El Creciente Papel de China Como Financista de America Latina

CHINA AND LATIN AMERICA
REPORT
FEBRUARY 2012
The New Banks in
Town: Chinese Finance
in Latin America
KEVIN P. GALLAGHER, AMOS IRWIN, KATHERINE KOLESKI
1
namely Argentina, Ecuador, and Venezuela, which are not
able to borrow as easily in global capital markets.
- Cnincsc +no IlI/\cstcrn b+nks oo not ovcrl+p signili-
c+ntly in l+tin Amcric+ lncy givc oillcrcnt sizc lo+ns
to oillcrcnt scctors in oillcrcnt countrics Cnincsc b+nks
n+vc l+rgcly locusco on lo+ns to n+tur+l rcsourcc-b+sco
+no inlr+structurc scctors
- Cnincsc b+nks imposc no policy conoitions on borrowcr
govcrnmcnts but oo rcuirc cuipmcnt purcn+scs +no
sometimes oil sale agreements.
- lnc lin+ncing tcrms in oil s+lc +grccmcnts sccm to bc
bcttcr lor tnc Soutn Amcric+ns tn+n most pcoplc bclicvc
- Cnincsc lin+ncc oocs opcr+tc unocr + sct ol cnvironmcn-
tal guidelines, but those guidelines are not on par with
tnosc ol its \cstcrn countcrp+rts
It is our nopc tn+t tnis rcport will provioc + morc cmpiri-
c+l-b+sco louno+tion lor rcsc+rcn on Cnincsc lin+ncc in l+tin
Amcric+ +no tnc C+ribbc+n (lAC) Our invcstig+tion lcnos
crcocncc to somc cl+ims +bout Cnin+ in l+tin Amcric+, but
less so to others.
On tnc positivc sioc, Cnin+ is + ncw +no growing sourcc ol
lin+ncc lor lAC, cspcci+lly lor tnc n+tions n+ving troublc g+in-
ing +cccss to glob+l c+pit+l m+rkcts Cnincsc lo+ns oo not comc
witn tnc policy conoition+litics tn+t +rc tico to IlI +no \cstcrn
lo+ns lin+lly, lAC n+tions c+n gct morc lin+ncing lor inlr+-
structurc +no inoustri+l projccts to cnn+ncc long-run ocvclop-
mcnt r+tncr tn+n lor tnc l+tcst \cstcrn ocvclopmcnt l+os
lowcvcr, contr+ry to mucn ol tnc commcnt+ry on tnc sub-
jcct, lAC n+tions gcncr+lly p+y + nigncr prcmium lor lo+ns
Executive Summary
\c cstim+tc tn+t sincc 200, Cnin+ n+s provioco lo+n com-
mitmcnts upw+ros ol $7 billion to l+tin Amcric+n countrics
Cnin+s lo+n commitmcnts ol $37 billion in 2010 wcrc morc
tn+n tnosc ol tnc \orlo l+nk, Intcr-Amcric+n lcvclopmcnt
l+nk, +no Lnitco St+tcs lxport-Import l+nk combinco lor
tn+t yc+r Altcr provioing cstim+tcs ol Cnincsc lin+ncc, wc
+lso cx+minc tnc common cl+ims tn+t Cnincsc lo+ns to l+tin
Amcric+ n+vc morc l+vor+blc tcrms, imposc no policy conoi-
tions, +no n+vc lcss stringcnt cnvironmcnt+l guioclincs tn+n
tnc lo+ns ol intcrn+tion+l lin+nci+l institutions (IlIs) +no
\cstcrn govcrnmcnts \c lino tn+t
- Cnin+ lcvclopmcnt l+nk (Cll) lo+ns c+rry morc strin-
gcnt tcrms tn+n \orlo l+nk lo+ns
- lnc lxport-Import l+nk ol Cnin+ (Cnin+ lx-Im l+nk),
by contr+st, gcncr+lly ollcrs lowcr intcrcst r+tcs tn+n tnc
LS lx-Im l+nk-tnougn tnis oillcrcncc stcms lrom tnc
l+ct tn+t tnc \orlo l+nk ollcrs conccssion+l intcrcst r+tcs
+s + lorm ol +io, wnilc Cnin+ ollcrs conccssion+l r+tcs not
tnrougn Cll but r+tncr tnrougn Cnin+ lx-Im
- Cnincsc b+nks provioc lin+ncing to + signilic+ntly oil-
lcrcnt sct ol countrics tn+n tnc IlIs +no \cstcrn b+nks,
1
lcvin l G+ll+gncr is +ssoci+tc prolcssor ol intcrn+tion+l rcl+tions +t
loston Lnivcrsity +no scnior rcsc+rcncr +t tnc Glob+l lcvclopmcnt +no
lnvironmcnt Institutc (GlAl), lults Lnivcrsity Amos Irwin +no l+tncr-
inc lolcski +rc rcsc+rcncrs +t GlAl lnc +utnors +cknowlcogc rcsc+rcn
support lrom + gcncrous gr+nt lrom tnc lockclcllcr lrotncrs luno to
GlAl \c +lso tn+nk lcbor+n lr+utig+m +no lric+ lowns lor usclul
+no constructivc commcnt+ry on +n c+rlicr or+lt
INTER-AMERICAN DIALOGUE REPORT
2 THE NEW BANKS IN TOWN: CHINESE FINANCE IN LATIN AMERICA
FOREWORD
The Inter-American Dialogue is pleased to publish this report by Kevin Gallagher, Amos Irwin, and Katherine
Koleski. Gallagher is associate professor of international relations at Boston University, and senior researcher
at the Tufts University Global Development and Environment Institute (GDAE). He is also author of the highly-
acclaimed book, The Dragon in the Room: China & the Future of Latin American Industrialization. Irwin and
Koleski are researchers at GDAE.
This report, a product of the Dialogues China and Latin America program, offers the first comprehensive
summary of Chinas lending practices in Latin America and the Caribbean (LAC). The authors provide esti-
mates of the volume, composition, and characteristics of Chinese lending to the region since 2005, offer
comparisons to international and Western lending institutions, and examine some commonly held notions
about Chinese loans to LAC. These include claims that Chinas loans have less favorable terms than those
of international financial institutions (IFIs) and Western banks, that Chinese lending carries few policy condi-
tions, and that Chinese lenders impose less stringent environmental guidelines than their Western counter-
parts. The report lends credence to some of these claims, but less so to others.
The Dialogues aim in publishing this report, as well as our series of China and Latin America working
papers, is to inform and engage policy makers, civil society representatives, and academics from China, Latin
America, and the United States on evolving themes in China-Latin America relations. We seek to determine
areas of interest, identify shared priorities, and develop ways by which emerging relationships can be made
most productive for all countries involved.
Our China and Latin America Working Group, of which Gallagher is a member, has been the centerpiece
of the Dialogues China-related programmatic efforts since it was launched in 2011. The group is made up
of approximately twenty select policy makers, analysts, and scholars from Latin America, China, the United
States, Europe, and Australia. Group meetings have generated diverse interpretations of the issues driving
China-Latin America relations to highlight opportunities for cooperation and address emerging challenges.
The Dialogues China-related papers and reports have dealt with a wide variety of topics including Chinas
grand strategy in Latin America, energy-based engagement and cooperation, the US-China-Latin America
dynamic, and the possibility of developing an integrated regional approach to Chinas expanding influence.
This report in particular seeks to provide a better understanding of Chinas often misunderstood financial
activity in the region.
We are pleased to recognize the Open Society Institute for its assistance in publishing this report.
Margaret Myers
Director, China and Latin America Program
Michael Shifter
President
2
CITIZEN SECURITY IN LATIN AMERICA
THE NEW BANKS IN TOWN: CHINESE FINANCE IN LATIN AMERICA 3
lrom Cnin+ ln+t nigncr prcmium comcs in tnc lorm ol
intcrcst r+tcs, not lo+ns-lor-oil It is commonly tnougnt
tn+t lAC simply scnos b+rrcls ol oil to Cnin+ in rcturn lor
lin+ncing +no, tnus, m+y losc out givcn tnc rising pricc ol
oil Our +n+lysis snows tn+t tnis misrc+os tnc cviocncc
tnc m+jority ol Cnincsc lo+ns-lor-oil in l+tin Amcric+ +rc
linkco to m+rkct priccs, not u+ntitics ol oil Anotncr cost
ol Cnincsc lin+ncc c+n bc tico to working witn Cnincsc
contr+ctors +no busincsscs lnis rcouccs 'spillovcr` cllccts
in lAC in tcrms ol loc+l contr+cting rcl+tco to tnc lo+ns
Ano lin+lly, tnc composition
+no volumc ol Cnincsc lo+ns +rc
potcnti+lly morc cnvironmcnt+lly
ocgr+oing tn+n \cstcrn b+nks lo+n
portlolios in lAC Altnougn tnc
IlI/\cstcrn b+nks cnvironmcnt+l
rccoro is l+r lrom pcrlcct, Cnincsc
b+nks rcuirc lcss ocm+noing cnvi-
ronmental standards.
1. Background and
Methodology
lncrc is + burgconing litcr+turc on tnc Cnincsc-l+tin
Amcric+n cconomic rcl+tionsnip +no its implic+tions lor
l+tin Amcric+n ocvclopmcnt +no glob+l gcopolitics (scc
lc+rn +no lcon-\+rucz 2011, G+ll+gncr +no lorzcc+nski
2010, Jcnkins +no lusscl 2009, lllis 2009) lor tnc most
p+rt, tnis litcr+turc n+s locusco on Sino-l+tin Amcric+n
tr+oc rcl+tions lncrc +rc two rc+sons lor tnis lirst, Cnin+-
lAC tr+oc took oll in tnc c+rly 2000s, wnilc Cnin+-lAC
invcstmcnt +no lo+ns oio not lollow suit until tnc l+tcr p+rt
ol tnc occ+oc Sccono, unlikc tnc Cnin+-lAC tr+oc o+t+ in
tnc LN Comtr+oc o+t+b+sc, tncrc is no rcli+blc o+t+b+sc ol
Cnincsc invcstmcnt or lo+ns in tnc rcgion lcspitc tnc l+ck
ol o+t+, tncrc n+s bccn incrc+sing spccul+tion +no +l+rm
+bout Cnincsc invcstmcnt +no lo+ns
Scnol+rs +no rcsc+rcncrs n+vc n+o to rcsort to +sscm-
bling tncir own o+t+b+scs in orocr to stuoy Cnincsc cco-
nomic +ctivity ovcrsc+s lcbor+n lr+utig+m ol Amcric+n
Lnivcrsity n+s bccn tr+cking Cnincsc lin+ncc in Alric+
lcrck Scissors ol tnc lcrit+gc louno+tion n+s compilco
o+t+ on Cnin+s l+rgc lorcign oircct invcstmcnts worlowioc,
but no simil+r cllorts n+vc +oorcssco Cnincsc lo+ns (2011)
lo our knowlcogc, our rcport proviocs tnc lirst comprcncn-
sivc summ+ry ol Cnincsc lo+ns to l+tin Amcric+
In 2007-200S, tnc Congrcssion+l lcsc+rcn Scrvicc
tc+mco up witn stuocnts +t Ncw York Lnivcrsity to prooucc
+ rcport on Cnin+s cconomic +ssist+ncc to l+tin Amcric+
(lum 2009) \nilc pionccring, it only incluocs conccs-
sional loans, and it was published too early to capture the
v+st m+jority ol Cnincsc lcnoing tn+t c+mc sincc 200S
lric+ lowns ol tnc lrookings Institution publisnco +n
+n+lysis ol Cnin+s m+jor lo+ns-lor-oil borrowcrs +cross tnc
globc, incluoing tnosc in l+tin Amcric+ (2011) Our stuoy
incluocs tnosc lo+ns-lor-oil projccts +s wcll otncr lo+ns +no
commitmcnts in otncr lorms +no scctors Our go+l in tnis
rcport is to cst+blisn + comprcncnsivc cmpiric+l louno+tion
lor luturc +n+lysis ol Cnincsc lcnoing to l+tin Amcric+
\ost ol Cnin+s intcrn+tion+l lcnoing comcs lrom tnc
Cnin+ lcvclopmcnt l+nk (Cll) +no Cnin+ lxport-Import
l+nk (Cnin+ lx-Im l+nk) luring 199- rclorms ol tnc
lin+nci+l scctor, tnc Cnincsc govcrnmcnt crc+tco Cll +no
Cnin+ lx-Im l+nk +s 'policy b+nks,` mc+ning 'tools ol
tnc govcrnmcnt` (lr+utig+m 2009, 79) lncir lo+ns woulo
cxplicitly support tnc govcrnmcnts policy objcctivcs
lrior to 199-, policy lcnoing n+o bccn tnc rcsponsibil-
ity ol tnc 'big lour` Cnincsc b+nks (l+nk ol Cnin+, Cnin+
Construction l+nk, Agricultur+l l+nk ol Cnin+, +no IClC),
so tnc ncw policy b+nks wcrc ocsignco to lrcc tnc lour to
+ct +s commcrci+l b+nks In scp+r+ting policy lrom com-
mcrci+l lcnoing, tnc govcrnmcnt sougnt to rcoucc b+nk
m+n+gcrs mor+l n+z+ro Il m+n+gcrs coulo bl+mc +ll tncir
losscs on policy lo+ns, tncy n+o +n inccntivc to oircct tncir
commercial loans toward high-risk, high-return projects
(Stcinlclo 199S, 71) lnc crc+tion ol scp+r+tc policy b+nks
woulo nolo commcrci+l b+nks +ccount+blc lor r+tion+l,
market-based lending.
This report provides a foundation for research
on Chinese finance in Latin America and the
Caribbean. It lends credence to some claims
about China in Latin America, but less so
to others.
lnc Cll m+inly supports Cnin+s m+crocconomic poli-
cics-l+io out in tnc livc-Yc+r ll+ns-locusing on cignt
+rc+s ol ocvclopmcnt clcctric powcr, ro+o construction,
railway, petroleum and petrochemical, coal, postal and tele-
communications, agriculture and related industries, and
public inlr+structurc (Cll) An cstim+tco 737 pcrccnt ol
Clls tot+l ncw lo+ns wcnt to tncsc scctors (Cll 'Str+tcgic
locus`) In contr+st, tnc Cnin+ lx-Im l+nks m+no+tc is to
facilitate the export and import of Chinese mechanical
and electronic products, complete sets of equipment and
new and high-tech products, assist Chinese companies with
comparative advantages in their offshore contract projects
and outbound investment, and promote Sino-foreign rela-
tionships and international economic and trade coopera-
tion (Cnin+ lxport-Import l+nk)
It +cnicvcs tncsc sct objcctivcs tnrougn cxport or import
crcoit, lo+ns to ovcrsc+s construction contr+cts or ovcrsc+s
invcstmcnt projccts, Cnincsc govcrnmcnt conccssion+l
lo+ns, intcrn+tion+l intcr-b+nk lo+ns, ctc

(Cnin+ lxport-
Import l+nk)
lnougn tnc govcrnmcnt ocsignco tnc rclorms to oivorcc
policy +no commcrci+l lcnoing, Cnincsc b+nks continuc
to mix tncm Stcinlclo points out tn+t tnc govcrnmcnt still
lorcco tnc nomin+lly commcrci+l b+nks to b+il out st+tc-
ownco cntcrpriscs (199S, 70) At tnc s+mc timc, tnc policy
b+nks n+vc bccomc uitc commcrci+l Cll nc+o Cncn
Yu+n n+s succcsslully m+rrico tnc b+nks policy objcctivcs
witn souno commcrci+l lo+ns so tn+t Cll n+s nign prolits
+no + b+l+ncc sncct tn+t is cvcn nc+ltnicr tn+n Cnin+s big
commcrci+l b+nks (lowns 2011, 11) Cnin+ lx-Im l+nk
+lso oltcn lcnos +t commcrci+l r+tcs +no bo+sts + low sn+rc
ol nonpcrlorming lo+ns (lr+utig+m 2009, 11-, lowns
2011, 13) lrcmicr \cn Ji+b+o +nnouncco in 2007 tn+t tnc
policy b+nks cvcntu+lly woulo bc convcrtco into commcr-
ci+l b+nks, but tnc proccss n+s st+llco lollowing tnc lin+n-
ci+l crisis (lowns 2011, 22)
lnc Cnincsc govcrnmcnts 'Going Glob+l` policy n+s
brougnt tnis +m+lg+m+tion ol commcrci+l +no policy lcno-
ing to tnc intcrn+tion+l st+gc In 199S, lrcsiocnt Ji+ng
zcmin cn+mpionco tnc intcrn+tion+liz+tion ol Cnincsc
invcstmcnt +no lcnoing lc +rguco 'lcgions likc Alric+,
tnc \ioolc l+st, Ccntr+l Asi+,
+no Soutn Amcric+ witn l+rgc
ocvcloping countrics n+vc]
vcry big m+rkcts +no +buno+nt
rcsourccs, wc snoulo t+kc +ov+n-
t+gc ol tnc opportunity to gct in`
(Cncn 2009) As lowns points
out, Cll is tnc m+in b+nk sup-
porting this strategy with loans to
Cnincsc +no lorcign comp+nics
ovcrsc+s (2010, 9) lr+utig+m
+oos tn+t 'tnc lximb+nk n+s bccn +t tnc ccntcr ol Cnin+s
str+tcgy ol going glob+l` (2009, 112) Ovcr tnc l+st livc
yc+rs, botn b+nks n+vc rc+cnco ncw ncignts in intcrn+tion+l
lcnoing (lr+utig+m 2009, 112, 11o)
lncrc is no c+sy w+y to mc+surc Cnincsc b+nks lo+ns to
l+tin Amcric+ Lnlikc tnc \orlo l+nk +no Intcr-Amcric+n
lcvclopmcnt l+nk, Cnincsc b+nks oo not rcgul+rly publisn
oct+ilco ligurcs rcg+roing tncir lo+n +ctivitics \c lollow tnc
lc+o ol scnol+rs sucn +s lr+utig+m, wno cx+minc govcrn-
mcnt, b+nk, +no prcss rcports in botn Cnin+ +no borrowing
countrics in orocr to compilc + list ol lo+ns +no tncir cn+r-
+ctcristics lnis mctnoo is nignly impcrlcct Altnougn wc
n+vc gonc to grc+t lcngtns to cnsurc rcli+bility by conlirm-
ing rcports in botn Cnin+ +no lAC, our cstim+tc snoulo not
bc t+kcn +s + prccisc ligurc On tnc onc n+no, wc m+y n+vc
unocrcstim+tco Cnincsc lin+ncc in l+tin Amcric+ bcc+usc
wc oo not cx+minc m+ny lo+ns unocr $0 million On tnc
otncr n+no, wc m+y n+vc ovcrcstim+tco tnc tot+l in tnc
cvcnt tn+t most rcccnt lo+ns +rc p+rti+lly or cntircly c+n-
ccllco or il + linc ol crcoit is not lully committco
\c consultco + wioc v+ricty ol publicly +cccssiblc sourccs
to g+tncr oct+ils on c+cn lo+n \c louno lo+n +grccmcnts
publisnco by tnc Vcnczucl+n +no lolivi+n govcrnmcnts in
tncir Ollici+l G+zcttcs lr+zils st+tc-ownco oil comp+ny,
lctrobr+s, is + publicly tr+oco corpor+tion, wc uncovcrco
tnc intcrcst r+tc on Clls lo+n-lor-oil oc+ls witn lctrobr+s
There is no easy way to measure Chinese
banks loans to Latin America. Unlike
the World Bank and Inter-American
Development Bank, Chinese banks do
not regularly publish detailed figures
regarding their loan activities.
