A Tuesday analysis found that China bailed out 22 developing nations for $240 billion between 2008 and 2021, with the sum rising as more have failed to repay “Belt and Road” development loans.

The World Bank, Harvard Kennedy School, AidData, and Kiel Institute for the World Economy analysis found that about 80% of the credit went to middle-income countries, including Argentina, Mongolia, and Pakistan, between 2016 and 2021.

China has lent hundreds of billions of dollars to developing countries to build infrastructure, but lending has slowed since 2016 as many projects have failed to pay off.

“Beijing is saving its banks. That’s why it’s risking international bailout lending “said former World Bank chief economist Carmen Reinhart, a study author.

The analysis concluded that Chinese loans to debtor nations rose from 5% in 2010 to 60% in 2022.

Pakistan received $48.5 billion, Egypt $15.6 billion, and Argentina $111.8 billion. Nine nations received under $1 billion.

Suriname, Sri Lanka, and Egypt received $170 billion from PBOC swap lines. In addition, Chinese state-owned banks and companies provided $70 billion in bridge loans. Rollovers totaled $140 billion.

The report criticized central banks for artificially exploiting PBOC swap lines to boost foreign exchange reserves.

The report’s author, Brad Parks, director of AidData, a research lab at The College of William & Mary, called China’s rescue lending “opaque and uncoordinated.”

The Chinese government responded that its international investments were based on “openness and transparency”.

“China acts in accordance with market laws and international rules, respects the will of relevant countries, has never forced any party to borrow money or pay, will not attach any political conditions to loan agreements, and does not seek any political self-interest,” foreign ministry spokesperson Mao Ning said at a news conference on Tuesday.

Due to their danger to Chinese banks’ balance sheets, the research stated that four-fifths of its bailout loans go to middle-income nations, while low-income countries get grace periods and maturity extensions.

China has been criticized for delaying debt restructurings with Zambia, Ghana, and Sri Lanka. Instead, it requested debt relief from the World Bank and IMF.