China's Development Loans Beat Those of World Bank in 2010
BEIJING, China (AFP) - China has lent more money to other developing countries in the past two years than the World Bank has - a sign of Beijing's growing economic might and thirst for natural resources, a report said Tuesday.The state-owned China Development Bank and China Export-Import Bank agreed to lend at least $110 billion to governments and companies in developing countries in 2009 and 2010, the Financial Times said, citing its own research. That exceeds the record $100.3 billion handed out by the various arms of the World Bank from mid-2008 to mid-2010in response to the global financial crisis, the report said. The newspaper said the statistics were collected by examining public announcements by the banks, the borrowers or the Chinese government.The World Bank figures were for loans granted by the International Bank of Reconstruction and Development, its main lending arm, and the International Finance Corporation, which lends to the private sector, …
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Publication information: Article title: China's Development Loans Beat Those of World Bank in 2010. Contributors: Not available. Newspaper title: Manila Bulletin. Publication date: January 18, 2011. Page number: Not available. © 2009 Manila Bulletin Publishing Corp. COPYRIGHT 2011 Gale Group.