by cx+mining tnc comp+nys lilings witn tnc LS Sccuritics
+no lxcn+ngc Commission (SlC) \c oiscovcrco lour
Cnincsc lo+ns in tnc J+m+ic+n govcrnmcnts 2011 Annu+l
lcport to tnc SlC
\c cl+ssilico lo+ns +s commcrci+l or conccssion+l b+sco
on rcports lrom Cnincsc cmb+ssics in tnc borrowing coun-
trics \c louno oct+ils on lr+zili+n +no lcu+oori+n lo+ns-
lor-oil in loc+l ncwsp+pcr intcrvicws witn tnc countrics
lin+ncc ministcrs \c only incluoc onc oct+il tn+t is not
publicly +cccssiblc onlinc-tnc intcrcst r+tc on tnc 200S
Cnin+ lx-Im l+nk lo+n to Cnin+lco lcru, wnicn wc lc+rnco
in intcrvicws witn comp+ny ollici+ls in lim+ \c supplc-
mented and double-checked all sources with newspaper
+rticlcs or govcrnmcnts in botn tnc borrowing countrics
+no Cnin+ \c omit lo+ns tn+t n+vc not bccn conlirmco
by rcli+blc sourccs on botn siocs ol tnc l+cilic \c citc
tnc most v+lu+blc sourccs lor c+cn inoiviou+l lo+n in tnc
rcports +nncx
Acuiring \orlo l+nk +no
Intcr-Amcric+n lcvclopmcnt
l+nk (Ill) lo+n inlorm+tion to
comp+rc witn tnc Cnincsc lo+ns
w+s morc oillicult tn+n wc n+o
+nticip+tco lncsc \cstcrn b+nks
publisn lists ol lo+ns in tncir
+nnu+l rcports, +no tnc \orlo
l+nk cvcn publisncs inoiviou+l
lo+n contr+cts-but it witnnolos
kcy oct+ils lnc \orlo l+nk con-
siders the interest rates on out-
st+noing lo+ns to bc proprict+ry inlorm+tion +no rclusco
to provioc it ollici+lly lor tnis stuoy lor intcrcst r+tcs, tnc
most import+nt inoic+tor ol tnc l+irncss ol + lo+n, wc n+o
to approach these otherwise transparent institutions in the
s+mc w+y +s tncir Cnincsc countcrp+rts Just +s in tnc c+sc
ol Cnin+lco lcru, wc +cuirco tnc \orlo l+nk intcrcst r+tc
inlorm+tion tnrougn + conliocnti+l intcrvicw witn + \orlo
l+nk cmploycc
lnis p+pcr is oivioco into cignt p+rts l+rt 2 prcscnts
our cstim+tcs on tnc u+ntity ol Cnincsc lin+ncc in lAC
l+rt 3 cx+mincs tnc tcrms ol Cnincsc lin+ncc to lAC witn
+ comp+r+tivc pcrspcctivc l+rt - cx+mincs tnc spcci+l c+sc
ol commooity-b+ckco lo+ns in lAC l+rt oiscusscs tnc
composition ol Cnincsc lin+ncc l+rt o +n+lyzcs tnc cxtcnt
to wnicn Cnincsc lo+ns +tt+cn \cstcrn-stylc conoition+lity
l+rt 7 +n+lyzcs tnc n+turc ol Cnincsc cnvironmcnt+l guioc-
lincs lor its lo+ns +no puts tn+t in + comp+r+tivc pcrspcc-
tivc l+rt S suggcsts topics lor lurtncr rcsc+rcn +no or+ws
policy implications.
2. Chinese Loans to Latin
America Are Larger and
Growing Faster than Their
Western Counterparts
Our bcst cstim+tc ol Cnincsc lo+n commitmcnts to l+tin
Amcric+ sincc 200 is $7 billion (l+blc 1) Cll m+oc S2
pcrccnt ol tnc lo+ns, +no Cnin+ lx-Im l+nk +no tnc IClC
b+nk contributco 12 pcrccnt +no o pcrccnt, rcspcctivcly
lnc lo+ns wcrc uitc l+rgc +no nc+vily conccntr+tco +mong
+ lcw borrowcrs lnc govcrnmcnts ol Vcnczucl+, lr+zil,
Argcntin+, +no lcu+oor rcccivco 91 pcrccnt ol tnc tot+l
lwo tniros ol +ll tnc lo+ns wcrc lo+ns-lor-oil Altnougn
they possess natural resources and other production char-
+ctcristics ol intcrcst to Cnin+, tnc govcrnmcnts ol lcru,
Colombi+, Cnilc, +no \cxico rcccivco littlc to no lin+ncing
A comp+rison ol our $7 billion cstim+tc to prcvious csti-
m+tcs ol tot+l Cnincsc lin+ncing suggcsts tn+t l+tin Amcric+
+ccounts lor + l+rgc p+rt ol Cnincsc lcnoing +bro+o lnc
Financial Times cstim+tco tot+l Cnincsc lo+ns ouring 2009-
2010 +t $110 billion (lycr 2011) Il it is +ccur+tc-+no
wc c+nnot conlirm tn+t-morc tn+n n+ll tnosc 2009-2010
lo+ns wcnt to lAC
Cnin+ n+s only just st+rtco provioing lin+ncing to l+tin
Amcric+, but in 2010 it +lrc+oy lo+nco morc tn+n tnc \orlo
l+nk, Ill +no LS lx-Im l+nk combinco (l+blc 2) lrior
Our best estimate of Chinese loan
commitments to Latin America since 2005
is $75 billion. CDB made 82 percent of these
loans, and China Ex-Im Bank and the ICBC
bank contributed 12 percent and 6 percent,
respectively.
Table 1. Summary of Chinese Loans to Latin America
Year
Borrowing
Country Borrower Lender
Amount
($m) Purpose
2005 Brazil Gerdau Acominas ICBC and BNPP 201 Steel mill equipment
2005 Chile Codelco CDB 550 Improve company efficiency and technology
2007 Jamaica Government Ex-Im 45 Montego Bay Convention Center
2008 Costa Rica Government SAFE 300 Government bonds
2008 Peru Chinalco Peru Ex-Im 2,000 Mining Equipment
2008 Venezuela BANDES and PDVSA CDB 4,000 Funding infrastructure, other projects
2009 Bolivia YPFB Ex-Im Bank 60 Home gas lines, oil drilling rigs
2009 Brazil Telemar Norte/Oi CDB 300 Expand telecom network
2009 Brazil Petrobras CDB 10,000 Pre-salt business plan
2009 Ecuador Petroecuador PetroChina 1,000 Advance payment for Petroecuador oil
2009 Mexico Amrica Mvil CDB 1,000 Telecom network infrastructure/equipment
2009 Multiple BLADEX CDB 1,000 Regional trade financing
2009 Peru Cofide CDB 50 Transportation, infrastructure
2009 Venezuela BANDES and PDVSA CDB 4,000 Infrastructure, including satellite
2009 Venezuela CVG CDB 1,000 Mining project credit
2010 Argentina Government CDB and others 10,000 Train system
2010 Bahamas Government Ex-Im Bank 58 Airport infrastructure
2010 Bolivia Government CDB 251 Chinese satellite
2010 Bolivia Government Ex-Im Bank 67.8 Infrastructure
2010 Brazil Vale Mining Company CDB and Ex-Im 1,230 Ships to transport iron ore to China
2010 Ecuador Government Ex-Im Bank 1,682.7 Hydroelectric dam Coca-Codo Sinclair
2010 Ecuador Petroecuador CDB 1,000 80% discretionary, 20% oil-related
2010 Ecuador Government Ex-Im Bank 621.7 Sopladora hydroelectric dam
2010 Jamaica Government Ex-Im Bank 340 Road construction
2010 Jamaica Government Ex-Im Bank 58.1 Shoreline reconstruction
2010 Venezuela PDVSA CDB and BES 1,500 Trade-related credit facility
2010 Venezuela BANDES and PDVSA CDB 20,000 Funding infrastructure
2011 Bahamas Baha Mar Resort Ex-Im Bank 2,450 Resort Construction
2011 Bolivia Government Ex-Im Bank 300 Helicopters, infrastructure
2011 Ecuador Government CDB 2,000 70% discretionary, 30% oil-related
2011 Peru BCP CDB 150 Finance
2011 Venezuela PDVSA CDB 4,000 Infrastructure
2011 Venezuela PDVSA ICBC 4,000 Housing
TOTAL 75,215.3
Sources: see Annex
to 200S, Cnin+s +nnu+l lcnoing ncvcr cxcccoco $1 billion
lut in 200S, lo+ns r+mpco up to $o billion In 2009, lcno-
ing triplco +g+in to $1S billion, p+ssing tnc \orlo l+nks
$1- billion +no Ills $1 billion In 2010, lcnoing ooublco
oncc morc to $37 billion, wcll +bovc lo+n lcvcls ol tnc \orlo
l+nk ($1- billion) +no Ill ($12 billion) Cnin+ ovcrtook
tnc \orlo l+nk +no Ill ocspitc tnc l+ct tn+t, lrom 200o
to 2010, botn tnosc b+nks n+o ooublco tncir lcnoing to tnc
rcgion Sincc 200, Cnin+ lx-Im l+nk n+s out-lin+ncco LS
lx-Im by + l+ctor ol +lmost lour, $S3 billion to $22 bil-
lion ln+t s+io, botn Cnin+ +no
LS lx-Im b+nks n+vc nistoric+lly
concentrated on guarantees and
insurance, and these direct loans
comprisc only + sm+ll p+rt ol
tncir portlolios
It is unlikcly tn+t Cnincsc
lcnoing to lAC will continuc to
ooublc cvcry yc+r Cnin+s 2009
+no 2010 lcnoing booms wcrc orivcn by + $20 billion
lo+n commitmcnt to Vcnczucl+ +no $10 billion in commit-
mcnts to lr+zil +no Argcntin+ \itn tncsc m+mmotn lo+ns
to m+jor Soutn Amcric+n cconomics +lrc+oy concluoco,
Cnincsc lcnoing m+y pl+tc+u ouc to + l+ck ol ocm+no
\c n+vc uncovcrco lcss tn+n $13 billion in lo+ns in 2011,
Cnin+s 2011 lcnoing will still prob+bly cxccco tn+t ol tnc
\orlo l+nk +no I\l, but it will l+ll snort ol 2010 lcvcls
Cnincsc b+nks provioco lin+ncing to + signilic+ntly oil-
lcrcnt sct ol countrics tn+n tnc IlIs +no \cstcrn b+nks
Cnincsc b+nks ocoic+tco o1 pcrccnt ol lcnoing to Vcnczucl+
and Ecuador. This is an enormous share considering that
tncsc countrics m+kc up only S pcrccnt ol tnc lAC rcgions
popul+tion +no 7 pcrccnt ol its Gll lnc Cnincsc lo+ns
cu+l +lmost 10 pcrccnt ol tnc two countrics combinco
+nnu+l Gll Ovcr tnc s+mc pcrioo, Vcnczucl+ +no lcu+oor
rcccivco 13 pcrccnt ol Ill lo+ns +no lcss tn+n + tniro ol +
pcrccnt ol \orlo l+nk lo+ns IlIs +no \cstcrn l+nks oomi-
n+tc lcnoing to \cxico, Colombi+, +no lcru lcru rcccivco
its l+rgcst Cnincsc lo+n to o+tc lour montns +ltcr tnc coun-
trys ncw prcsiocnt, Oll+nt+ lum+l+, took ollicc
Cnincsc +no \cstcrn b+nks b+rcly ovcrl+p wncn it comcs
to tncir borrowcrs Only lr+zil +no Argcntin+ n+vc rcccivco
signilic+nt sn+rcs ol lcnoing lrom botn In botn c+scs, tnc
v+st m+jority ol tnc Cnincsc lunos c+mc lrom + singlc lo+n
In tnc c+sc ol lr+zil, S pcrccnt ol tnc lcnoing c+mc lrom
+ $10 billion lo+n issuco in 2009 to luno +n +mbitious oll-
snorc oil projcct using Cnincsc inputs In Argcntin+, +ll
2010 lin+ncing c+mc lrom + singlc lo+n $10 billion to buy
Cnincsc tr+ins
lor lcu+oor +no Vcnczucl+, tnc l+rgc inllux ol Cnincsc
lcnoing n+s scrvco +s + kcy sourcc ol lorcign lin+ncc lnc
\orlo l+nk n+s +lmost no lcnoing prcscncc in tncsc coun-
trics, sincc 200, it n+s givcn two sm+ll lo+ns to lcu+oor
+no notning to Vcnczucl+ Ills lcnoing to tncsc countrics
w+s nigncr in botn +bsolutc +no rcl+tivc tcrms in 2009-
2010 tn+n it w+s in 200o-200S lnc incrc+sc in lcnoing
in 2009-2010 is signilic+nt, sincc Cnincsc lcnoing ovcr tnc
s+mc pcrioo cxplooco lrom zcro to ovcr 20 timcs Ill lcno-
ing Ill lcnoing n+o bccn nigncr in 200, but it lcll yc+rs
bclorc Cnin+ bcg+n lcnoing to tncsc countrics Vicwco
in tnis contcxt, Cnincsc lcnoing is +ooing to, r+tncr tn+n
rcpl+cing, Ill lcnoing
China has only just started providing financing
to Latin America, but in 2010 it already loaned
more than the World Bank, IDB and US Ex-Im
Bank combined.
Figure 1. Comparison of Chinese and
Western Bank Loans to Latin America
2005 2006 2007 2008 2009 2010
0
5
10
15
20
25
30
35
40
China
World Bank
IDB
US Ex-Im
World Bank, IDB, US Ex-Im Sources: respective Annual Reports
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Cnincsc +no \cstcrn b+nks +lso oillcrco in +notncr w+y
Cnin+s lo+ns wcrc mucn l+rgcr lnc ovcrwnclming m+jor-
ity ol Cnincsc lin+ncing p+ck+gcs to lAC wcrc $1 billion
or grc+tcr, comp+rco to 22 pcrccnt lor tnc \orlo l+nk
+no 9 pcrccnt lor Ill Somc 93 pcrccnt ol tnc l+rgc \orlo
l+nk +no Ill lo+ns wcnt to lr+zil +no \cxico, witn tnc
rcm+ining 7 pcrccnt lor Argcntin+ \c+nwnilc, oS pcr-
ccnt ol Cnin+s l+rgc lo+ns wcnt to lcu+oor, lolivi+, +no
Vcnczucl+-countrics wncrc l+rgc lo+ns lrom \cstcrn
b+nks n+vc bccn +bscnt
Intcrcstingly, Cnincsc lcnoing to Vcnczucl+ +no lcu+oor
is lilling in lor tnc sovcrcign ocbt m+rkcts As cncrgy
cconomist logcr lissot +rgucs, 'Cnincsc lin+ncing is oltcn
tnc lcnocr ol l+st rcsort It is not + cnc+p onc, but ouc
to tnc conccrn tnc intcrn+tion+l lin+nci+l community n+s
ovcr Vcnczucl+ +no lcu+oor, +no tnc l+rgc risk prcmiums
tncy woulo cn+rgc, Cnincsc lcnoing is +n +ttr+ctivc option`
(\ycrs 2011) Argcntin+ +no lcu+oor csscnti+lly cut tncm-
sclvcs oll lrom m+instrc+m lcnoing by ocl+ulting on tncir
sovcrcign ocbt in 2001 +no 200S-2009, rcspcctivcly lnc
Vcnczucl+n govcrnmcnt n+s sc+rco oll somc invcstors by
its oomcstic +ctions +s wcll As + rcsult, tnc sovcrcign ocbt
markets charge Argentina, Ecuador, and Venezuela spreads
ol S3S, 93, +no 1220 b+sis points, rcspcctivcly (l+blc -)
lncsc +rc lour to six timcs nigncr tn+n intcrcst r+tc sprc+os
lor Soutn Amcric+n countrics witn simil+r sizc ccono-
mics lor cx+mplc, tnc sprc+o lor Colombi+ is 19 b+sis
points +no, lor lcru, 21S (Jl \org+n 2011) Cnincsc b+nks
loaned disproportionately large amounts to these high-risk
Table 2. Recipients of World Bank, IDB, and Chinese Lending from 20052011
($ million) Total Loans World Bank IDB China
Venezuela $44,528 $ $6,028 $38,500
Brazil $39,628 $15,338 $12,559 $11,731
Mexico $27,410 $14,739 $11,671 $1,000
Argentina $26,774 $7,164 $9,610 $10,000
Colombia $12,118 $6,241 $5,877 $
Ecuador $8,914 $153 $2,457 $6,304
Peru $6,113 $3,045 $2,868 $200
El Salvador $2,954 $1,196 $1,758 $
Guatemala $2,887 $1,176 $1,711 $
Panama $2,811 $591 $2,220 $
Costa Rica $2,741 $698 $1,743 $300
Dominican Republic $2,555 $854 $1,701 $
Other $14,079 $2,169 $6,730 $5,180
TOTAL $194,321 $53,365 $67,741 $73,215
World Bank and IDB Sources: respective Annual Reports Chinese Sources: Figure 1
26
6
7
0
11
Figure 2. IDB Lending to Ecuador
and Venezuela Before and During the
Chinese Influx
IDB Source: Annual Reports Chinese source: Figure 1
2005 2006 2007 2008 2009 2010
0
5
10
15
20
20
30
35
40
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Chinese EV
IDB Total
IDB EV
IDB EV %
10%
0%
20%
30%
40%
50%
60%
14
countrics, compcns+ting lor tnc l+ck ol sovcrcign ocbt lcno-
ing (ligurc 3)
Cnin+ n+s usco its lo+ns-lor-oil +no purcn+sc rcuirc-
mcnts to rcoucc tnc cost ol lcnoing to tncsc otncrwisc
non-crcoitwortny borrowcrs Cll oocs not subsioizc its
intcrcst r+tcs +s ocvclopmcnt +io or to outcompctc otncr
lcnocrs, instc+o ollcring tnc lo+ns +t cost (lr+utig+m 2009,
11) lut +s Cll lounocr Cncn Yu+n st+tco, 'b+cking lo+ns
witn oil snipmcnts cllcctivcly kccps risks to + minimum
lcvcl` (lorsytnc +no S+nocrson 2011) lnc risk mitig+-
tion ol lo+ns-lor-oil sccms to cxpl+in wny Cll w+s +blc
to ollcr tnc $20 billion Vcnczucl+n lo+n +t + llo+ting r+tc
ol 0-2S b+sis points ovcr lIlOl, only + lr+ction ol its
93 b+sis point cost in sovcrcign ocbt m+rkcts Simil+rly,
Cnin+s $10 billion linc ol crcoit to Argcntin+ is +ctu+lly +
crcoit linc to Cnincsc r+ilw+y comp+nics, mc+ning tn+t tnc
moncy will cllcctivcly st+y in Cnin+ Sincc tnc $10 billion
lo+n will oircctly support tncsc Cnincsc comp+nics, Cll
cn+rgco o00 b+sis points +bovc lIlOl, wcll bclow tnc 93
b+sis point sprc+o on Argcntinc sovcrcign ocbt (Gill 2011)
Simil+rly, Cnin+ lx-Im l+nk g+vc lcu+oor + $17 billion
cxport crcoit +t + r+tc ol o9 pcrccnt, wcll bclow lcu+oors
S3S b+sis point sprc+o
Table 3. Recipients of World Bank, IDB, and Chinese Loans of $1 Billion or Greater
($ million) Total World Bank IDB China
Venezuela $38,500 $ $ $38,500
Brazil $17,675 $3,445 $3,000 $11,230
Mexico $11,221 $8,021 $2,200 $1,000
Argentina $11,200 $ $1,200 $10,000
Ecuador $5,683 $ $ $5,683
Bahamas $2,450 $ $ $2,450
TOTAL $86,729 $11,466 $6,400 $68,863
World Bank and IDB Sources: respective Annual Reports Chinese sources: Figure 1
Table 4. Chinese Lending and Government Debt Ratings
Country
% of Chinese
Lending to
Government
OECD
Risk Rating
OECD
Premium S&P Rating
EMBI+
Debt Spread
Chile 0.8% 2 162 A+
Panama 0.0% 3 177 BBB- 186
Mexico 0.0% 3 177 BBB 188
Peru 0.3% 3 177 BBB 218
Brazil 13.7% 3 177 BBB 219
Costa Rica 0.4% 3 177 BB
Colombia 0.0% 4 198 BBB- 195
Bolivia 0.9% 6 231 B+
Jamaica 0.6% 6 231 B
Ecuador 8.6% 7 251 B 838
Argentina 13.7% 7 251 B 935
Venezuela 52.6% 7 251 B+ 1220
http://www.cbonds.info/cts/eng/index_detail/group_id/1/
Anotncr l+ctor is tn+t Cll is b+ckco by tnc Cnincsc gov-
crnmcnt lorrowcrs wno ocl+ult risk +ngcring not only tnc
Cll but +lso tnc Cnincsc govcrnmcnt, +no tn+t mignt jcop-
+roizc luturc oc+ls witn Cnincsc lirms
Cnin+s surrog+tc sovcrcign lcnoing n+s nclpco lcu+oor
nc+l +ltcr its ocl+ult Cnincsc lo+ns n+vc covcrco its buo-
gct snortl+ll Only two yc+rs +ltcr tnc ocl+ult, lcu+oor n+s
l+rgcly rcg+inco invcstor conliocncc Govcrnmcnt bonos
+rc pcrlorming bcttcr tn+n +ny otncrs in l+tin Amcric+ As
+ rcsult, govcrnmcnt invcstmcnt is oriving rccoro cconomic
growtn (Gill 2011) ly t+king tnc pl+cc ol sncll-snockco
sovcrcign lcnocrs, Cnin+ n+s givcn lcu+oor + sccono
cn+ncc to rcbuilo invcstor conliocncc
Our Cnin+ lo+n tot+ls m+y +ctu+lly unocrcstim+tc tnc
lcvcl ol Cnincsc lcnoing Lnlikc tnc \orlo l+nk +no Ill,
wnicn provioc +nnu+l rcports +no sc+rcn+blc o+t+b+scs
witn complctc lists ol tncir lo+ns, ncitncr tnc Cnincsc b+nks
nor their borrowers routinely announce loans to the public.
