, the Inter-American Development Bank and the Development Bank of Latin America, known as the CAF, Kevin Gallaher, a Boston University professor and coordinator of the report, said at a press conference.
Gallagher said the data showed that China was increasing its lending to Latin America at a time of cutbacks by other institutions, including the World Bank and the IDB, whose loans to the region fell to $8 billion and $11.5 billion last year, a decline of 8 percent and 14 percent, respectively.
He added that a key development this year was that a majority of the Chinese loans were for infrastructure projects as opposed to the extractive industries.
Brazil received $10.65 billion last year, followed by Venezuela with $10 billion and Ecuador with $7 billion.
Bolivia received $850 million in state-to-state financing from China, while Costa Rica and Barbados obtained $400 million and $170 million, respectively.