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Top 20 Countries with the Highest Debt to China in 2025
1. Pakistan: $26.6 Billion
Pakistan remains at the top of the list, owing approximately $26.6 billion to China. The debt primarily stems from infrastructure projects linked to the China-Pakistan Economic Corridor (CPEC). Despite concerns over debt sustainability, Pakistan continues to seek Chinese investments to boost its economic growth.
2. Angola: $21.0 Billion
Angola’s deep-rooted economic ties with China have led to significant borrowing, mainly to fund oil and infrastructure development. As of 2025, Angola owes China more than $21 billion, highlighting its reliance on Chinese financing for economic stabilization.
3. Sri Lanka: $8.9 Billion
Sri Lanka’s debt crisis persists, with Chinese loans accounting for a significant share. The nation’s past loan-dependent development projects, including the Hambantota port, have increased its debt burden, raising concerns about future repayment sustainability.
4. Ethiopia: $6.8 Billion
Ethiopia has rapidly increased its borrowing from China to fund infrastructure, industrial parks, and energy projects. At nearly $7 billion, Chinese debt represents a critical aspect of Ethiopia’s developmental strategy but also raises questions over debt management.
5. Kenya: $6.7 Billion
Kenya’s debt to China has grown as the country invests heavily in roads, railways, and energy projects. The Mombasa-Nairobi Standard Gauge Railway (SGR) is one of the prominent projects financed through Chinese loans.
6. Zambia: $6.1 Billion
Zambia’s economic struggles have been exacerbated by Chinese loans used for mining expansion and infrastructure projects. The debt levels remain high, posing challenges for financial stability.
7. Bangladesh: $6.1 Billion
Bangladesh’s investments in infrastructure—power plants, transportation, and industrial zones—have been predominantly financed through Chinese loans, leading to a debt load of over $6 billion.
8. Laos: $5.3 Billion
Laos relies heavily on Chinese financial support for hydropower, road construction, and other infrastructure endeavors. This dependency poses questions about debt sustainability amid the country’s economic growth.
9. Egypt: $5.2 Billion
Egypt has secured significant Chinese loans for large-scale infrastructure projects, including a new administrative capital. The debt levels are rising, prompting discussions about loan repayment strategies.
10. Nigeria: $4.3 Billion
Nigeria’s debt to China has increased due to funding for transportation, energy, and oil projects. The reliance on such loans underscores its strategy to diversify infrastructure financing.
11. Ecuador: $4.1 Billion
Ecuador’s borrowing from China has supported its oil and infrastructure sectors. Concerns about debt repayment and future economic implications are part of ongoing public discourse.
12. Cambodia: $4.0 Billion
Cambodia’s investments in infrastructure, including roads and universities, have been funded through Chinese lending, contributing to its debt of nearly $4 billion.
13. Belarus: $3.9 Billion
Belarus benefits from Chinese investments for industrial development and energy projects. The debt levels reflect its strategic partnership with China, particularly in the Belt and Road Initiative.
14. Côte d’Ivoire: $3.9 Billion
Côte d’Ivoire’s infrastructure projects, including ports and roads, have been financed through Chinese loans, with a total debt nearing $4 billion.
15. Cameroon: $3.8 Billion
Cameroon relies on Chinese funding for transportation and energy projects, which has resulted in a rising debt burden for the Central African nation.
16. South Africa: $3.4 Billion
South Africa’s Chinese debt is mainly linked to infrastructure and energy projects. While manageable at present, it remains a key aspect of the country’s international financial relations.
17. Republic of the Congo (Brazzaville): $3.4 Billion
The Republic of the Congo’s loans from China have focused on resource extraction and infrastructure development, marking its significant debt dependency.
18. Brazil: $3.4 Billion
Brazil’s Chinese debt primarily funds infrastructure projects, with the country maintaining strong trade and investment ties with China despite recent economic shifts.
19. Mongolia: $3.0 Billion
Mongolia, rich in natural resources, has borrowed extensively from China to fund mining and infrastructure development. Debt management remains urgent amidst economic growth concerns.
20. Argentina: $2.9 Billion
Argentina’s debt to China spans energy, infrastructure, and transportation sectors, adding to its economic challenges and debt restructuring efforts.
Understanding External Debt to China
External debt refers to money borrowed from foreign lenders, including China. Countries across the globe have increasingly turned to China for financing infrastructure and development projects, leading to substantial debt levels. As of 2025, these relationships continue to evolve, reflecting geopolitical and economic strategies worldwide.
Source: World Bank, 2025
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