ln+t limits us to m+jor lo+ns rcportco in tnc ncws, +pprovco
by legislators, recorded by publicly traded companies, or
+nnouncco by prouo govcrnmcnt ollici+ls \c n+vc likcly
missco + numbcr ol lo+ns unocr $0 million
\orc import+ntly, wc r+rcly lc+rn ol lo+ns bctwccn
br+ncncs ol tnc Cnincsc govcrnmcnt, lrom st+tc-ownco
b+nks to st+tc-ownco comp+nics opcr+ting ovcrsc+s lnc
lcrit+gc louno+tions Cnin+ Invcstmcnt lr+ckcr lists 3o
l+rgc-sc+lc Cnincsc invcstmcnt
projects in Latin America worth
morc tn+n $-2 billion, but wc
n+vc rccoroco only onc c+sc ol
Cnincsc intr+-st+tc lcnoing, tnc
$2 billion Cnin+ lx-Im l+nk
lo+n to Cnin+lco lcru in 200S
\c conlirmco tnis oc+l only bcc+usc wc n+o tnc opportu-
nity to intcrvicw Cnin+lco ollici+ls in lcru \c +ssumc tn+t
similar deals go unreported.
lncrc is +notncr sioc to tnis, nowcvcr lcspitc our
bcst cllorts to usc rcli+blc sourccs, suspcnoco +no c+n-
cclco lo+ns m+y c+usc us to sligntly ovcrcstim+tc tnc lo+n
tot+ls \orcovcr, somc n+tions m+y not or+w tnc lull linc
ol crcoit Agrcco-upon, signco, +no r+tilico lo+ns m+y not
always materialize due to political or economic changes
on either end. The Financial Times rcports 'In somc c+scs,
ocvcloping country govcrnmcnts n+vc +nnouncco l+rgc
sums lor lo+n +grccmcnts wnicn n+vc not bccn rc+lisco`

(lycr 2011)

Congrcssion+l lcsc+rcn Scrviccs w+rns in its
rcport on Cnincsc lorcign +io tn+t 'cstim+tco tot+ls snoulo
bc intcrprctco witn c+ution Somc rcportco v+lucs m+y bc
inll+tco somc lo+ns rcprcscnt ollcrs or plcogcs tn+t m+y
not n+vc bccn lullillco, somc projccts m+y n+vc bccn c+n-
ccllco` (lum 2009) lo+n +grccmcnts, likc Argcntin+s
$10 billion +grccmcnt in 2010, simply sct +n +mount to
bc c+rvco into projccts l+tcr As sucn, tncy m+y only bc
p+rti+lly lullillco Still, wc conlirmco tn+t lor most m+jor
lo+ns tnc lo+n tr+ncncs n+vc bccn +rriving on scncoulc, so
we anticipate only minor inaccuracies due to loan cancella-
tions Also, wc +ssumc tn+t \orlo l+nk +no Ill lo+ns will
sullcr p+rti+l +no complctc c+nccll+tions +t simil+r r+tcs
China has used its loans-for-oil and purchase
requirements to reduce the cost of lending
to otherwise non-creditworthy borrowers.
Figure 3. Loans Over $1 Billion by
Governments Credit Ratings
Source:
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China World Bank IDB
0
10
20
30
40
50
60
70
Mexico (3)
Brazil (3)
Argentina (7)
Ecuador (7)
Venezuela (7)
3. Chinese Finance Terms
Are Not Always So Sweet
When There Is Access to
International Capital Markets
Somc n+vc cxprcssco conccrn tn+t Cnincsc b+nks +rc
rcpl+cing tnc \orlo l+nk +no \cstcrn cxport crcoit +gcn-
cics (lCAs) by ollcring lowcr-intcrcst lo+ns +no gcncr+lly
bcttcr tcrms lowcvcr, wc lino tn+t tnis is oltcn not tnc c+sc
\cliss+ Gr+n+m +t tnc Council on lcmispncric All+irs
+rgucs tn+t Cnincsc st+tc b+nks m+y bc rcpl+cing \cstcrn
b+nks in l+tin Amcric+ by 'ollcring] intcrcst +t r+tcs tn+t +rc
lowcr tn+n otncr compcting ocvclopco countrics`(Gr+n+m
2010) lnc Washington Post cxpl+ins tn+t 'Cnin+ is + m+stcr
+t low-b+ll lin+ncing, l+snioning lo+ns ol billions ol ooll+rs
at tiny interest rates that can stretch beyond 20 years
lnis n+s bccomc + nc+o+cnc lor \cstcrn compctitors, cspc-
ci+lly mcmbcrs ol tnc 32-n+tion Org+niz+tion lor lconomic
Coopcr+tion +no lcvclopmcnt (OlCl), wnicn long +go
+grcco not to usc lin+ncing +s +
compctitivc tool` (lomlrct 2010)
lnc s+mc +rticlc notcs tn+t tnc LS
lx-Im l+nk n+s compl+inco tn+t
Cnin+ lx-Im l+nk m+kcs its cxports
morc +ttr+ctivc witn 'bclow-m+rkct
intcrcst r+tcs +no] c+sy rcp+ymcnt
tcrms` lnc Financial Times notes
'csc+l+ting compctition ovcr lo+n
oc+ls` bctwccn Cnincsc b+nks +no
tnc \orlo l+nk (lycr 2011)
At tnc s+mc timc, somc obscrvcrs pr+isc tnc Cnincsc
lo+ns lor bro+ocning tnc lin+ncing options lor ocvcloping
countrics Antonio C+stillo +rgucs in tnc China Daily that
'Cnin+ is gooo ncws +s + sourcc ol tnc mucn nccoco ocvcl-
opmcnt lo+ns` lor l+tin Amcric+ (C+stillo 2010) lr+utig+m
c+lls Cnin+s cntr+ncc + 'positivc ocvclopmcnt` sincc it will
cn+llcngc tnc 'wc+ltny countrics rulcs` tn+t protcct cxccs-
sivc lin+ncing costs, likc uplront lccs ol 21 pcrccnt on LS
lx-Im l+nk lo+ns (lr+utig+m 2011b) Snc points out tn+t
tnc OlCl b+nnco compctitivc lin+ncing to bcnclit lcnocrs,
not borrowcrs (2009, 29S) \ncn J+p+n +no OlCl coun-
trics compctco on lin+ncing tcrms to win oc+ls witn Cnin+
in tnc 1970s +no 19S0s, 'Cnin+ s+w tnis compctition] +s
bcnclici+l lor Cnin+s ocvclopmcnt` (2009, 0) lctcr lv+ns
+lso criticizcs tnc OlCl rulcs, pointing out tn+t tncy +llow
ocvclopco countrics to colluoc +no m+ximizc prolits +t tnc
cxpcnsc ol ocvcloping-country borrowcrs (200)
Our stuoy rcvc+ls tn+t Cnincsc b+nks oillcr in tncir usc
ol lin+ncing Cnin+s ocvclopmcnt b+nk gcncr+lly ollcrs
nigncr r+tcs +no Cnin+ lx-Im l+nk ollcrs sligntly lowcr
r+tcs wncn comp+rco witn tncir IlI +no \cstcrn coun-
tcrp+rts lut tncsc comp+risons +rc mislc+oing bcc+usc
Cnincsc b+nks p+ck+gc commcrci+l lin+ncing +no ocvclop-
mcnt +io oillcrcntly tn+n tncir countcrp+rts lcg+rolcss, it
is clc+r tn+t tnc rc+l low-b+ll lin+ncing only n+ppcns witnin
tnc Cnincsc govcrnmcnt
\ncn wc comp+rc ocvclopmcnt b+nks, Cll ollcrs mostly
commcrci+l intcrcst r+tcs tn+t cxccco tnc \orlo l+nk r+tcs
2

(l+blc ) In 2010, Cll ollcrco Argcntin+ + $10 billion
lo+n +t o00 b+sis points +bovc lIlOl lnc s+mc yc+r, tnc
\orlo l+nk Groups Intcrn+tion+l l+nk lor lcconstruction
+no lcvclopmcnt (Illl) gr+ntco Argcntin+ + $30 million
lo+n witn + sprc+o ol S b+sis points lnc Cnincsc sprc+o is
more than 5 percent wider, which more than compensates
lor tnc l+rgcr sizc ol tnc lo+n In 2009, Cll g+vc lr+zil +
$10 billion lo+n +t 2S0 b+sis points lnc Illl g+vc lr+zil
+ $-3- million lo+n in 2000 +t + v+ri+blc sprc+o ol 30-
b+sis points Ag+in, tnc Cnincsc sprc+o is mucn l+rgcr In
2009, Cll gr+ntco \cxicos Amcric+ \ovil + $1 billion lo+n
+t ovcr 100 b+sis points lnc Illl g+vc Cnilc + $2-S mil-
lion lo+n in 2007 lor b+sis points Sincc Cnilc +no \cxico
n+vc simil+r crcoit r+tings, Clls r+tcs +g+in sccm nigncr
tn+n tnc Illls \c coulo not comp+rc lo+ns ol simil+r sizcs
2
\orlo l+nk r+tcs +rc not ollici+lly conccssion+l but bcc+usc tnc
b+nk n+s +n cxccption+l crcoit r+ting +no oocs not oltcn +oo +
country risk prcmium, its lin+ncc is cllcctivcly conccssion+l wncn
comp+rco to purc m+rkct r+tcs +t lIlOl plus country risk
Chinese banks differ in their use of financing.
Chinas development bank generally offers
higher rates and China Ex-Im Bank offers
slightly lower rates when compared with IFI
and Western counterparts.
in tnc s+mc country in tnc s+mc yc+r bcc+usc botn Cll +no
tnc Illl m+kc cvcry cllort to kccp tncir intcrcst r+tcs sccrct
lowcvcr, it is signilic+nt tn+t +ll tnc Cll intcrcst r+tcs wc
louno cxcccoco Illls r+tcs, incluoing +ll st+no+ro r+tcs
listco on tnc l+ttcrs wcbsitc (\orlo l+nk lrc+sury 2010)
In otncr woros, tnc Cll cn+rgcs nigncr intcrcst r+tcs tn+n
Illl, ocspitc convcntion+l wisoom to tnc contr+ry
\ncn wc comp+rc cxport crcoit +gcncics, Cnin+s lxport-
Import l+nk ollcrs sligntly lowcr intcrcst r+tcs tn+n LS
lx-Im l+nk lnc Washington Post +rgucs tn+t Cnin+ is using
'low-b+ll lin+ncing` to m+kc its cxport crcoits morc +ttr+c-
tivc, sincc 'Cnin+ n+s n+noco out billions ol ooll+rs +t lcss
tn+n 1 pcrccnt intcrcst` (lomlrct 2010) lowcvcr, Cnin+
lx-Im l+nk is not giving out sub-1 pcrccnt lo+ns Cnin+
lx-Im l+nks lowcst-intcrcst lo+ns wcrc its 2 pcrccnt lo+ns
to J+m+ic+ +no lolivi+ in 2010 lr+utig+m rcports simil+r
r+tcs lor Cnin+s lx-Im l+nk lo+ns to Alric+n countrics
(lr+utig+m 2009, 129, 1-0, 173) lo comp+rc Cnin+ +no
LS lx-Im intcrcst r+tcs, wc subtr+ct tnc OlCls 'country
risk` prcmiums to compcns+tc lor tnc l+ct tn+t somc coun-
trics +rc riskicr tn+n otncrs lncsc prcmiums +rc subst+nti+l,
tncy +oo 21 pcrccnt +nnu+lly on lo+ns to Argcntin+ +no
lcu+oor +no 231 pcrccnt on lo+ns to lolivi+ +no J+m+ic+
(OlCl 2011, OlCl 2011) \nilc tnc LS lx-Im l+nk
cn+rgco 1 pcrccnt to 2 pcrccnt +bovc tnc OlCl risk
prcmium, Cnin+ lx-Im l+nks lo+n r+tcs r+ngco lrom 031
pcrccnt bclow tnc prcmium to -- pcrccnt +bovc it Otncr
tn+n tnc cxccption+lly nign r+tc lor lcu+oors Coc+-Cooo
Sincl+ir l+m, Cnin+s r+tcs l+ll 1 to 2 pcrccnt bclow LS r+tcs
lnc lowcr r+tcs ol Cnin+ lx-Im l+nk stcm lrom Cnin+s
unconvcntion+l brc+koown ol commcrci+l +no conccssion+l
lin+ncc r+tncr tn+n lrom cuttnro+t compctition lnc Illl
+no otncr ocvclopmcnt b+nks ollcr conccssion+l intcrcst
r+tcs +s +n ollici+l lorm ol ocvclopmcnt +io lcspitc Clls
'ocvclopmcnt b+nk` l+bcl, tnc Cnincsc b+nk gcncr+lly
cn+rgcs borrowcrs tnc lull cost ol lin+ncc
3
lor tnis rc+son,
lr+utig+m l+bcls Cll 'tnc ocvclopmcnt b+nk tn+t oocsnt
givc +io` (2009, 11) lnc Illl is cllcctivcly ollcring con-
ccssion+l r+tcs in rcl+tivc tcrms lor tnc s+mc rc+sons +s tnc
\orlo l+nk (scc lootnotc 2), wnilc Cll is not It is not
surprising, tncrclorc, tn+t Clls intcrcst r+tcs +rc nigncr
Instc+o ol giving ocvclopmcnt +io tnrougn its ocvclopmcnt
b+nk, Cnin+ cn+nncls it tnrougn Cnin+ lx-Im l+nk
In orocr to givc conccssion+l lo+ns, likc lolivi+s lo+ns
+t only 2 pcrccnt intcrcst, Cnin+ lx-Im l+nk rcccivcs sub-
sioics oircctly lrom tnc \inistry ol lin+ncc (All 2011,
lr+utig+m 2011+, 7o) Cnin+ buogcts tncsc subsioics +s
ollici+l ocvclopmcnt +io, tnougn OlCl countrics pronibit
mixing cxport crcoits witn ocvclopmcnt +io Cnin+ lx-Im
l+nks conccssion+l intcrcst r+tcs l+ll 1 pcrccnt to 2 pcrccnt
bclow LS lx-Ims commcrci+l r+tcs Cnin+ lx-Im l+nks
3
As oiscussco in tnc prcvious scction, Clls commcrci+l r+tcs still
sn+vc nunorcos ol b+sis points oll tnc commcrci+l r+tcs ollcrco by
sovcrcign ocbt lcnocrs
Table 5. CDB and World Bank Loan Interest Rates
Year Lender
Borrowing
Country Borrower
Spread
(bp above
LIBOR)
Amount
($m)
Payment
Period
Includes
Purchase
Requirements
Commodity
Backed
2010 CDB Argentina Government 600 10,000 19 YesTrains from
CNR
No
2009 CDB Mexico Amrica
Mvil
100 1,000 10 YesHuawei tele-
com equipment
No
2009 CDB Brazil Petrobras 280 10,000 10 Yes$3b for oil drill-
ing equipment
Oil
2010 CDB Venezuela PDVSA and
BANDES
50285 20,000 10 Yes70%, incl CITIC
construction
Oil
2000 WB (IBRD) Brazil Eletrobras 3055 43.4 15 No No
2007 WB (IBRD) Chile Government 5 24.8 10 No No
2010 WB (IBRD) Argentina Government 85 30 25 No No
Chinese Sources: See Annex. World Bank Source: Interview, World Bank Lending Department Official, 2011
l+rgcst lo+ns, nowcvcr, +rc unsubsioizco commcrci+l lo+ns
+t mucn nigncr intcrcst r+tcs lncsc incluoc + $2- billion
lo+n lor tnc l+n+ \+r rcsort in tnc l+n+m+s +no + $17 bil-
lion lo+n lor lcu+oors Coc+-Cooo Sincl+ir o+m (lu 2011)
Cnin+ lx-Im l+nk is not unocrcutting LS lx-Im on tncsc
lo+ns, it cn+rgco o9 pcrccnt intcrcst on tnc l+ttcr, +bout
2 pcrccnt nigncr tn+n LS lx-Im r+tcs, cvcn +ojusting lor
lcu+oors nign risk prcmium ('lmb+ssy` 2010)
lnc oillcrcncc bctwccn Cnin+
lx-Im l+nks conccssion+l crcoits
+no IlI/\cstcrn lCA m+rkct-r+tc
crcoits m+y not unouly inllucncc
borrowcrs lCAs +rc not provio-
ing oiscrction+ry lo+ns but, r+tncr, lincs ol crcoit lor pur-
cn+scs lrom LS or Cnincsc comp+nics lnus, in +ooition to
intcrcst r+tcs, borrowcrs n+vc to consiocr tnc oillcrcnccs in
proouct u+lity +no pricing bctwccn LS +no Cnincsc com-
p+nics lor cx+mplc, in + rcccnt nign-prolilc c+sc ol lx-Im
b+nk compctition in l+kist+n, tnc Wall Street Journal reports
tn+t Cnincsc tr+ins wcrc '30 to 0 pcrccnt cnc+pcr` tn+n
LS tr+ins l+kist+n still cnosc Gcncr+l llcctric tr+ins ovcr
longlcng tr+ins bcc+usc tncy consiocrco Gls tr+ins to bc ol
nigncr u+lity (lcooy 2011) l+rgc pricc +no u+lity oillcr-
cnccs outwcign + 1 to 2 pcrccnt g+p in intcrcst r+tcs, tnougn
+ 1 to 2 pcrccnt intcrcst oillcrcnti+l woulo incrc+sc tot+l
lin+ncing costs by 1S pcrccnt to 30 pcrccnt lor + twclvc-
yc+r lo+n lr+utig+m rcports + simil+r oiscrcp+ncy in tnc
c+sc ol Cnin+ lx-Ims lo+ns to Alric+ 'lncrc is no ucstion
tn+t tncsc subsioizco lo+ns oo nclp lut tncir rolc snoulo
not bc cx+ggcr+tco Oltcn,] Cnincsc comp+nics +rc sim-
ply morc compctitivc` (lr+utig+m 2009, 9S)
Cnin+ m+y bc outcompcting OlCl lCAs by rcoucing risk
cxposurc lccs, wnicn gocs bcyono tnc scopc ol tnis stuoy
In +ooition to tnc risk prcmium, tnc OlCl rcuircs mcm-
bcrs to +sscss + subst+nti+l uplront risk cxposurc lcc lor
Low-ball, sub-1 percent Chinese loans exist,
but only within the Chinese government.
