Top 20 Countries with the Highest Debt to China

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Top 20 Countries Owing the Most Debt to China in 2025

Pakistan Leads the Pack with $26.6 Billion in Debt

Pakistan remains the world’s top debtor to China, owing approximately $26.6 billion. The country’s strategic location and ongoing infrastructure projects through China’s Belt and Road Initiative (BRI) have solidified their financial ties. Pakistan’s heavy debt burden emphasizes the economic reliance on Chinese funding, which funds vital infrastructure but raises concerns about debt sustainability.

Angola Holds Second Place with $21 Billion

Angola, rich in oil resources, owes China about $21 billion. Most of this debt is linked to mega projects, including port upgrades, railways, and economic zones. The oil-dependent economy’s increased borrowing aims to diversify sectors but also raises questions regarding debt repayment risks amid fluctuating energy prices.

Sri Lanka’s Debt Reaches $8.9 Billion Amid Economic Crisis

Sri Lanka owes roughly $8.9 billion to China. The island nation has expanded Chinese involvement through port projects and infrastructure development. Recent economic difficulties have exacerbated debt repayment challenges, leading to discussions about debt restructuring and the need for economic reforms.

Ethiopia’s $6.8 Billion Debt to China Drives Growth and Concerns

Ethiopia’s economy is rapidly growing thanks to Chinese investments in railroads, hydroelectric plants, and industrial parks. The debt sits at $6.8 billion, highlighting Ethiopia’s reliance on Chinese finance to build its infrastructure base, yet raising questions about long-term debt sustainability in the face of economic expansion.

Kenya’s $6.7 Billion Debt Highlights Infrastructure Expansion

Kenya owes China around $6.7 billion, largely invested in railways, roads, and port facilities. This substantial debt has helped foster economic development, but concerns about repayment terms and future debt levels have sparked debates regarding financial stability and transparency.

Zambia’s $6.1 Billion Debt: Mining, Power, and Infrastructure

Zambia’s borrowing from China totals approximately $6.1 billion. The debt primarily funds power projects, mining infrastructure, and transportation. Zambia’s economy faces vulnerabilities due to fluctuating commodity prices, which impact its capacity to service debt.

Bangladesh’s $6.1 Billion Debt Boosts Infrastructure Development

Bangladesh’s debt to China is also at $6.1 billion. Chinese loans support large-scale projects like bridges, roads, and urban development. While fueling economic growth, the debt load prompts questions on debt management strategies amid ongoing infrastructure expansion.

Laos’s $5.3 Billion Debt to China Fuels Growth Ambitions

Laos owes China roughly $5.3 billion, largely invested in hydropower, roads, and dams. The small landlocked country leverages Chinese funds for national development, but high debt levels pose risks given its limited fiscal capacity.

Egypt’s $5.2 Billion Debt Supporting Economic Reforms

Egypt’s debt to China totals about $5.2 billion. Major projects include ports, roads, and manufacturing zones. These investments aim to bolster Egypt’s economic reforms and regional connectivity, amidst ongoing evaluations of debt sustainability.

Nigeria’s $4.3 Billion Debt Facilitates Infrastructure and Energy Projects

Nigeria owes China an estimated $4.3 billion. Chinese funding supports energy projects, railways, and urban infrastructure development. Managing debt remains crucial as Nigeria balances economic growth with debt repayment obligations.

Ecuador and Cambodia: Around $4 Billion Each in Chinese Debt

Ecuador’s debt to China is approximately $4.1 billion, predominantly for oil and infrastructure investments, while Cambodia owes around $4 billion. These debts finance energy, transportation, and economic zones, though both face debt management challenges in the coming years.

Belarus and Côte d’Ivoire: Each Carry Nearly $4 Billion Owed to China

Belarus owes $3.9 billion, mainly for industrial and energy projects, while Côte d’Ivoire’s Chinese debt is also around $3.9 billion. Both nations leverage Chinese funds to modernize infrastructure, raising questions about debt repayment strategies.

Cameroon and South Africa: $3.8-$3.4 Billion in Chinese Debt

Cameroon owes roughly $3.8 billion, primarily for transportation and energy initiatives, whereas South Africa’s debt stands at approximately $3.4 billion, linked to infrastructure and industrial projects. Debt levels reflect strategic economic development efforts in both countries.

Congo (Brazzaville) and Brazil: Each with $3.4 Billion Owed

Congo and Brazil each owe China about $3.4 billion. In Congo, Chinese investments focus on mining and infrastructure; in Brazil, the debt relates to energy and transportation projects. These investments help stimulate growth but come with increasing debt management considerations.

Mongolia and Argentina: Debt Figures at $3 Billion and $2.9 Billion

Mongolia owes roughly $3 billion, primarily for mining, energy, and infrastructure projects, with efforts to diversify its economy. Argentina’s debt to China is approximately $2.9 billion, helping to fund infrastructure and energy development amidst economic adjustments.

Note: External debt figures are as of 2025, based on data from the World Bank, illustrating the growing importance of China’s financial reach.

The global landscape of Chinese lending continues to evolve in 2025, with infrastructure projects fueling economic growth in many developing nations but raising questions about future repayment capacities. As these countries navigate complex diplomatic and economic terrains, their debt-to-GDP ratios and repayment strategies will remain critical topics for policymakers worldwide.