Johannesburg: Africa makes up over half of all countries with the highest debt to China, with 11 out of 20 heavily indebted nations being from the continent. This financial relationship is primarily driven by China's Belt and Road Initiative, which aims to support Africa's infrastructure development.

According to Anadolu Agency, the Belt and Road Initiative, announced in 2013, seeks to establish a vast network of infrastructure extending from China to Asia, Europe, and Africa. The initiative has led to significant projects such as railways, highways, and power plants across the continent. African countries have become crucial participants in this initiative, receiving billions of dollars in loans from the Export-Import Bank of China and the China Development Bank. However, this financial assistance has sparked debates among experts who warn that African countries could fall into a 'debt trap.'

Concerns have been raised about the alleged lack of transparency and the sustainability of these projects, with fears that some African nations might have to transfer critical infrastructure assets to China as their debt burden increases. The World Bank data from 2023 indicates that Angola tops the list of African countries with the highest debt to China, amounting to $17.8 billion. Other countries with significant debts include Ethiopia with $6.5 billion, Egypt with $6.3 billion, and Zambia and Kenya with $6 billion each.

Outside of Africa, countries like Pakistan and Argentina also hold substantial debts to China, with figures standing at $22.5 billion and $21.2 billion, respectively. Sri Lanka, Bangladesh, and Laos are among other nations facing considerable debt burdens as part of this initiative.

Altay Atli, a lecturer at Istanbul-based Koc University, explained to Anadolu that the Belt and Road Initiative involves Chinese banks financing projects conducted by Chinese companies on-site. Atli emphasized that these operations are not merely market-driven but form part of China's state capitalist system and foreign policy. He pointed out that the indebted countries have pressing infrastructure needs, and China offers favorable conditions and faster project completion compared to Western nations.

Atli cautioned against the notion of a 'debt trap,' suggesting that while countries may struggle to repay, this issue is not exclusive to China but involves loans from various sources. He acknowledged China's lack of adherence to international transparency standards in project funding, but he questioned any economic or political benefit to China from these debts.