Table 6. China and US Ex-Im Bank Loan Interest Rates
Year Lender
Borrowing
Country Borrower
Interest
Rate
Rate Minus
OECD Risk
Premium
Amount
($m)
Payment
Period Purpose
2007 China
Ex-Im
Jamaica Government 2 0.31 45 20 Montego Bay
Convention Center
2009 China
Ex-Im
Bolivia YPFB 2 0.31 60 20 Home gas networks,
oil drilling rigs
2010 China
Ex-Im
Ecuador Government 6.9 4.39 1,683 15 Hydroelectric dam
Coca-Codo Sinclair
2010 China
Ex-Im
Jamaica Government 3 0.69 340 5 Road construction
2009 US Ex-Im Mexico Pemex 3.81 2.04 600 10 Oil Exploration and
Production Equipment
2009 US Ex-Im Mexico Electrica
del Valle de
Mexico
4.3 2.53 81 4 Clipper Windpower
wind turbines
2009 US Ex-Im Brazil MRS Logis-
tica
3.3 1.53 87 General Electric diesel
electric locomotives
2010 US Ex-Im Dominican
Republic
Pueblo Viejo
Dominicana
4.02 1.8 375 Caterpillar trucks,
bulldozers, and loaders
2010 US Ex-Im Honduras Energia
Eolica de
Honduras
4.42 2.11 159 18 Gamesa Wind turbines
Chinese Sources: See Annex. US Sources: US Ex-Im Annual Reports
Argcntin+ +no lcu+oor, tnis lcc is 1-- pcrccnt, lor lolivi+
+no J+m+ic+ it occlincs to 132 pcrccnt (OlCl 2011) \nilc
Cnin+ lx-Im l+nk cl+ims tn+t it cn+rgcs risk cxposurc lccs
+ccoroing to b+nk rcgul+tions, wc louno no inlorm+tion on
tnc spccilic lcvcls ol tncsc lccs (lxport-Import 2009) lnc
Washington Post rcports tn+t LS lx-Im l+nk compctco witn
Cnin+ on + l+kist+n lo+n by rcoucing its cxposurc lcc to S2
pcrccnt, wncn tnc OlCl rcuircmcnt is 1-- pcrccnt (lcooy
2011) Il Cnin+ lx-Im l+nk is inocco ollcring cxposurc lccs
o pcrccnt lowcr tn+n OlCl countrics, its cxports will bc
morc compctitivc, +ltnougn tnis o pcrccnt p+lcs in comp+ri-
son witn + 30 to 0 pcrccnt pricc oillcrcncc
lnc 'low-b+ll` sub-1 pcrccnt lo+ns cxist, but tncy l+ll
witnin + spcci+l tniro cl+ss lo+ns witnin tnc Cnincsc gov-
crnmcnt St+tc-ownco Cnincsc b+nks will gr+nt lo+ns +t
ncgligiblc intcrcst r+tcs to st+tc-ownco Cnincsc comp+nics
operating abroad since there is little risk that one branch
ol tnc govcrnmcnt will ocl+ult on +notncr In 200S, Cnin+
lx-Im l+nk gr+ntco Cnin+lco lcru + $2 billion, 1-yc+r
lo+n +t lcss tn+n onc b+sis point +bovc lIlOl (G+ll+gncr
2011) In otncr woros, Cll trc+ts Cnin+lco likc it woulo
trc+t + trustco lcllow b+nk \c conlirmco tnis intcrcst r+tc
in +n intcrvicw witn Cnin+lco comp+ny ollici+ls in lim+
The Washington Post rcports tn+t Cnincsc st+tc b+nks +rc
supplying simil+rly cnc+p lin+ncing lor \un+n Iron +no
Stccls invcstmcnts in tnc lr+zili+n stccl +no oil inoustrics
(lomlrct 2010) No sourccs n+vc rcportco r+tcs tnis low
outsioc tnc Cnincsc govcrnmcnt
In sum, Cnincsc b+nks +rc not ollcring bcttcr intcrcst
r+tcs tn+n \cstcrn b+nks +cross tnc bo+ro or by l+rgc m+r-
gins Clls r+tcs +ppc+r nign wncn comp+rco to tnc Illl
Cnin+ lx-Im l+nks r+tcs l+ll sligntly bclow LS lx-Ims
r+tcs, but Cnin+ lx-Ims lowcr r+tcs stcm lrom govcrnmcnt
ocvclopmcnt +io subsioics r+tncr tn+n compctition witn
OlCl crcoit +gcncics
4. On Chinas Terms:
Commodity-Backed Loans
Cnincsc comp+nics rcccntly bcg+n +rr+nging + ncw typc
ol lo+n p+ck+gc, tnc lo+n-lor-oil, lor lAC (+no clscwncrc)
lo+ns-lor-oil witn l+tin Amcric+ n+vc rc+cnco $-o billion
in only tnrcc yc+rs, wcll ovcr n+ll ol Cnin+s tot+l commit-
mcnts to tnc rcgion (l+blc 7) Vcnczucl+ n+s ncgoti+tco lour
sucn lo+ns, tot+ling $32 billion, sincc 200S lr+zil signco
onc lor $10 billion in commitmcnts in 2009 lcu+oor
signco + $1 billion lo+n-lor-oil in 2009 +no + sccono in
2010 In July ol 2011, it +ooco + tniro lor $2 billion
A lo+n-lor-oil gcncr+lly combincs + lo+n +grccmcnt +no
+n oil-s+lc +grccmcnt tn+t involvcs two countrics st+tc-
ownco b+nks +no oil comp+nics lnc Cnincsc b+nk gr+nts +
billion-ooll+r lo+n to +n oil-cxporting country likc lcu+oor
lcu+oors st+tc oil comp+ny, lctroccu+oor, plcogcs to snip
nunorcos ol tnous+nos ol b+rrcls ol oil to Cnin+ cvcry
o+y lor tnc lilc ol tnc lo+n Cnincsc oil comp+nics tncn
buy the oil at market prices and deposit their payments
into lctroccu+oors Cll +ccount Cll witnor+ws moncy
oircctly lrom tnc +ccount to rcp+y itscll lor tnc lo+n
These agreements secure more
oil than will go to pay back the
loan, since it would be politi-
c+lly untcn+blc lor tnc borrowing
countrics to givc Cnin+ oil +no gct
notning in rcturn lor cx+mplc,
Venezuela agreed on a ten-year,
$20 billion lo+n-lor-oil in 2010 lo p+y tnis lo+n b+ck witn
$110 b+rrcls ovcr tnc tcn-yc+r tcnor, Vcnczucl+ woulo only
n+vc to scno 0,000 b+rrcls pcr o+y lowcvcr, Vcnczucl+
committco to scno 200,000 to 300,000 b+rrcls pcr o+y to
Cnin+, lour to six timcs +s mucn ly incorpor+ting tnc rcp+y-
mcnt into + l+rgcr supply contr+ct, Vcnczucl+ c+n trutnlully
s+y tn+t Cll will only ocouct + portion ol tnc rcvcnucs to
covcr lo+n intcrcst, wnilc tnc rcst will rcturn to Vcnczucl+
loo+y, Vcnczucl+ n+s signco so m+ny lo+ns-lor-oil tn+t it
+llows Cnin+ to kccp $70 pcr b+rrcl to p+y b+ck tnc lo+ns,
wnilc Cnin+ rclunos tnc rcm+ining $-0 or so +ccoroing to
m+rkct priccs (Crooks +no loorigucz lons 2011) lr+zil +no
lcu+oor rct+in + l+rgcr pcrccnt+gc ol tnc oil rcvcnuc bcc+usc
tncy n+vc sm+llcr lo+ns In lcu+oor, lctroCnin+ ocposits 79
pcrccnt ol tnc oil rcvcnuc into lctroccu+oors Cll +ccount
Mainly because of a misconception about oil
prices, Chinese loans have been criticized as
harmful to Latin American borrowers.
+no oivcrts tnc rcm+ining 21 pcrccnt to p+y b+ck tnc lo+n
(Ari+s S+noov+l 2010) In lr+zil, Sinopcc p+ys m+rkct priccs
lor lctrobr+s oil +no ocposits its p+ymcnt in lctrobr+s Cll
+ccount lr+zil must m+int+in + minimum +ccount b+l+ncc
cuiv+lcnt to six montns ol intcrcst on tnc lo+n (zissis 2009)
Cll n+s m+oc nc+olincs witn its lo+ns-lor-oil, but it oio
not invcnt tncm Inocco, J+p+n g+vc Cnin+ lo+ns lor its oil
in tnc 1970s lncsc oc+ls mc+nt J+p+ncsc tccnnology lor
Cnin+ +no cncrgy sccurity +no inoustri+l oivcrsilic+tion lor
J+p+n (lr+utig+m 2009, 13, -7) lotn countrics consiocrco
tncsc lo+ns-lor-oil succcsslul, now tn+t Cnin+ imports oil
+no cxports tccnnology, it n+s copico J+p+ns oc+ls In l+ct,
J+p+n +no Cnin+ botn signco lo+ns-lor-oil witn Vcnczucl+
in 2011 (l+rr+g+ 2011)
lo+ns-lor-oil n+vc rcccivco intcrn+tion+l +ccl+im lor tncir
bcnclits to Cnin+ lncy nclp Cnin+ cst+blisn oivcrsc, long-
tcrm oil supply cn+ins, promotc Cnincsc cxports, put ooll+r
rcscrvcs to + proouctivc usc, cxp+no tnc intcrn+tion+l us+gc
ol tnc Cnincsc yu+n, +no win l+vor witn borrowing govcrn-
mcnts Jcrcmy \+rtin, oircctor ol tnc lncrgy lrogr+m +t
tnc Institutc ol tnc Amcric+s, c+lls lo+ns-lor-oil tnc 'most
import+nt +rrows in lcijings uivcr` (Arnson +no l+vioow
2011, 17) lowns +rgucs tn+t +s + nybrio ol policy +no
commcrci+l b+nking, Cll n+s ocsignco tnc lo+ns-lor-oil to
lullill botn policy +no commcrci+l objcctivcs In +ooition to
sccuring oil supplics, nclping Cnincsc comp+nics cxp+no
+bro+o, +no builoing rcl+tionsnips witn Soutn Amcric+n
govcrnmcnts, tnc oil-b+ckco commcrci+l lo+n tcrms lowcr
risk +no incrc+sc prolits (lowns 2011, 3)
Still, somc scnol+rs +lso +rguc tn+t Cnin+ n+s turnco to
lo+ns-lor-oil +s + sccono-bcst str+tcgy Cnincsc oil comp+-
nics woulo prclcr to own lorcign oil by buying cuity in
lorcign oil liclos, r+tncr tn+n simply g+ining +n oil purcn+sc
+grccmcnt lowcvcr, lorcign govcrnmcnts n+vc blockco
m+ny ol Cnin+s +ttcmpts to buy oil liclos, witn tnc most
l+mous cx+mplc bcing tnc LS rclus+l to +llow tnc LNOCAl
mcrgcr Ln+blc to buy oil liclos, it n+s bccn +rguco tn+t
Cnin+ turnco to lo+ns-lor-oil to sccurc +t lc+st its oil pur-
cn+scs (Cn+o 2010, 1S, lnc lconomist 2010, Ji+ng 2010,
1-, Arnson +no l+vioow 2011, 17)
\+inly bcc+usc ol + misconccption +bout tnc oil priccs,
tnc lo+ns n+vc bccn criticizco +s n+rming l+tin Amcric+n
borrowcrs Cnincsc scnol+rs +no politici+ns occl+rc lo+ns-
lor-oil + 'win-win +rr+ngcmcnt` +no +rguc tn+t tncy will
strcngtncn Cnin+s im+gc +s + grc+t powcr tn+t nclps otncr
ocvcloping countrics (Cn+o 2010, 19, zncng 2010) lut
l+tin Amcric+n +no LS obscrvcrs +rc w+ry ol tnc oc+ls
\+ny n+vc m+oc tnc +ssumption tn+t tnc borrowcrs +rc
simply giving tnc snipmcnts ol oil to Cnin+ to p+y b+ck tnc
lo+n lnis woulo bc cuiv+lcnt to sclling + lixco u+ntity ol
luturc oil to Cnin+ +t + prc-sct pricc, +no it woulo rob tnc
cxportcrs ol m+ssivc rcvcnucs +s oil priccs rosc
The New York Times rcpc+ts + Vcnczucl+n l+wm+kcrs
cl+im tn+t 'Cnin+ lockco in low priccs lor tnc oil Vcnczucl+
is using +s rcp+ymcnt` (lomcro +no l+rrionucvo 2009)
lut Cnin+ c+nnot 'lock in` low priccs, sincc tnc contr+ct
rcuircs it to purcn+sc tnc oil snipmcnts +t tnc rclcv+nt
m+rkct pricc on tnc o+y tncy +rc rcccivco In +n intcrvicw
Table 7. Chinese Loans-for-Oil in Latin America
Year Borrowing Country Borrower Lender Amount ($m) Purpose
2008 Venezuela BANDES and PDVSA CDB 4,000 Funding infrastructure, other projects
2009 Brazil Petrobras CDB 10,000 Pre-salt oil technology
2009 Ecuador Petroecuador PetroChina 1,000 Advance payment for Petroecuador oil
2009 Venezuela BANDES and PDVSA CDB 4,000 Infrastructure, including satellite
2010 Ecuador Petroecuador CDB 1,000 80% discretionary, 20% oil-related
2010 Venezuela BANDES and PDVSA CDB 20,000 Funding infrastructure
2011 Ecuador Government CDB 2,000 70% discretionary, 30% oil-related
2011 Venezuela PDVSA CDB 4,000 Infrastructure
2011 Venezuela PDVSA ICBC 4,000 Housing
Sources: See Annex
witn tnc Intcr-Amcric+n li+loguc, cncrgy cconomist logcr
lissot +rguco tn+t Cnin+ c+n usc lo+ns-lor-oil to 'ncogc
+g+inst luturc pricc spikcs` (\ycrs 2011)

Cnin+ c+nnot
ncogc using lo+ns-lor-oil bcc+usc it is purcn+sing tnc oil
+t spot m+rkct priccs lor cx+mplc, lctroccu+oor sclls to
Cnin+ b+sco on \cst lcx+s Intcrmcoi+tc (\lI) priccs Il
\lI spikcs, Cnin+s priccs will oo tnc s+mc lnis miscon-
ccption n+s givcn lo+ns-lor-oil + bl+ck cyc Instc+o, +s +n
I\l Alric+ spcci+list notco 'It +ll ocpcnos on tnc tcrms`
(lr+utig+m 2009, 1-9)
lin+ncing tcrms in lo+ns-lor-oil +grccmcnts sccm bcttcr
lor tnc Soutn Amcric+ns tn+n most pcoplc bclicvc Somc
n+vc criticizco tnc lo+ns in lcu+oor, tnc only country to
rcvc+l oct+ils on its lo+ns-lor-oil lcu+oori+n oil +n+-
lyst lcrn+noo Vill+viccncio +rguco tn+t tnc tcrms, wnicn
incluoc cruoc oil oillcrcnti+ls +no oc+l prcmiums, 'rcp-
rcscnt million-ooll+r losscs lor tnc lcu+oori+n st+tc` (ll
Lnivcrso, '\s` 2010) Sincc lcu+oors cruoc is ol lowcr
u+lity tn+n \lI, tnc oc+ls subtr+ct + oillcrcnti+l ol $-20
to $720 pcr b+rrcl lor Oricntc cruoc +no $790 to $1070
lor N+po cruoc (ll Lnivcrso, 'Ncgoci+cioncs` 2010) At tnc
timc tnc oc+ls wcrc concluoco, lctroccu+oors ollici+l pricc
lor Oricntc cruoc incluoco + oillcrcnti+l ol $o7 +no, lor
N+po cruoc, + oillcrcnti+l ol $9- (lcccnt lusincss Ncws
2010) lncsc oillcrcnti+ls sccm to bc in linc witn tnosc in
tnc Cnincsc oc+ls
Cnin+ +lso p+ys oil prcmiums, or pcr-b+rrcl bonus p+y-
mcnts +bovc m+rkct pricc lnc 2009 oc+l +oos $12 to
$130 pcr b+rrcl lor tnc lcu+oori+n cruoc (ll Lnivcrso,
'Ncgoci+cioncs` 2010) lnc 2010 oc+l cut tnis prcmium to
$00, wnicn sp+rkco licrcc controvcrsy in Quito lowcvcr,
lctroccu+oor n+s rcccntly sougnt to cncour+gc nign-volumc
oc+ls by ollcring pcr-b+rrcl oiscounts, so cvcn tnc sm+ll
Cnincsc prcmiums +rc positivc ('lctroccu+oor` 200S) lnc
lin+l componcnt ol tnc lin+nci+l p+ck+gc is tnc lo+ns intcr-
cst r+tc Cll sct tnc r+tc +t 72 pcrccnt lor tnc lirst lo+n, o
pcrccnt lor tnc sccono, +no o9 pcrccnt lor tnc tniro lncsc
r+tcs +rc nign bcc+usc lcu+oor ocl+ultco on $32 billion
in govcrnmcnt bonos in 200S +no 2009 (\+pstonc 200S)
Still, tncy +rc lowcr tn+n tnc r+tcs cn+rgco by sovcrcign ocbt
lcnocrs Accoroing to Jl \org+ns l\lI+ Inocx, sovcrcign
lcnocrs cn+rgc lcu+oor S- pcrccnt +bovc lrc+sury yiclos
(Jl \org+n 2011)
lr+zil +no Vcnczucl+ +lso scll tnc oil to Cnin+ lor m+r-
kct priccs lnc lr+zili+n +no Vcnczucl+n govcrnmcnts n+vc
not rclc+sco tnc p+rticul+rs ol tnosc +grccmcnts lut tnc
Vcnczucl+n govcrnmcnt rcccntly scnt oocumcnt+tion to
the Wall Street Journal lrom wnicn tnc p+pcr concluoco tn+t
'Cnin+ +ppc+rs to bc p+ying rougnly m+rkct priccs lor tnc
oil` (lc Coroob+ 2011) Cn+o C+izncn, prolcssor +t Cnin+s
lcoplcs Lnivcrsity, rcports tn+t lr+zil is +lso sclling oil
b+sco on m+rkct priccs (2010, 1o0)
Il Cnincsc b+nks +rc not rc+ping l+rgc rcw+ros lrom
lo+ns-lor-oil, wn+t is tncir purposc` lirst, tnc lo+ns-lor-oil
n+vc sccurco Cnin+s +cccss to n+ll + yc+rs supply ol oil
Sincc only + lr+ction ol tnc oil p+ymcnt gocs to p+y b+ck
tnc lo+n, lor cvcry $1 ol lo+ns Cnin+ n+s pr+ctic+lly gu+r+n-
tcco +rouno $- ol oil supply Among its scvcn +grccmcnts
witn lr+zil, lcu+oor, +no Vcnczucl+, Cnin+ will rcccivc
rougnly 1 billion b+rrcls ol oil ovcr tnc ncxt tcn yc+rs
\itn Cnin+s o+ily consumption +t +lmost S million b+rrcls
pcr o+y, tnc 1 billion b+rrcls constitutc +bout o montns
ol oil It snoulo bc notco tn+t tnc volumc ol oclivcrics will
likcly lluctu+tc on +n +nnu+l b+sis ouc to tnc structurc ol
tnc contr+cts Ncvcrtnclcss, tnis is + sm+ll but comlorting
sn+rc ol Cnin+s luturc oil nccos
Sccono, +no pcrn+ps morc import+ntly, tnc lo+ns-lor-oil
+llow Cnin+ to givc lo+ns to otncrwisc non-crcoitwortny
borrowcrs by rcoucing tnc risk ol borrowcr ocl+ult Cll
c+n sipnon intcrcst oircctly out ol tnc oil p+ymcnt, cnsur-
ing tn+t il tnc country w+nts to cxport oil to Cnin+, it will
n+vc to p+y b+ck tnc lo+n lowcr ocl+ult risk mc+ns lowcr
risk prcmiums +no rcoucco intcrcst r+tcs lnus Cll coulo
ollcr Vcnczucl+ + tcn-yc+r, $20 billion lo+n \nilc it cost
+ sprc+o ol 0-2S b+sis points, no otncr intcrn+tion+l
lcnocr woulo givc Vcnczucl+ sucn + l+rgc, long-tcrm lo+n
Still, tnc risk ol ocl+ult is nigncr tn+n most pcoplc bclicvc
bcc+usc tnc oil is not coll+tcr+l lor tnc lo+n Il tnc borrowcrs
tnrc+tcn to cut oll tnc supply ol oil, Cll c+nnot scizc cxtr+
oil or oil rcvcnuc to compcns+tc
-
(lll 2009, ll Lnivcrso,
'lrcst+mo` 2010, Cn+o 2010, J+cob 2010)
-
Cnin+ c+n suc tnc borrowcr in intcrn+tion+l +rbitr+tion tribun+ls,
but tnc Cnincsc govcrnmcnt +voios +rbitr+tion l+tncr tn+n lorcing
tnc borrowcrs into intcrn+tion+l +rbitr+tion, it woulo most likcly lorcc
rcp+ymcnt by blocking +cccss to tnc borrowcrs cxports (G+ll+gncr 2011)
lor cx+mplc, wncn Argcntin+ bcg+n +nti-oumping invcstig+tions on
Cnincsc m+nul+cturing cxports, tnc Cnincsc govcrnmcnt rcsponoco by
b+nning Argcntinc soybc+ns Sincc Cnin+ n+o bccn buying 7 pcrccnt ol
Argcntin+s soybc+ns, tnc b+n c+rrico l+r morc wcignt tn+n +n +rbitr+tion
c+sc Orinucl+, l (2010) 'Argcntin+ Scts lcvics +no lnos Anti-lumping
Invcstig+tion on Cnincsc Gooos` Bloomberg lctricvco 20 lcc 2011,
lrom nttp//wwwbloombcrgcom/ncws/2010-07-22/+rgcntin+-stops-
cnin+-+nti-oumping-probcs-+ltcr-l+ilurc-to-cno-oil-sp+tntml
In sum, Cnincsc b+nks m+int+in somc ovcrsignt ovcr
tncir lo+ns by +tt+cning citncr purcn+sc rcuircmcnts or oil
s+lc +grccmcnts \ost Cnincsc lo+ns rcuirc tnc borrow-
crs to usc + portion lor Cnincsc tccnnology or construc-
tion lnc l+tcst Cll innov+tion is tnc lo+n-lor-oil, wnicn
now constitutcs o9 pcrccnt ol tot+l Cnincsc lcnoing to tnc
rcgion lnc lcu+oor lo+ns-lor-oil oo not sccm +s n+rmlul to
l+tin Amcric+n borrowcrs +s is commonly bclicvco, but lcw
lin+nci+l oct+ils +rc +v+il+blc lncsc strings-+tt+cnco lo+ns
rcoucc tnc risk ol ocl+ult, +llowing Cnin+ to lo+n to lcss
creditworthy borrowers.
