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Top 20 Countries Owing the Most Debt to China in 2025
1. Pakistan — $26.6 Billion
Pakistan remains the country with the largest debt to China, owing approximately $26.6 billion. Much of this debt is linked to China-Pakistan Economic Corridor (CPEC) projects, which aim to enhance infrastructure and energy sectors. While these investments bolster Pakistan’s economic prospects, they also raise concerns about long-term debt sustainability amidst ongoing economic challenges.
2. Angola — $21.0 Billion
Angola holds close to $21 billion in debt owed to China, primarily stemming from infrastructure and oil sector investments. Historically a major oil exporter, Angola’s heavy reliance on oil revenues has increased vulnerability to global price fluctuations. Debt repayment pressures have prompted ongoing discussions about restructuring terms with Chinese lenders.
3. Sri Lanka — $8.9 Billion
Sri Lanka’s debt to China continues to grow, totaling nearly $8.9 billion. The nation’s significant borrowings for infrastructure projects like the Hambantota Port have led to concerns over debt sustainability, especially as Sri Lanka navigates economic recovery and seeks debt relief options.
4. Ethiopia — $6.8 Billion
Ethiopia’s economic expansion has been fueled by Chinese investments, accumulating a debt of roughly $6.8 billion. Major projects include transportation networks and industrial parks, which are vital for Ethiopia’s industrialization but also add to debt burdens in a nation still working to stabilize its economy.
5. Kenya — $6.7 Billion
Kenya owes about $6.7 billion to China, mainly for infrastructure projects such as roads, railways, and energy facilities. The Chinese influence has significantly modernized Kenya’s infrastructure but has sparked debates over the country’s debt levels and transparency in borrowing.
6. Zambia — $6.1 Billion
Zambia’s debt to China is approximately $6.1 billion, heavily invested in copper mining infrastructure and energy development. Recent economic strains have led Zambia to seek debt relief and renegotiations with its creditors, including China.
7. Bangladesh — $6.1 Billion
Bangladesh, a growing economy, owes roughly $6.1 billion in Chinese debt. The borrowings mainly support infrastructure, power plants, and transportation sectors to sustain its rapid development, raising questions about future debt management strategies.
8. Laos — $5.3 Billion
Laos’ debt to China stands at about $5.3 billion, largely accumulated through large-scale dam projects, roads, and special economic zones. As Laos aims for economic diversification, some express concern over the associated debt risks.
9. Egypt — $5.2 Billion
Egypt’s debt to China totals around $5.2 billion, with investments focusing on infrastructure, manufacturing, and energy sectors. The Egyptian government has emphasized the importance of Chinese loans for national development but remains cautious about debt repayment pressure.
10. Nigeria — $4.3 Billion
Nigeria owes China approximately $4.3 billion, primarily for rail projects, oil infrastructure, and energy facilities. With Nigeria facing economic challenges, the Chinese debt is viewed both as a necessary investment and a potential risk to financial stability.
11. Ecuador — $4.1 Billion
Ecuador’s Chinese debt is around $4.1 billion, used mainly for energy, transportation, and infrastructure projects. The country’s economic health and reliance on commodity exports make managing these debts critical for future growth.
12. Cambodia — $4.0 Billion
Cambodia’s embrace of Chinese borrowing has led to a debt of roughly $4 billion. Investments include highways, telecommunications, and development zones, reflecting deepening economic ties but also raising debt management concerns.
13. Belarus — $3.9 Billion
Belarus owes about $3.9 billion to China, translating into loans for industrial projects, manufacturing plants, and infrastructure. Tensions with Western nations have increased reliance on Chinese financing, making debt sources even more pivotal.
14. Côte d’Ivoire — $3.9 Billion
Côte d’Ivoire’s debt to China is approximately $3.9 billion, channeling funds into roads, energy, and agriculture projects. The West African nation aims to bolster economic growth while carefully monitoring its debt levels.
15. Cameroon — $3.8 Billion
Cameroon’s borrowings from China total about $3.8 billion, mainly invested in transportation infrastructure and energy. As the country advances development plans, debt sustainability remains a key concern.
16. South Africa — $3.4 Billion
South Africa has accumulated around $3.4 billion in Chinese debt, predominantly for infrastructure upgrades and industrial projects. The strategic partnership aims to stimulate growth but prompts caution regarding debt repayment plans.
17. Republic of the Congo — $3.4 Billion
The Republic of the Congo’s Chinese debt also stands at $3.4 billion, tied to oil sector infrastructure and transportation initiatives. Economic stability hinges on managing these significant financial commitments.
18. Brazil — $3.4 Billion
Brazil owes approximately $3.4 billion to China, mostly for energy and transportation infrastructure. As China remains a key trading partner, managing debt levels is vital amid Brazil’s broader economic reforms.
19. Mongolia — $3.0 Billion
Mongolia’s Chinese debt is around $3 billion, invested largely in mining infrastructure and transportation. Mongolia’s recovery path depends heavily on balancing these debts with sustainable growth strategies.
20. Argentina — $2.9 Billion
Argentina’s debt to China totals approximately $2.9 billion, used for energy, infrastructure, and industrial projects supporting economic stability and growth in the region.
Overall Perspective:
As of 2025, China continues to be a major lender to developing nations worldwide, with total outstandings reaching hundreds of billions. While these investments have played a pivotal role in infrastructure development and economic growth, they also incumbent countries with significant debt burdens, prompting ongoing debates about debt sustainability and strategic debt management.
Source: World Bank, 2025
Note: External debt refers to money owed to foreign lenders, in this case, China.
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