5. Different Development
Model? China Seeks to
Finance a Different, but
Sometimes Overlapping,
Set of Projects
Cnincsc lo+ns to lAC +rc morc conccntr+tco in ccrt+in scc-
tors tn+n IlI +no \cstcrn lo+ns, +ltnougn tncrc is ovcrl+p
Somc +rguc tn+t tnis rcllccts tnc l+ct tn+t Cnin+ n+s + oil-
lcrcnt ocvclopmcnt moocl tn+n IlIs, l+voring inlr+structurc
+no inoustri+liz+tion ovcr micro-intcrvcntions in nc+ltn
+no soci+l scrviccs Otncrs +rguc tn+t Cnincsc lo+ns rcllcct
Cnincsc intcrcsts in tnc rcgion +no provioc +cccss to kcy
natural resources and markets.
Cnincsc b+nks lo+n moncy lor oillcrcnt purposcs tn+n
tncir IlI/\cstcrn countcrp+rts lnc Cnincsc lo+ns locus on
inlr+structurc +no nc+vy inoustry, wnilc tnc \cstcrn lo+ns
sp+n + r+ngc ol govcrnmcnt+l, soci+l, +no cnvironmcnt+l pur-
poscs (l+blc S) Cnincsc b+nks cn+nncl S7 pcrccnt ol tncir
lo+ns into tnc cncrgy, mining, inlr+structurc, tr+nsport+tion,
+no nousing (l\Ill) scctors Only 29 pcrccnt ol Ill lo+ns
+no 3- pcrccnt ol \orlo l+nk lo+ns go to tnc l\Ill scctors
Instc+o, tnc Ill +no \orlo l+nk oircct morc tn+n + tniro ol
tncir lo+ns tow+ro tnc nc+ltn, soci+l, +no cnvironmcnt scc-
tors, wnicn +rc ocvoio ol Cnincsc invcstmcnt
Accoroing to tnc Cnincsc b+nks tncmsclvcs, tncy givc
morc l\Ill lo+ns bcc+usc tncy scck to oircctly support
cconomic growtn r+tncr tn+n soci+l wcll+rc Cnin+ lx-Im
l+nks wcbsitc st+tcs tn+t its projccts must 'bc +blc to gcncr-
+tc lorcign cxcn+ngc rcvcnuc +no crc+tc jobs in tnc borrow-
ing country lnc lo+ns] locus on supporting inlr+structurc
such as energy, transportation, telecommunication projects,
+no nign-cllicicncy scctors sucn +s m+nul+cturing, proccss-
ing, +no +griculturc in tnc borrowing country`
lr+utig+m +rgucs tn+t in Alric+, Cnin+ is lilling +n
unmct ncco lor l\Ill lcnoing, wnicn w+s +ll but +b+n-
oonco by tnc \orlo l+nk occ+ocs +go Snc points out tn+t
lrom 19-o to 19o1, tnrcc-u+rtcrs ol \orlo l+nk lcno-
ing lunoco tr+nsport+tion +no clcctrilic+tion (lr+utig+m
2009, 133) loo+y, tn+t sn+rc n+s plummctco owing to
\illcnnium lcvclopmcnt Go+ls tn+t locus oonors +ttcn-
tion on inoic+tors ol soci+l wcll+rc (2009, 77) Cnincsc
b+nks, on tnc otncr n+no, copy J+p+ncsc b+nks locus on
inlr+structurc +no tr+nsport+tion bcc+usc tncy crcoit it
witn spurring Cnincsc ocvclopmcnt in tnc 1970s (2009,
Table 8. Bank Loans to Latin America by Sector, 20052011
($ million) Total World Bank IDB Chinese
Health $17,926 $8,463 $9,463 $
Education $7,008 $4,389 $2,619 $
Water, Environment $16,144 $7,061 $9,084 $
Public Administration $19,105 $11,013 $8,092 $
Finance, Trade $18,328 $7,170 $9,858 $1,300
Housing, Infrastructure $38,098 $ $4,397 $33,701
Transportation $27,693 $7,192 $8,821 $11,680
Energy, Mining $30,061 $2,565 $7,576 $19,920
Other $10,651 $378 $2,028 $8,614
TOTAL $185,383 $48,231 $61,937 $75,215
Chinese sources: Annex. World Bank and IDB sources: respective Annual Reports
-S) Intcrcstingly, Cnin+ lx-Im l+nks lcnoing pnilosopny
is snowing signs ol cn+ngc lnc b+nks 2010 +nnu+l rcport
notcs 'In +ccoro+ncc witn tnc Ccntr+l Govcrnmcnts lorcign
invcstmcnt guioclincs, rcuiring wisc +no cllcctivc usc ol
lorcign invcstmcnts, tnc l+nk g+vc lull support to projccts
in kcy +rc+s, sucn +s inlr+structurc, mcoic+l +no nc+ltn c+rc,
couc+tion, +no] cnvironmcnt+l protcction` (lxport-Import
2010, 2S) \nilc lo+ns t+rgcting soci+l inoic+tors m+y bc
g+ining grouno witnin Cnin+, wc n+vc not sccn cviocncc ol
tncm in Cnin+ lx-Im l+nks intcrn+tion+l portlolio
It is possiblc tn+t Cnincsc lo+ns in tncsc scctors n+vc
complcmcntco, r+tncr tn+n suppl+ntco, \orlo l+nk +no
Ill lo+ns \orlo l+nk +no Ill lo+ns to l\Ill scctors
rosc in 200S +no 2010 ocspitc + tcnlolo incrc+sc in Cnincsc
lcnoing ovcr tnc s+mc pcrioo (ligurc 1) lnc sn+rc ol \orlo
l+nk +no Ill lo+ns going to l\Ill scctors oio l+ll by morc
0 pcrccnt in 2009 lowcvcr, tnis rcl+tivc orop in l\Ill
lo+ns is mislc+oing bcc+usc, in 2009, tot+l \orlo l+nk +no
Ill lcnoing ooublco +s + rcsult ol lin+nci+l crisis-rcl+tco
lo+ns to tnc lin+nci+l, nc+ltn, +no soci+l scctors (\orlo
l+nk 2009, -7) \c pcrlormco + simplc linc+r rcgrcssion
ncrc +no louno tn+t Cnincsc l\Ill lcnoing n+o no signili-
c+nt imp+ct upon \cstcrn l\Ill lcnoing
\c concluoc tn+t Cnincsc +no IlI/\cstcrn b+nks oo not
ovcrl+p signilic+ntly in l+tin Amcric+ bcc+usc tncy givc oil-
lcrcnt sizc lo+ns to oillcrcnt scctors in oillcrcnt countrics
Cnincsc b+nks n+vc locusco on lo+ns to tnc l\Ill scctors,
but cvcn in tnis +rc+, \cstcrn b+nks m+int+in tncir prc-
Cnin+ lcnoing
6. No Policy Conditionality
for Chinese Loans but
Strings Still Attached
\c comp+rco \orlo l+nk +no Cnincsc tcrms on simil+r
lo+ns to juogc il tnc conoitions wcrc signilic+ntly oillcrcnt
\nilc tnc \orlo l+nk +ttcmpts to rcsn+pc tnc projcct +no
cvcn tnc org+niz+tion rccciving tnc lo+n, Cnincsc lo+ns oo
not rcuirc tn+t + borrowcr cn+ngc its policics in rcturn lor
lin+ncing Instc+o, Cnincsc b+nks usu+lly lorcc borrowcrs
to spcno + sn+rc ol tnc lo+n on Cnincsc gooos
lnc \orlo l+nk imposcs stringcnt conoitions on its
borrowcrs lor cx+mplc, tnc Illls $30 million lo+n to
Argcntin+ in 2010 rcuirco tnc Argcntinc govcrnmcnt
to submit numcrous lin+nci+l st+tcmcnts +no cv+lu+tion
rcports +s wcll +s nirc b+nk-+pprovco cxpcrts to monitor
tr+nsp+rcncy +no cllicicncy (\orlo l+nk, 'lo+n` 2010, S)
\orlo l+nk lo+n tcrms oltcn go bcyono +oministcring tnc
projcct to rclorming tnc borrowing org+niz+tion itscll lnc
Illl lo+nco $-S million to tnc lr+zili+n st+tc ol lio oc
J+nciro in J+nu+ry 2011 +s 'buogct support` or oiscrction-
+ry lunoing Altnougn tnc \orlo l+nk oio not tcll lio now
to usc tnc lo+n, it woulo not tr+nslcr tnc lo+n tnc st+tc lul-
lillco + two-p+gc list ol conoitions lo rcccivc tnc lirst n+ll
ol tnc lo+n, lio n+o to intcgr+tc t+rills lor intcrcity tr+ns-
port+tion, cxp+no tnc cnvironmcnt+l ocp+rtmcnts num+n
rcsourccs +no lin+ncing, lcvy + lcc on w+tcr uscrs lor
watershed management, implement disaster risk mitigation
policy, broker an agreement on housing plans with munici-
p+l govcrnmcnts, incrc+sc l+no titling progr+ms, cst+blisn
soci+l progr+ms in tnc slums, +no sct up + oircctivc com-
mittcc lco by tnc vicc-govcrnor lo rcccivc tnc sccono n+ll
ol tnc lo+n, lio will n+vc to rcstructurc tnc Sccrct+ri+t ol
Soci+l Assist+ncc +no lum+n lignts, ooublc l+no tcnurc
rcgul+riz+tion c+p+city, cn+ngc tnc St+tc lousing lunos
opcr+ting rulcs witn rcspcct to low-incomc l+milics, crc-
+tc +n intcgr+tco pl+n lor mctropolit+n govcrn+ncc, +no
cxccutc + monitoring +no cv+lu+tion progr+m (\orlo l+nk,
'lo+n` 2011)
23
25
43
40
16
31
Figure 4. Chinas Impact on World Bank
and IDB EMITH Lending
Source:
L
o
a
n

T
o
t
a
l

(
$

m
i
l
l
i
o
n
)
2005 2006 2007 2008 2009 2010
0
5
10
15
20
25
30
35
WB/IDB EMITH
Loans % of Total
China EMITH Loans
WB/IDB EMITH Loans
WB/IDB Total Loans
0%
20%
40%
60%
80%
100%
Cnincsc b+nks givc grc+tcr lo+n spcnoing +no tr+cking
lrccoom to borrowcrs Cnin+s +mb+ss+oor to lolivi+, Sncn
znili+ng, prouoly s+io it is Cnin+s 'principlc` not to 'imposc
politic+l conoitions on lorcign +io`
5
(\inistry 2011+) lnc
Financial Times rcports tn+t Cnincsc b+nks 'tcno to imposc
lcss oncrous tr+nsp+rcncy conoitions` (lycr 2011) As
prcsiocnt ol tnc \orlo l+nk, l+ul \ollowitz compl+inco
tn+t Cnincsc comp+nics 'oo not rcspcct` tnc lu+tor
lrinciplcs tn+t sct soci+l +no cnvironmcnt+l st+no+ros lor
lo+ns (Crouignc+u +no li+ult 200o) lormcr luropc+n
Invcstmcnt l+nk (lIl) lrcsiocnt
lnilippc \+yst+ot +llcgco tn+t
Cnincsc b+nks stc+l lIls projccts
by 'unocrcutting] tnc conoitions
it imposed on labour standards
+no cnvironmcnt+l protcc-
tion` (l+rkcr +no lc+ttic 200o)
Alric+n ollici+ls n+vc notco 'tncrc
is + risk tn+t somc govcrnmcnts
in Alric+ m+y usc Cnincsc moncy in tnc wrong w+y to +voio
prcssurc lrom tnc \cst lor gooo govcrnmcnt` (Sw+nn +no
\cQuillcn 200o) As + rcsult, Oxloro prolcssor l+ul Collicr
occl+rco tn+t 'tnc Cnincsc +rc m+king govcrn+ncc] worsc`
(lr+utig+m 2009, 13)
lut otncrs +rguc tn+t Cnincsc lo+ns ollcr + ncw, potcnti+lly
libcr+ting moocl ol non-intcrvcntionist lcnoing Altnougn
+ Lg+no+n govcrnmcnt spokcsm+n s+io '\cstcrn lcno-
crs] conoitions +rc prob+bly wcll intcntionco, but tncy +rc
numili+ting` (Sw+nn +no \cQuillcn 200o), tnc lcrit+gc
louno+tion pointco out tn+t '\+ny Alric+n govcrnmcnts
likc tnc Cnincsc policy ol non-intcrlcrcncc in tncir intcrn+l
+ll+irs` (lrookcs 2007) Vcnczucl+n lrcsiocnt lugo Cnvcz
occl+rco tn+t Cnincsc +io 'oillcrs lrom otncr multil+tcr+l lo+ns
bcc+usc it comcs witnout strings +tt+cnco, likc scrutiny ol
intcrn+l lin+nccs` (lomcro +no l+rrionucvo 2009) Inocco,
lr+utig+m obscrvcs tn+t Cnincsc lcnoing lollows tnc n+tions
livc lrinciplcs ol lc+cclul Cocxistcncc, wnicn pronibit mco-
oling in otncr countrics oomcstic +ll+irs (lr+utig+m 2009,
2-) Snc +rgucs tn+t Cnincsc lo+ns +ctu+lly constitutc + oillcr-
cnt pnilosopny ol ocvclopmcnt +ssist+ncc l+tncr tn+n lorc-
ing tnc borrowcrs to comply witn \cstcrn norms, Cnincsc
5
It snoulo bc notco tn+t Cnin+ +lmost ncvcr givcs lorcign +io to
countrics tn+t rccognizc l+iw+n (lcpublic ol Cnin+) +s tnc lcgitim+tc
govcrnmcnt ol Cnin+ lnc only cxccption to our knowlcogc is l+iti
p+rtncrs trc+t tncm +s cu+ls +no simply scck to oo busincss
witn tncm (2009, 10) Il Cnincsc lcnoing +ppc+rs to gcncr+tc
cconomic growtn, ocvcloping countrics m+y rcjcct tnc \orlo
l+nks 'big brotncr` pnilosopny +no ocm+no Cnincsc-stylc
cu+l trc+tmcnt lrom \cstcrn powcrs
\nilc Cnincsc b+nks oo not scck to rclorm tncir bor-
rowcrs witn \cstcrn-stylc policy conoition+lity, tncy +tt+cn
otncr strings in +n cllort to mitig+tc lo+n risks Cnincsc b+nks
+lmost +lw+ys tic tncir lo+ns to tnc purcn+sc ol Cnincsc
gooos Otncr tn+n + lcw lo+ns-lor-oil +no sm+llcr lo+ns witn
lcw oct+ils +v+il+blc, wc louno conoitions in cvcry lo+n
rcuiring tnc borrowcr to purcn+sc Cnincsc construction,
oil, tclccommunic+tions, s+tcllitc, +no tr+in cuipmcnt
Somc sct +sioc only + sm+ll portion ol tico lunos, likc Clls
$1 billion lo+n-lor-oil to lcu+oor in 2010, wnicn m+n-
o+tco 20 pcrccnt Cnincsc purcn+scs At tnc otncr cxtrcmc,
Cnin+ lx-Im l+nk givcs 100 pcrccnt cxport crcoits, likc +
$17 billion lo+n to p+y + Cnincsc comp+ny to builo tnc
Coc+-Cooo Sincl+ir nyoroclcctric o+m in lcu+oor in 2010
Sincc Vcnczucl+ committco to spcno tnc m+jority ol its $20
billion lo+n in 2010 on Cnincsc gooos +no scrviccs, Cll
ocnomin+tco n+ll in Cnincsc yu+n (lc Coroob+ 2011)
lnis is tnc l+rgcst Cnincsc-currcncy lo+n to o+tc, but Cnin+
lx-Im n+s +lso issuco yu+n-ocnomin+tco lincs ol crcoit to
J+m+ic+ +no lolivi+ lor cuipmcnt +no construction (Lrb+n
lcvclopmcnt Corpor+tion 2007, G+cct+ Olici+l ocl lst+oo
2011) \nctncr tnc lo+ns +rc issuco in yu+n, ooll+rs, or sim-
ply cst+blisn + linc ol crcoit witn + givcn Cnincsc comp+ny,
tnc purcn+sc rcuircmcnts +llow Cnincsc b+nks to rcoucc
tncir cxposurc to ocl+ult risk It +lso rcouccs tnc rccipicnts
room lor corruption (lr+utig+m 2009, 293)
lnc oillcrcncc bctwccn strings +tt+cnco to Cnincsc lo+ns
+no tnosc +tt+cnco to \cstcrn lo+ns nclps cxpl+in tnc oil-
lcrcncc in countrics borrowing lrom tnc Cnincsc +no tnosc
borrowing lrom \cstcrn lcnocrs lnc lcltist govcrnmcnts in
lcu+oor, Vcnczucl+, +no lolivi+ +voio \orlo l+nk lo+ns in
Chinese and IFI/Western banks do not overlap
significantly in Latin America because they
give different size loans to different sectors
in different countries.
orocr to lrcc tncmsclvcs lrom tnc ncolibcr+l policics tnc \orlo
l+nk imposcs lncy lino purcn+sc rcuircmcnts +tt+cnco to
Cnincsc lo+ns lcss objcction+blc bcc+usc tncy scck to builo
up tncir l\Ill scctors incxpcnsivcly using Cnincsc cuip-
mcnt lnc loy+l \orlo l+nk +no Ill borrowcrs-\cxico,
Colombi+, +no lcru-+rc unocrt+king projccts outsioc tnc
l\Ill scctors lor wnicn Cnincsc purcn+sc rcuircmcnts
woulo bc + burocn lncy n+vc bccn coopcr+ting witn tnc
LS +no \orlo l+nk lor occ+ocs +no lino tnc tr+nsp+rcncy
+no rclorm rcuircmcnts lcss costly tn+n Cnincsc cuip-
mcnt lr+zil +no Argcntin+ +cccpt \cstcrn lo+ns wncrc tncy
lino it +cccpt+blc to comply witn \cstcrn st+no+ros At tnc
s+mc timc, tncy t+kc on Cnincsc oil, mining, +no tr+in lo+ns
bcc+usc tncy +rc willing to usc Cnincsc inputs +no n+vc littlc
objcction to tnc purcn+sc rcuircmcnts
7. Environmental
Guidelines Exist but Not
on Par with Western
Counterparts
\+jor inlr+structurc +no nc+vy inoustry projccts n+vc
tnc potcnti+l to crc+tc cnvironmcnt+l problcms in lAC In
rcsponsc to civil socicty cllorts to 'grccn` tnc ocvclopmcnt
b+nks, m+ny \cstcrn b+nks now n+vc signilic+nt cnviron-
mcnt+l guioclincs Cnin+ n+s ocvclopco simil+r cnviron-
mcnt+l guioclincs lor its ocvclopmcnt b+nks lowcvcr,
comp+rison ol tnosc guioclincs linos tn+t, ocspitc signili-
c+nt progrcss in tnc p+st occ+oc, Cnin+s guioclincs oo not
yct m+tcn tnosc ol its \cstcrn countcrp+rts
lnvironmcnt+l +ovoc+cy org+niz+tions n+vc cxprcssco
conccrn +bout tnc potcnti+l lor Cnincsc lirms to tr+nslcr
tncir l+x +oncrcncc to oomcstic cnvironmcnt+l rcgul+tion
to construction projccts in l+tin Amcric+ +no Alric+ \itnin
Cnin+, cnvironmcnt+l rcgul+tions +rc const+ntly circum-
vcntco In 2009, tnc \inistry ol lnvironmcnt+l lrotcction
rcportco tn+t 1 pcrccnt ol projccts st+rtco construction
witnout +pprov+l, 9o pcrccnt ol cntcrpriscs tn+t wcrc closco
lor cnvironmcnt+l rc+sons rcsumco proouction witnout
pcrmission, +no 2 pcrccnt ol tnc m+in sourccs ol pollution
wcrc not opcr+ting propcrly (\cllwcc 2009) lo +oo to tnis
conccrn, + m+jority ol Cnincsc lo+ns +rc in cnvironmcnt+lly
scnsitivc inoustrics, sucn +s min-
ing, or on inlr+structurc projccts
in ocvcloping countrics witn low
cnvironmcnt+l st+no+ros
Intcrn+tion+l livcrs +no
lricnos ol tnc l+rtn, two cnvi-
ronmcnt+l +ovoc+cy org+niz+-
tions, notco in July 200- tn+t
tnc Cnin+ lx-Im l+nk lin+ncco
projccts tn+t otncr lin+nci+l insti-
tutions n+o rclusco to luno lor cx+mplc, in lcccmbcr 2003,
tnc Cnin+ lx-Im l+nk lin+ncco tnc \crowc l+m in Suo+n, +
projcct tn+t n+o +ttr+ctco littlc lunocr intcrcst in p+rt ouc to
tnc rcsulting oispl+ccmcnt ol 0,000 pcoplc (lossn+ro 2010)
In 2007, tnc OlCl rccommcnoco tn+t Cnin+ 'improvc gov-
crnmcnt+l ovcrsignt +no cnvironmcnt+l pcrlorm+ncc in tnc
ovcrsc+s opcr+tions ol Cnincsc corpor+tions` (OlCl 2007,
12) lvcn Cnincsc ollici+ls n+vc ccnoco tncsc conccrns
Cncng Siwci, + lc+oing mcmbcr ol tnc lcoplcs Congrcss, in
J+nu+ry 2007 st+tco 'lvcn in ocvcloping countrics, lorcign
companies that turn a blind eye to their social responsibilities
will bc kickco out ol tnc m+rkct` (lossn+ro 200S, 11)
Cnincsc-lco invcstmcnts in Angol+ +no z+mbi+ n+vc
lco to oocumcntco intcrn+tion+l l+bor +no cnvironmcnt+l
viol+tions (lotscnw+r, \or+n, +no \uir) In lcru, poor
cnvironmcnt+l pr+cticcs l+ctor into + nc+rly two-occ+oc-
long conllict bctwccn tnc Cnincsc mining lirm Snoug+ng
+no its workcrs +no tnc loc+l popul+tion A 200o inspcc-
tion by lcrus mining invcstmcnt rcgul+tory +gcncy louno
tn+t 12 pcrccnt ol Snoug+ngs worklorcc n+o unrcportco
lung oisc+sc lcyono nc+ltn conccrns, Snoug+ng w+s linco
lor cnvironmcnt+l o+m+gc lollowing tnc cont+min+tion ol
water supplies to the local community and surrounding
+rc+s (lotscnw+r, \or+n, +no \uir 2011) Accoroing to
lcrmili+ z+muoio, + loc+l rcsiocnt 'lnc Cnincsc scc us +s
Chinese loans do not require that a borrower
change its policies in return for financing.
Instead, Chinas banks usually require
borrowers to spend a share of the loan
on Chinese goods.
littlc morc tn+n sl+vcs lncy occm it bcnc+tn tncm to t+lk to
us, and when they need to address problems here, they do
so witn tncir tnugs` (lomcro 2010) lnc ncg+tivc rcl+tion-
snip bctwccn Snoug+ng +no tnc community n+s lco otncr
communitics to lc+r simil+r pr+cticcs
lin+nccrs pl+y +n import+nt rolc by cnsuring soci+l +no
cnvironmcnt+l guioclincs +rc +oncrco to +no pr+cticco lut tnc
lurc ol l+rgc lo+ns to nccoco +rc+s n+s lco govcrnmcnt ollici+ls
in nost countrics to skirt oomcstic rcgul+tions In Argcntin+,
lcilongji+ng lcio+nu+ng St+tc
l+ros lusincss lr+oc Group Co
limitco +no tnc lo Ncgro provin-
ci+l govcrnmcnt signco +n +grcc-
mcnt in 2010 lnis +grccmcnt
+w+ros lcilongji+ng tnc lc+sc ol
320,000 ncct+rcs ol l+no lor +gri-
cultur+l proouction in l+t+goni+
+no tnc rignt to builo + nccoco irrig+tion systcm lor $1-
billion lowcvcr, tnis +grccmcnt n+s sp+rkco sn+rp criticism
lrom l+ul \ontcncgro, prcsiocnt ol tnc lnvironmcnt lclcnsc
louno+tion \ontcncgro, winncr ol tnc prcstigious Altcrn+tivc
Nobcl lrizc, +ccusco tnc lo Ncgro govcrnmcnt ol viol+ting
n+tion+l +no provinci+l cnvironmcnt+l l+ws bcc+usc ol tnc lo+n
(l+nks +no lopcz-G+munoi 2011)
Chinas Evolving Environmental Guidelines
It m+y comc +s + surprisc to m+ny tn+t tnc Cnincsc govcrn-
mcnt ovcr tnc p+st livc yc+rs n+s sougnt to incorpor+tc soci+l
+no cnvironmcnt+l guioclincs into its b+nks proccourcs to
improvc botn oomcstic +no intcrn+tion+l lcnoing pr+cticcs
Environmental Guidelines
6

Sincc tnc 1970s, tnc St+tc Council n+s gr+ou+lly pursuco
incrc+sco cnvironmcnt+l protcction lnc 1979 'l+w on
lnvironmcnt+l lrotcction (lrovision+l)` +no tnc 19S9 'l+w
on lnvironmcnt+l lrotcction ol tnc lcoplcs lcpublic ol
Cnin+` crc+tco tnc lr+mcwork lor cnvironmcnt+l protcc-
tion +no cnvironmcnt+l imp+ct +sscssmcnt (lIA) procc-
ourcs witnin Cnin+ (Glob+l lnvironmcnt+l Institutc 2011)
lncsc l+ws wcrc lurtncr strcngtncnco by tnc St+tc Councils
o
lor + complctc nistory ol tnc ocvclopmcnt ol Cnin+s lIA systcm,
scc co znu, l+n +no lin-Cnc l+m (2009) 'lnvironmcnt+l Imp+ct
Asscssmcnt in Cnin+` Nankai University Research Center for Strategic
Environmental Assessment and The Chinese University of Hong Kong Centre
of Strategic Environmental Assessment for China lctricvco 13 J+n 2012,
lrom nttp//csc+cgrmcunkcounk/public+tions/lIA_IN_ClINApol
p+ss+gc ol tnc 'lnvironmcnt+l Imp+ct Asscssmcnt l+w
ol tnc lcoplcs lcpublic ol Cnin+,` cllcctivc Scptcmbcr 1,
2003
7
lnis l+w spccilic+lly cxp+noco tnc rolc ol lIA lrom
pollution +sscssmcnt to ovcr+ll cco-+sscssmcnt +no n+s
been a critical component in encouraging change through-
out Cnin+s burc+ucr+cy (Glob+l lnvironmcnt+l Institutc
2011) In +ooition, tnis guioclinc ollici+lly cst+blisnco lIA
+s +n import+nt l+ctor in occioing wnctncr to go +nc+o on +
projcct (Cnin+ lnvironmcnt l+w no)
In subscucnt yc+rs, tnc St+tc lnvironmcnt+l lrotcction
Aoministr+tion (SllA) n+s t+kcn + lc+oing rolc in implc-
mcnting tnc 'lnvironmcnt+l Imp+ct Asscssmcnt l+w ol
tnc lcoplcs lcpublic ol Cnin+` In lcbru+ry 200-, SllA
+no tnc \inistry ol lcrsonncl jointly cst+blisnco + ccrtili-
c+tion systcm lor prolcssion+l lIA cnginccrs +no strcngtn-
cnco rcuircmcnts on prolcssion+l lIA pr+ctitioncrs (znu
+no l+m 2009, ) lnis cllort w+s lurtncr strcngtncnco
wncn SllA +ooptco tnc lu+tor lrinciplcs in J+nu+ry 200S
(lr+utig+m 2010, 3o) Cnin+s ocvclopmcnt b+nks n+vc +lso
lollowco suit witn tncir own guioclincs lnc most import+nt
guioclincs lor c+cn +rc Clls 'Guioclincs on lnvironmcnt+l
lrotcction lrojcct lcvclopmcnt lcvicw` +no Cnin+ lx-Im
l+nks 2007 'Guioclincs on lnvironmcnt+l +no Soci+l
Imp+ct Asscssmcnt ol lo+n lrojccts` (Glob+l lnvironmcnt+l
Institutc 2011, o1-o3) Lnocr tncsc guioclincs, lcnoing
pr+cticcs +t Cnin+s lc+oing ocvclopmcnt b+nks incorpor+tc
soci+l bcnclits +no cnvironmcnt+l protcctions
lnc Clls 'Guioclincs on lnvironmcnt+l lrotcction
lrojcct lcvclopmcnt lcvicw` locuscs on clicnt suit+bility
rcvicw, cx-+ntc lIA, +no cx-post cnvironmcnt+l monitor-
ing lnc Cll conoucts + clicnt

suit+bility rcvicw by cv+lu-
+ting tnc cnvironmcnt+l rccoro ol tnc comp+ny rcucsting
7
lor + complctc rcvicw ol tnc lnvironmcnt+l Imp+ct Asscssmcnt
l+w, scc Stcnocr, Nc+l, long \+ng, +no Jing znou (2007) 'Cnin+s
Ncw lnvironmcnt+l Imp+ct Asscssmcnt l+w,` Orrick, Herrington,&
Sutcliffer, LLP. lctricvco 13 J+n 2012, lrom nttp//wwworrickcom/
lilcuplo+o/11SSpol
The Chinese government over the past
five years has sought to incorporate social
and environmental guidelines into its
banks procedures.
tnc lo+n lncn tnc Cll conoucts +n cx-+ntc lIA rcvicw
to cnsurc tn+t rcsourcc +no cnvironmcnt+l protcction costs
+rc incorpor+tco into tnc projccts opcr+tion+l costs Altcr
tnc projcct is complctco, tnc Cll will +lso conouct cx-post
cnvironmcnt+l monitoring lnis monitoring incluocs con-
sult+tions witn cnvironmcnt+l +gcncics +no rcvicw to scc il
tnc projccts implcmcnt+tion mctnoos complico witn cnvi-
ronmcnt+l protcction rcuircmcnts (Glob+l lnvironmcnt+l
Institutc 2011, o2-o3)
In +ooition to strcngtncning intcrn+l guioclincs, tnc Cll
engaged the international community to enhance its domes-
tic lcnoing pr+cticcs lor cx+mplc, tnc Cll p+rtncrco witn
tnc \orlo l+nk on lo+n projccts, lc+oing to crc+tion ol tnc
'lnvironmcnt+l Imp+ct Asscssmcnt lr+mcwork lor lcnoing
to Sm+ll or \coium-Sizco lntcrpriscs (S\ls)` lnis lr+mc-
work is only +pplic+blc witnin Cnin+, but spillovcr ouc to
l+mili+rity witn sucn lcnoing pr+cticcs m+y occur lnc Cll
is currcntly consiocring +ooption ol tnc lu+tor lrinciplc,
wnicn woulo lurtncr strcngtncn its soci+l +no cnvironmcnt+l
proccourcs (Glob+l lnvironmcnt+l Institutc 2011, o2-o3)
lnc Cnin+ lx-Im l+nk n+s bccn + oomcstic lc+ocr in
+oopting cnvironmcnt+l policics Snortly +ltcr p+ss+gc
ol tnc 'lnvironmcnt+l Imp+ct Asscssmcnt l+w ol tnc
lcoplcs lcpublic ol Cnin+` in 2003, tnc Cnin+ lx-Im
l+nk or+ltco its own intcrn+l guioclincs lnc 'Guioclincs
on lnvironmcnt+l +no Soci+l Imp+ct Asscssmcnt ol lo+n
lrojccts` wcrc institutco in 200- +no l+tcr upo+tco +no
rclc+sco to tnc public in August 2007
S
These guidelines
strcngtncnco rcuircmcnts lor consiocr+tion ol tnc cnvi-
ronmcnt+l +no soci+l imp+ct ouring tnc lo+n +pprov+l pro-
ccss, rcuiring lIA botn prior +no +ltcr tnc projcct, +no
rcgul+r rcvicw ol tnc implcmcnt+tion ol tnc projcct \orc
spccilic+lly, tnc guioclincs st+tco tn+t tnc lIAs must +oncrc
to lour kcy principlcs
S
An cxccrpt (unollici+l tr+nsl+tion) ol tnc Guioclincs lor lnvironmcn-
t+l +no Soci+l Imp+ct Asscssmcnts ol lo+n lrojccts by tnc Glob+l \it-
ncss c+n bc louno +t nttp//wwwgooglccom/url`s+=terct=je=ecsr
c=selrm=1esourcc=wcbeco=1evco=0ClSQljAAeurl=nttp`3A`2
l`2lwwwglob+lwitncssorg`2lsitcs`2locl+ult`2llilcs`2llibr+ry
`2lCnincsc`220guioclincs`220lNpoleci=klrVlo_Ll\l0Q
GOkIGCAgeusg=AlQjCNlm\l0OlglG33CvrollovyzYlo-pg
Table 9. Major Environmental Guidelines of Chinese Banks
State Council Regulations When Adopted
Law on Environmental Protection (Provisional) 1979
Law on Environmental Protection of the Peoples Republic of China 1989
Environmental Impact Assessment Law of the Peoples Republic of China 1-Sep-03
Ministry of Commerce
Provisions on the Authorization of Investment to Run Business Abroad 2005
Guidelines on Sustainable Building of Overseas Forests by Chinese Companies (With State Forestry Bureau) 27-Aug-07
Guidelines on Sustainable Management and Utilization of Overseas Forests by Chinese Companies
(With State Forestry Bureau)
31-Mar-09
China Banking Regulatory Commission
Opinion on Strengthening the Corporate Social Responsibility of Banking Institutions Nov-07
China Development Bank
Guidelines on Environmental Protection Project Development Review
Environmental Impact Assessment Framework for Lending to Small or Medium-Sized Enterprises (SMEs)
Guidelines on Special Loans for Energy Conservation and Emission Reduction
Work Plan on Loans for Pollution Control and Emission Reduction
Ex-Im Bank of China
Guidelines on Environmental and Social Impact Assessment of Loan Projects 2004; Revised
28-Aug-07
Source: Environmental Policies on Chinas Investment Overseas. Global Environmental Institute (China Environmental Science Press, 2011)
1) Conouct +ntc +no post lIA +no monitor projcct
implementation
2) l+sc lIA on nost countrys cnvironmcnt+l st+no+ros
3) lcspcct inoigcnous pcoplcs l+no +no rcsourccs rignts
-) Solicit public opinion lor projccts witn potcnti+l lor
scrious +ovcrsc imp+ct on tnc loc+l cnvironmcnt
Viol+tions c+n rcsult in tnc Cnin+ lx-Im l+nk n+lting
its lcnoing or ocm+noing c+rly rcp+ymcnt lrom lcnocrs
(Glob+l lnvironmcnt+l Institutc 2011, o1-o2)
lnc Cnin+ lx-Im l+nk n+s +lso workco witn IlIs in
cst+blisning intcrn+tion+l soci+l +no cnvironmcnt+lly
rcsponsiblc lcnoing pr+cticcs +bro+o In 2007, tnc Cnin+
lx-Im l+nk signco two \cmor+noums ol Lnocrst+noing
witn tnc \orlo l+nk +no Intcrn+tion+l lin+ncc Corpor+tion
(IlC) lncsc +grccmcnts strcngtncnco coopcr+tion cllorts
in cncrgy +no tr+nsport projccts in Alric+, IlC cuity
invcstmcnts, +no +ovisory scrviccs on cnvironmcnt+l issucs
(lossn+ro 200S, 13)
lnis progrcss is ouc to prcssurc by tnc Cnincsc ccntr+l
govcrnmcnt +no by non-govcrnmcnt+l org+niz+tions In
convcrs+tions bctwccn tnc prcsiocnt ol Cnin+ lx-Im l+nk
+no lcbor+n lr+utig+m, tnc prcsiocnt st+tco tn+t Cnin+
lx-Im l+nk only works witn \cstcrn +gcncics lor lIAs
+s tncsc org+niz+tions n+o bcttcr crcoibility lurtncrmorc,
tnc Cnin+ lx-Im l+nk w+ntco to +voio m+king cnviron-
mcnt tnc ccntr+l issuc, inoic+ting botn intcrn+l +no cxtcrn+l
prcssurc to +oncrc to soci+l +no cnvironmcnt+l guioclincs
(lossn+ro 2010)
Common Social and Environmental
Guidelines
Ovcr tnc p+st twcnty yc+rs, soci+l +no cnvironmcnt+l
guioclincs n+vc bccn incorpor+tco into m+ny rcgion+l +no
govcrnmcnt ocvclopmcnt b+nks, cst+blisning + sct ol intcr-
nationally agreed upon lending practices. These practices
n+vc sn+pco tnc risc ol soci+l +no cnvironmcnt+l protcction
witnin tnc ocvcloping worlo by tying sucn v+lucs to +v+il-
+bility ol lo+ns lncsc common guioclincs incluoc
1 Ex-ante EIA: An lIA involvcs + systcm+tic +sscssmcnt
ol tnc potcnti+l cnvironmcnt+l imp+cts ol + proposco
projcct +no its +ltcrn+tivcs` (luropc Aio) Simil+r to
intcrn+tion+l oclinitions, Cnin+s St+tc Council spccili-
c+lly oclinco +n lIA +s 'tnc mctnoos +no institutions
lor +n+lyzing, prcoicting +no +ppr+ising tnc imp+cts ol
programs and construction projects that might incur
+ltcr tncy +rc c+rrico out so +s to proposc countcr-
mc+surcs lor prcvcnting or mitig+ting tnc unl+vor+blc
imp+cts +no m+kc lollow-up monitoring` (znu +no
l+m 2009, 2o)
2. Project Review of the EIA: Oncc tnc cx-+ntc cnvironmcn-
tal impact assessment is complete, the bank needs to
m+kc surc tnc lIA linoings +rc +oorcssco +no mitig+tc
tnc cnvironmcnt+l +no soci+l imp+ct ol tnc projcct
3 Industry-Specific Social and Environmental Standards: The
projcct snoulo +oncrc to tnc rclcv+nt inoustry-spccilic
standards. These standards are generally accepted as
tnc oncs oclinco by tnc \orlo l+nk +no tnc IlC
-. Ensure Compliance with Host Country Environmental
Laws & Regulations: The bank needs to ensure the proj-
cct is in compli+ncc witn nost countrys cnvironmcnt+l
laws and regulations.
a. Ensure Compliance with International Environmental
Laws & Regulations: The bank needs to ensure the
projcct complics witn intcrn+tion+l cnvironmcnt+l
l+ws +no rcgul+tions, usu+lly sct by tnc \orlo l+nk
or tnc IlC
5. Public Consultations with Communities Affected by the
Project: lnc govcrnmcnt, borrowcr, or tniro p+rty
cxpcrt nccos to public+lly consult witn tnc +llcctco
communities and incorporate their concerns into the
projcct +s mucn +s possiblc l+rly rclc+sc ol rclcv+nt
inlorm+tion rcg+roing tnc projcct +no tnc rcsults ol tnc
lIA is cruci+l
o Grievance Mechanism: It rcuircs tn+t tnc borrowcr
provioc + mccn+nism to rcccivc, l+cilit+tc, +no +oorcss
conccrns r+isco by tnc +llcctco communitics ouring
tnc our+tion ol tnc projcct
7 Independent Monitoring and Review: To ensure due dili-
gcncc, +n inocpcnocnt soci+l or cnvironmcnt+l cxpcrt
not +ssoci+tco witn tnc borrowcr will rcvicw tnc lIA,
tnc projcct rcvicw, +no consult+tion proccss (lu+tor
lrinciplcs 200o)
S Establishing Covenants linked to Compliance: The loans
ncco to link cnvironmcnt+l guioclincs tnrougn covc-
n+nts Viol+tion ol tnc sct guioclincs will lc+o to rcvicw
or possiblc c+nccll+tion ol lunos

9 Ex-post EIA: Oncc tnc projcct is complctc, tnc bor-
rowcr will conouct + lin+l lIA to rcvicw tnc projccts
ovcr+ll imp+ct on socicty +no tnc cnvironmcnt
Lsing tnc ninc common guioclincs listco +bovc, wc con-
ouctco two sioc-by-sioc comp+risons ol ollici+l guioclincs
to scc tnc ocgrcc tn+t tnc Cll +no Cnin+ lx-Im l+nk n+vc
incorpor+tco soci+l +no cnvironmcnt+l guioclincs into tncir
currcnt lcnoing pr+cticcs lirst, sincc tnc Cll is most
simil+r to + ocvclopmcnt b+nk, wc comp+rco Cll guioc-
lincs witn tnosc ol tnc \orlo l+nk, Intcrn+tion+l lin+ncc
Corpor+tion, +no Ill lncn wc comp+rco tnc guioclincs ol
Cnin+ lx-Im l+nk to LS lx-Im l+nk +s botn promotc tncir
oomcstic corpor+tions +bro+o (l+blc 10)
lnc Cll currcntly incorpor+tcs lour ol tnc common
soci+l +no cnvironmcnt+l guioclincs into its lcnoing pr+c-
ticcs lncsc guioclincs incluoc cnvironmcnt+l imp+ct
+sscssmcnt, projcct rcvicw, public consult+tions witn com-
munitics +llcctco by tnc projcct, +no +n cx-post cnviron-
mcnt+l imp+ct +sscssmcnt Intcrcstingly, Cll is tnc only
ocvclopmcnt b+nk +mong tnc tnrcc in l+blc 10 +bovc
(\l, IlC, +no Ill) tn+t rcuircs +n cx-post cnvironmcn-
t+l imp+ct +sscssmcnt lnis rcuircmcnt is +n improvcmcnt
ovcr currcnt IlI guioclincs in tn+t it crc+tcs + lorm+l rcvicw
proccss on tnc projccts ovcr+ll cllcct on tnc community +no
cnvironmcnt, +llowing lor luturc corrcctivc +ction
lnc Cll n+s +lso workco to incrc+sc tr+nsp+rcncy by
publishing an annual corporate social responsibility report
on its wcbsitc in botn lnglisn +no Cnincsc As + rcsult ol
its cllorts, tnc Cll n+s won numcrous oomcstic +w+ros,
incluoing tnc 'lcoplcs Soci+l lcsponsibility Aw+ro` (con-
sccutivcly lor tnc p+st livc yc+rs), '\ost Soci+lly lcsponsiblc
l+nk ol tnc Yc+r` in 2010, +no '\ost Soci+lly lcsponsiblc
Corpor+tion in 2010` (Cll 2010)
lowcvcr, tnc Cll oocs not incorpor+tc into its proccss
lour wiocly-+cccptco guioclincs + gricv+ncc mccn+nism, +
rcuircmcnt lor +oncrcncc to intcrn+tion+l cnvironmcnt+l
l+ws +no rcgul+tions, +n inocpcnocnt rcvicw +no +sscss-
mcnt, or tnc cst+blisnmcnt ol covcn+nts linkco to compli-
+ncc A gricv+ncc mccn+nism +no +n inocpcnocnt rcvicw
+no +sscssmcnt +rc import+nt +vcnucs lor +oorcssing public
concerns and ensuring transparency throughout the process.
lurtncrmorc, tnc ovcr+ll cnvironmcnt+l st+no+ros +pplico +rc
tnc nost countrys st+no+ros, wnicn +rc gcncr+lly lowcr +no
lcss rcstrictivc tn+n tnc intcrn+tion+l cnvironmcnt+l l+ws +no
rcgul+tions (Glob+l lnvironmcnt+l Institutc 2011, o2-o3)
lnc Cnin+ lx-Im l+nk n+s +lso incorpor+tco lIA, projcct
rcvicw, public consult+tions witn communitics +llcctco by tnc
projcct, +no +n cx-post lIA into its soci+l +no cnvironmcnt+l
Table 10. Side-by-Side Comparison of IFIs with CDB
Environmental Guidelines World Bank
International
Finance
Corporation (IFC)
InterAmerican
Development
Bank (IADB)
China
Development
Bank (CDB)
Ex-ante environmental impact assessment X X X X
Project review of environmental impact
assessment
X X X X
Industry-specific social and environmental
standards
X X
Ensure compliance with host country
environmental laws and regulations
X X X*
and international environmental laws and
regulations
X
Public consultations with communities
affected by the project
X X X
Grievance mechanism X X
Independent monitoring and review X
Establishing covenants linked to compliance X X X
Ex-post environmental impact assessment X
*The CDB requires that if the host countrys environmental standards are inadequate, the firm follow Chinese standards or international best practices.
guioclincs An unollici+l tr+nsl+tion ol Cnin+ lx-Im l+nks
2007 'Guioclincs on lnvironmcnt+l +no Soci+l Imp+ct
Asscssmcnt ol lo+n lrojccts` citcs tnc rcuircmcnt ol +n
cx-+ntc lIA +no lurtncr st+tcs tn+t 'tnosc projccts tn+t +rc
n+rmlul to tnc cnvironmcnt or oo not g+in cnoorscmcnt
or +pprov+l lrom cnvironmcnt+l +oministr+tion will not bc
lunoco` likc tnc Cll, tnc Cnin+ lx-Im l+nk rcuircs +n
cx-post lIA l+sco on tnc linoings ol tnc cx-post lIA, Cnin+
lx-Im l+nk 'will rcvisc tnc mc+surcs t+kcn bclorc +no ouring
tnc projcct implcmcnt+tion lor simil+r projccts Il ncccss+ry,
tnc rcl+tco rcuircmcnts +no policics will bc lully rcvisco`

Cnin+ lx-Im l+nk, in contr+st to otncr IlIs or tnc LS lx-Im
l+nk, oocs not citc +ny lin+nci+l tnrcsnolo to +pplying its
lIA lnis omission coulo bro+ocn tnc lIA scrccning proccss
to covcr + grc+tcr numbcr ol projccts (lnvironmcnt+l lclcnsc
2007) Cnin+ lx-Im l+nk n+s +lso m+oc cllorts to incrc+sc
tr+nsp+rcncy by publisning +n ovcrvicw ol m+jor projccts +no
a corporate social responsibility section in its annual report,
+v+il+blc on its wcbsitc in botn lnglisn +no Cnincsc
Cnin+ lx-Im l+nk gocs bcyono tnc Cll by rcuiring
projcct rcvicw ouring tnc our+tion ol tnc lo+n +no cst+b-
lisning covcn+nts linkco to compli+ncc lncrclorc, tnc ois-
covcry ol ncg+tivc cnvironmcnt+l imp+cts prior +no ouring
tnc coursc ol tnc projcct will lc+o tnc Cnin+ lx-Im l+nk to
'rcuirc tnc implcmcnt+tion unit to t+kc immcoi+tc rcmc-
oi+l or prcvcntivc mc+surcs Otncrwisc, tncy will oiscon-
tinuc lin+nci+l support` (lnvironmcnt+l lclcnsc 2007)
lncsc +ooitions +rc + stcp lorw+ro lor soci+lly +no cnviron-
mentally responsible loans because they directly link the
loans to adherence to guidelines.
Still, ocspitc tncsc +ooitions, Cnin+ lx-Im l+nks guioc-
lincs rcm+ins rcl+tivcly limitco Cnin+ lx-Im l+nk n+s yct
to rcuirc +oncrcncc to intcrn+tion+l cnvironmcnt+l l+ws
+no rcgul+tions, + gricv+ncc mccn+nisms, or inocpcnocnt
rcvicw +no +sscssmcnt lncsc +ooition+l rcuircmcnts
woulo provioc +n +vcnuc lor mitig+ting +ny potcnti+l soci+l
+no cnvironmcnt+l conccrns tn+t cmcrgc ouring tnc our+-
tion ol tnc projcct
Implementation of Environmental
Guidelines
Altnougn Cnin+ n+s m+oc signilic+nt progrcss ovcr tnc
p+st livc yc+rs, mc+suring tnc ocgrcc witn wnicn Cnincsc
ocvclopmcnt b+nks n+vc implcmcntco tncsc cnvironmcnt+l
guioclincs is oillicult lnis oilliculty is most likcly ouc to
tnc rcl+tivc ncwncss ol tnc l+ws, l+x +oncrcncc to oomcstic
cnvironmcnt+l l+ws, l+ngu+gc b+rricrs in conoucting con-
sult+tions witn +llcctco communitics, +no l+ck ol publicly
+v+il+blc inlorm+tion
l+sco on tnc our+tion ol timc in tnc ocvclopmcnt lcnoing
inoustry, tnc Cll +no Cnin+ lx-Im l+nk +rc young pl+ycrs
+no tncir +ooption ol soci+l +no cnvironmcnt+l guioclincs
is rcl+tivcly ncw In comp+rison witn tnc \orlo l+nk in tnc
19S0s, tnc Cll +no Cnin+ lx-Im l+nk +rc +nc+o ol nistory,
Table 11. Side-by-Side Comparison of China Ex-Im Bank with US Ex-Im Bank*
Environmental Guidelines
U.S. Export-
Import Bank
Export-Import
Bank of China
Ex-ante environmental impact assessment X X
Project review of environmental impact assessment X X
Industry-specific social and environmental standards X
Ensure compliance with host country environmental laws and regulations X X*
and international environmental laws and regulations X
Public consultations with communities affected by the project X X
Grievance mechanism X
Independent monitoring and review X
Establishing covenants linked to compliance X X
Ex-post environmental impact assessment X
X
*China Ex-Im Bank requires that if the host countrys environmental standards are inadequate, the firm follow Chinese standards or international best practices.
Members of the Equator Principles are required to submit annual public reports for review. Not sure if this is supposed to be part of the * note or if it stands alone.
st+rting implcmcnt+tion guioclincs mucn c+rlicr Cnin+ n+s
lo+nco l+tin Amcric+ $7 billion sincc 200 witn morc
tn+n n+ll ol tn+t tot+l issuco +ltcr 2009 \+ny ol tncsc proj-
ccts n+vc long construction pcrioos witn work still ongoing
ln+t m+kcs it oillicult +t tnis point to cv+lu+tc tnc cllcctivc-
ncss ol tnc guioclincs on Cnincsc lcnoing pr+cticcs
A complic+ting l+ctor is l+x +oncrcncc to oomcstic cnvi-
ronmcnt+l l+ws In 200-, + joint invcstig+tion by tnc SllA
+no \inistry ol l+no +no lcsourccs louno tn+t only 30
to -0 pcrccnt ol tnc mining construction projccts wcnt
tnrougn tnc lIA proccourc (Gu 200) lnis invcstig+tion
occurrco +ltcr tnc implcmcnt+tion ol tnc St+tc Councils
ncw l+w, inoic+ting tn+t tncrc +rc conllicting go+ls wncn
it comcs to r+pio cconomic growtn vcrsus cnvironmcnt+l
protcction C+su+l +oncrcncc to cnvironmcnt+l protcction
n+s continuco +s cviocncco by tnc scvcrc imp+ct pollution
n+s on citics +cross Cnin+ In lcijing, tnc LS lmb+ssy n+s
+sscssco tn+t +ir u+lity is unnc+ltny S0 pcrccnt ol timc,
c+using nc+ltn conccrns lor tnc citys popul+tion (Anorcws
2011) In 2010 +lonc, tncrc wcrc +n cstim+tco 171 cnvi-
ronmcnt+l +cciocnts witnin Cnin+ (long, Ying, Yu+n 2011)
lomcstic +no intcrn+tion+l cnvironmcnt+l +cciocnts n+vc
r+isco conccrn tn+t, givcn wc+k oomcstic cnlorccmcnt,
Cnincsc comp+nics +oncrcncc to +notncr countrys cnvi-
ronmental guidelines will remain low. This poor compliance
witn oomcstic rcgul+tions coulo potcnti+lly tr+nslcr to con-
struction projccts oonc by Cnincsc lirms in l+tin Amcric+
+no Alric+, wncrc + m+jority ol Cnincsc lo+ns +rc in cnviron-
mcnt+lly scnsitivc inoustrics sucn +s mining or inlr+structurc
Language barriers are an additional obstacle in measur-
ing implcmcnt+tion ol cnvironmcnt+l guioclincs l+ngu+gc
b+rricrs c+n n+mpcr cllorts to conouct consult+tions witn
+llcctco communitics, c+n limit unocrst+noing ol tnc nost
countrys cnvironmcnt+l l+ws +no rcgul+tions, +no c+n
wc+kcn communic+tion bctwccn tnc Cnincsc comp+ny +no
tnc nost govcrnmcnt
lin+lly, ouc to tnc scnsitivc n+turc ol lo+ns in Cnin+,
tncrc is +n ovcr+ll oc+rtn ol publicly +v+il+blc inlorm+tion
lnis is lurtncr rcstrictco by tnc l+ck ol wcbsitc inlorm+tion
ncitncr Cll nor Cnin+ lx-Im l+nk wcbsitcs list lIA lino-
ings lor tncir m+jor projccts-in citncr Cnincsc or lnglisn
lcspitc tnis, somc Cnincsc lirms +rc +oncring to soci+l
+no cnvironmcnt+l pr+cticcs In lcru, Cnin+lco n+s t+kcn
stcps tow+ro lollowing soci+l +no cnvironmcnt+l guioclincs
lnc comp+ny conouctco +n lIA +no nclo public nc+rings
witn tnc loc+l community In lcccmbcr 2010, its cnviron-
mcnt+l imp+ct +sscssmcnt w+s +pprovco, +no tnc comp+ny
n+s sincc contr+ctco witn + C+n+oi+n lirm to implcmcnt
+n lnvironmcnt+l Inlorm+tion
\+n+gcmcnt Systcm (lotscnw+r,
\or+n, +no \uir 2011) \orcovcr,
Cnin+ lx-Im l+nk suspcnoco
lunoing lor + nyoropowcr o+m in
G+bon +ltcr loc+l NGO lr+inlorcst
r+isco cnvironmcnt+l conccrns
ovcr its loc+tion in + n+tion+l p+rk
(lossn+ro 2010)
lurtncr rcsc+rcn is nccoco to +sscss now occply Cnincsc
ocvclopmcnt b+nks n+vc implcmcntco tncsc cnvironmcnt+l
guioclincs, p+rticul+rly on l+rgcr inlr+structurc +no mining
projccts lncsc projccts +rc tnc most cnvironmcnt+lly scn-
sitivc +no, +s sucn, +rc morc likcly to l+cc lIA scrutiny +t
home and abroad.
In conclusion, Cnincsc b+nks +oncrcncc to intcrn+-
tion+l cnvironmcnt+l guioclincs is rcl+tivcly ncw, bcginning
+pproxim+tcly livc yc+rs +go In comp+rison to otncr ocvcl-
opmcnt-locusco b+nks, tnc Cll +no Cnin+ lx-Im l+nk
incorpor+tc tnc corc principlcs ol lIA, but botn n+vc + w+ys
to go to mcct intcrn+tion+lly cst+blisnco cnvironmcnt+lly
rcsponsiblc lcnoing pr+cticcs lurtncrmorc, cv+lu+ting tnc
ovcr+ll implcmcnt+tion ol tncsc guioclincs is n+mpcrco by
tnc ncwncss ol tnc lo+ns, l+x oomcstic cnlorccmcnt ol cnvi-
ronmcnt+l l+ws, l+ngu+gc, +no l+ck ol publicly +v+il+blc
inlorm+tion Cnin+ n+s m+oc signilic+nt progrcss in incor-
por+ting soci+l +no cnvironmcnt+lly rcsponsiblc guioclincs
into its ollici+l guioclincs, but lurtncr progrcss c+n bc m+oc
Chinas environmental progress is
the result of pressure from the Chinese
central government and from non-
governmental organizations.
8. Summary and Conclusions
lor tnis p+pcr, wc cstim+tco tnc volumc ol Cnincsc public
lin+ncing in l+tin Amcric+ +no tnc C+ribbc+n +no lookco
+t tnc composition +no cn+r+ctcristics ol tnosc lo+ns \c
tncn comp+rco tnosc cstim+tcs witn lAC lcnoing by tnc
\orlo l+nk, Intcr-Amcric+n lcvclopmcnt l+nk, +no
lxport-Import l+nk ol tnc Lnitco St+tcs \c louno tn+t
Cnin+ n+s committco +pproxim+tcly $7 billion in lo+ns
to l+tin Amcric+n countrics sincc 200 Cnin+s lo+n com-
mitmcnts ol $37 billion in 2010 wcrc morc tn+n tnosc ol
tnc \orlo l+nk, Intcr-Amcric+n lcvclopmcnt l+nk, +no
tnc LS lx-Im l+nk combinco lor tn+t yc+r \c +lso cx+m-
inco tnc cxtcnt to wnicn Cnincsc lo+ns to l+tin Amcric+ +rc
morc l+vor+blc, imposc policy conoition+litics, +no n+vc
lcss stringcnt cnvironmcnt+l guioclincs tn+n tnc lo+ns ol
tncir \cstcrn countcrp+rts Contr+ry to tnc suggcstions ol
otncr obscrvcrs, wc lino tn+t tnc tcrms ol Cnincsc lo+ns to
l+tin Amcric+ c+n bc morc stringcnt tn+n tnosc ol \cstcrn
lo+ns, tn+t Cnincsc b+nks imposc no policy conoition+li-
tics (but oo imposc conoitions ol +notncr n+turc) +no, to
tnc surprisc ol m+ny, wc snow tn+t Cnincsc lin+ncc oocs
opcr+tc unocr + sct ol cnvironmcnt+l guioclincs, +ltnougn
tnosc guioclincs +rc not yct on p+r witn tnc guioclincs ol
\cstcrn lcnocrs
It is our nopc tn+t tnis p+pcr +oos to tnc cmpiric+l
rcsc+rcn on Cnincsc lin+ncc in lAC lnc invcstig+tion wc
pcrlormco ncrc givcs crcocncc to somc cl+ims +bout Cnin+
in l+tin Amcric+ but lcss so to otncr cl+ims On tnc positivc
sioc, it is clc+r tn+t Cnin+ is + ncw +no growing sourcc ol
lin+ncc lor lAC countrics, cspcci+lly lor countrics n+ving
troublc g+ining +cccss to glob+l c+pit+l m+rkcts \orcovcr,
lrom + lAC pcrspcctivc, Cnin+s lo+ns comc witnout tnc
policy conoition+litics ol IlI +no \cstcrn lo+ns lin+lly,
witn lo+ns lrom Cnin+, lAC n+tions c+n obt+in morc
lin+ncing lor tnc inlr+structurc +no inoustri+l projccts tncy
scck to cnn+ncc long-run ocvclopmcnt-r+tncr tn+n tnc
l+tcst \cstcrn ocvclopmcnt l+os
Contr+ry to mucn ol tnc commcnt+ry on tnc subjcct, lAC
n+tions, by +no l+rgc, p+y + nigncr prcmium lor lo+ns lrom
Cnin+ ln+t nigncr prcmium comcs in tnc lorm ol intcrcst
r+tcs, not lo+ns-lor-oil It is commonly tnougnt tn+t lAC
simply scnos b+rrcls ol oil to Cnin+ in rcturn lor lin+nc-
ing +no, +s + rcsult, m+y cno up losing in tnc l+cc ol rising
oil priccs lut our +n+lysis snows tn+t sucn tninking mis-
rc+os tnc cviocncc lnc m+jority ol Cnincsc lo+ns-lor-oil in
l+tin Amcric+ +rc linkco to m+rkct priccs, not u+ntitics
ol oil \c+nwnilc, tnc lo+ns +rc oltcn tico to working witn
Cnincsc contr+ctors +no busincsscs, +no tn+t conoition rcp-
rcscnts +notncr cost bcc+usc it rcouccs tnc 'spillovcr` cllcct
in tcrms ol loc+l contr+cting in lAC lin+lly, +ltnougn tnc
IlI/\cstcrn b+nks cnvironmcnt+l rccoro is l+r lrom pcrlcct,
Cnincsc b+nks oo not opcr+tc on p+r witn tnc cnvironmcn-
t+l guioclincs ol \cstcrn b+nks lnis oistinction is ol gr+vc
conccrn givcn tn+t tnc composition +no volumc ol Cnincsc
lo+ns is potcnti+lly morc cnvironmcnt+lly ocgr+oing tn+n
\cstcrn b+nks lo+n portlolios to lAC
As morc projccts movc lorw+ro, tnis rcsc+rcn snoulo
be coupled with on-the-ground case studies comparing
Cnincsc-lin+ncco projccts witn \cstcrn-lin+ncco projccts
lowcvcr, cvcn tnis rcsc+rcn will bc oillicult to conouct
givcn tnc l+ck ol +v+il+blc o+t+ +no Cnin+s limitco cxpcri-
cncc in rcporting on sucn +ctivitics \c nopc tn+t wc n+vc
snco somc cmpiric+l lignt on Cnin+s lin+nci+l +ctivity in
lAC, +no tn+t otncrs c+n occpcn +no cxp+no our +n+lysis
in + policy-rclcv+nt m+nncr
Annex: Key Loan Sources
2005 Brazil (Gerdau Acominas, $201 million)
lr+oc e lorl+iting lcvicw (200o) lll 200 lc+l ol tnc
Yc+r winncrs Vol 9, No -, lcbru+ry o nttp//wwwtlrcvicw
com/x/+sp/sio0/+rticlciollllCClC-1lCS--l7C-S0C3-
lSl9llll0So2/clitlclc+ls_ol_tnc_Yc+r_200/x/oispl+y
ntm (+cccssco J+nu+ry 10, 2012)
lr+oc lin+ncc \+g+zinc (200) lNll +no Sinosurc sign lr+zili+n
stccl oc+l Novcmbcr 1 nttp//wwwtr+oclin+nccm+g+zinc
com/Articlc/21-02o-/lcgions/2299o/lNll-+no-Sinosurc-sign-
lr+zili+n-stccl-oc+lntml (+cccssco J+nu+ry 10, 2012)
2005 Chile (Codelco, $550 million)
Cooclco (200) \cmori+ Anu+l nttp//wwwcooclcocl/
llipbook/mcmori+s/mcmori+200/cooclco_mcmori+_200
pol (+cccssco J+nu+ry 10, 2012)
Cooclco (200o) \cmori+ Anu+l nttp//wwwcooclcocl/
llipbook/mcmori+s/mcmori+200o/pol/mcmori+pol (+cccssco
J+nu+ry 10, 2012)
ll \crcurio (200) Cooclco-\inmct+ls solo l+lt+ l+
ncgoci+cion con cl b+nco cnino lcccmbcr 22 nttp//oi+rio
clmcrcuriocl/oct+llc/inocx+spìo=`7lSl-oc+-+Sc--b+-
+o0c-l-oo-b0103S`7l (+cccssco Scptcmbcr 9, 2011)
2007 Jamaica (Government, $45 million)
'\ontcgo l+y Convcntion Ccntrc` (2007) Lrb+n
lcvclopmcnt Corpor+tion nttp//wwwuocj+com/
l+ct`220Sncct/l+ct_sncct_\ontcgol+yConCntpol
(+cccssco J+nu+ry 10, 2012)
LS Sccuritics +no lxcn+ngc Commission (2011) lorm
1S-l Annu+l lcport ol tnc Govcrnmcnt ol J+m+ic+ nttp//
m+rkctbriclcom/j+m+ic+-govcrnmcnt-ol/1Sk/+nnu+l-rcport-
lor-lorcign-govc/2011/11/1/90S-13/liling (+cccssco J+nu+ry
10, 2012)
2008 Costa Rica (Government, $300 million)
\inistcrio oc lcl+cioncs lxtcriorcs y Culto (200S)
lst+blccimicnto oc rcl+cioncs oiplomtic+s con l+ lcpublic+
lopul+r Cnin+ n+ rcsult+oo bcnclicioso p+r+ cl p+s nttp//www
rrccgocr/lilc-nnpnpìo_lilc=-1- (+cccssco J+nu+ry 10, 2012)
Anocrlini, J (200S) lcijing uscs lorcx rcscrvcs to t+rgct
Taiwan. Financial Times Scptcmbcr 12 nttp//wwwltcom/
cms/s/0/22lc79Sc-S02c-11oo-99+9-000077b07oSntml
lowlcy, Gr+n+m (200S) C+sn lclpco Cnin+ \in Cost+ lic+s
lccognition The New York Times Scptcmbcr 12 nttp//www
nytimcscom/200S/09/13/worlo/+si+/13cost+ntml (+cccssco
J+nu+ry 10, 2012)
2008 Peru (Chinalco Peru, $2 billion)
Cnin+lco lcru \+n+gcr (2011) lriv+tc intcrvicw by lcvin l
G+ll+gncr lim+, lcru
Cnin+cn (200S) Construction inoustry to lucl coppcr pricc
risc nttp//cncnin+cn/contcnt/o--23-S,c0S0c,2S-9_
139SSntml (+cccssco J+nu+ry 10, 2012)
Ccspcocs, l, +no l \+oc (200S) LllAll 1- Cnin+s
Cnin+lco gcts $2 bln lo+ns lor lcru minc lcutcrs
Novcmbcr 20 nttp//ukrcutcrscom/+rticlc/200S/11/20/
+pcc-cnin+lco-pcru-ioLlN
2008 Venezuela (BANDES and PDVSA, $4 billion)
G+cct+ Olici+l oc l+ lcpublic+ loliv+ri+n+ oc Vcnczucl+
(200S) lcy Aprob+tori+ ocl Convcnio cntrc cl Gobicrno oc
l+ lcpublic+ loliv+ri+n+ oc Vcnczucl+ y cl Gobicrno oc I+
lcpublic+ lopul+r Cnin+ sobrc cl lonoo oc lin+nci+micnto
Conjunto, 39019 3--
lowns, lric+ (2010) Insioc Cnin+, Inc Cnin+ lcvclopmcnt
l+nks Cross-lorocr lncrgy lc+ls Jonn l lnornton Cnin+
Ccntcr \onogr+pn Scrics, No 3, lrooking Institution
\+rcn nttp//wwwbrookingscou/-/mcoi+/lilcs/rc/
p+pcrs/2011/0321_cnin+_cncrgy_oowns/0321_cnin+_cncrgy_
oownspol (+cccssco J+nu+ry 10, 2012)
lc Coroob+, Josc (2011) Cnin+-Oil lc+l Givcs Cnvcz + lcg
Lp Wall Street Journal Novcmbcr 9 nttp//onlincwsjcom/
+rticlc/Sl10001-2-029702037330-7702o073-130--
o2ntml (+cccssco J+nu+ry 10, 2012)
2009 Bolivia (YPFB, $60 million)
Sinol+tin C+pit+l (2009) lolivi+ gcts $o0 million lo+n lrom
Cnin+ (in Cnincsc) nttp//wwwsinol+tinc+pit+lcom/ncws
lcttcr_ncws_snow+spìo=33oen_io=-1enoio=S (+cccssco
J+nu+ry 10, 2012)
\or+lcs, l (2011) lcy No 1S7 lcy oc 22 oc Novicmbrc oc
2011 Gaceta Oficial de Bolivia nttp//wwwg+cct+olici+locbolivi+
gobbo/coicions/vicw/31NlC (+cccssco J+nu+ry 10, 2012)
lrbol, (2009) G+binctc +utoriz+ l+ lirm+ oc millon+rio
crcoito cnino p+r+ cl scctor oc nioroc+rburos Novcmbcr
1S nttp//wwwcrbolcombo/notici+pnpìocntilic+
oor=21-7-S39209o1 (+cccssco J+nu+ry 10, 2012)
2009 Brazil (Telemar Norte, $300 million)
\+ycr lrown (2009) lmcrging \+rkcts July nttp//www
m+ycrbrowncom/public+tions/+rticlc+spìo=72o-enio=o
lr+oc lin+ncc (2009) lclcm+r sccurcs Cnin+ lcvclopmcnt
l+nk lo+n \+rcn 23 nttp//wwwtr+oclin+nccm+g+zinc
com/Articlc/21790/Sc+rcn/lcsults/lclcm+r-sccurcs-Cnin+-
lcvclopmcnt-l+nk-lo+nntml`lcyworos=lclcm+rel+gc\ovc
=0eOrocrlypc=1 (+cccssco J+nu+ry 10, 2012)
2009 Brazil (Petrobras, $10 billion)
Ilcng Ncws (2009) Cncn Yu+n Sino-lr+zili+n Oil
Coopcr+tion l+lks lit +n Imp+ssc (in Cnincsc) nttp//ncws
ilcngcom/m+inl+no/20090S/0S0S_17_1291S1sntml
lctrobr+s (2009) lormulrio 20-l lcl+torio Anu+l
Comiss+o oc V+lorcs \obilirios oos lst+oos Lnioos
o+ Amcric+ nttp//wwwpctrobr+scombr/ri/lownlo+o
+spxìo=10-91 (+cccssco J+nu+ry 10, 2012)
lr+oc lin+ncc \+g+zinc (2009) lctrobr+s concluocs Cnin+
oc+l \+y 20 nttp//wwwtr+oclin+nccm+g+zinccom/
Articlc/22077S/lcgions/2299o/lctrobr+s-concluocs-Cnin+-
oc+lntml (+cccssco J+nu+ry 20, 2012)
llount, J (2009) lctrobr+ss G+briclli S+ys Cnin+ lo+n \ont
lc l+ckco by Cruoc lloombcrg April 20 nttp//wwwbloom-
bcrgcom/+pps/ncws`pio=ncws+rcnivcesio=+2Nl7Q1ljCw
zissis, C (2009) Intcrvicw lctrobr+s ClO Josc Scrgio
G+briclli on lr+zils lncrgy Outlook Amcric+s Socicty/Council
ol tnc Amcric+s Junc 23 nttp//www+s-co+org/+rticlcs/1719/
Intcrvicw_lctrobr+s_ClO_Josc_Scrgio_G+briclli_on_lr+zils_
lncrgy_Outlook/ (+cccssco J+nu+ry 10, 2012)
2009 Ecuador (Petroecuador, $1 billion)
ll Lnivcrso (2011) lctroccu+oor ocstin+ cl 9,`
p+r+ lctrocnin+ J+nu+ry - nttp//wwwclunivcrso
com/2011/01/0-/1/13o/pctroccu+oor-ocstin+-9-pctrocnin+
ntml (+cccssco J+nu+ry 10, 2012)
ll Lnivcrso (2009) Crcoito oc b+nco cnino v+ +t+oo
+ l+ vcnt+ oc cruoo July 3 nttp//wwwclunivcrso
com/2010/07/03/1/13o/crcoito-b+nco-cnino-+t+oo-vcnt+-
cruoontml`p=13-em=o3S (+cccssco J+nu+ry 10, 2012)
Ari+s S+noov+l, Nilscn (2010) No sc pucocn comp+r+r los oos
contr+tos oc lctrocnin+ ll Lnivcrso, Octobcr 29 nttp//www
clunivcrsocom/2010/10/29/1/13o/nilscn-+ri+s-s+noov+l-no-
pucocn-comp+r+r-oos-contr+tos-pctrocnin+ntml (+cccssco
J+nu+ry 10, 2012)
Lpstrc+m (2010) lcu+oor sc+ls $1bn Cnin+ lo+n August
31 nttp//wwwupstrc+monlinccom/livc/+rticlc22S1-occc
2009 Mexico (Amrica Mvil, $1 billion)
Ccllul+r Ncw (2009) Amcric+ \ovil lrolits Lp on lowcr Costs
-Sccurcs Cnincsc l+nk lo+n April 30 nttp//wwwccllul+r-
ncwscom/story/37273pnp (+cccssco J+nu+ry 10, 2012)
lusincss Ncws Amcric+ (2009) Amcric+ \ovil sccurcs
LS$1bn lo+n lrom Cnin+ lcvclopmcnt l+nk April 17 nttp//
wwwbn+mcric+scom/ncws/tclccommunic+tions/Amcric+_
\ovil_sccurcs_LS*1bn_lo+n_lrom_Cnin+_lcvclopmcnt_
l+nk (+cccssco J+nu+ry 10, 2012)
2009 Multiple (BLADEX, $1 billion)
lr+oc lin+ncc \+g+zinc (2009) Cnin+ lcvclopmcnt l+nk
ollcrs jumbo lo+n to ll+ocx Scptcmbcr 21 nttp//www
tr+oclin+nccm+g+zinccom/Articlc/23001S0/lcgions/2299o/
Cnin+-lcvclopmcnt-l+nk-ollcrs-jumbo-lo+n-to-ll+ocxntml
l+nco l+tino+mcric+no oc Comcrcio lxtcrior (ll+ocx)
(2009) ll+ocx Announccs tnc Succcsslul Closing ol lwo-
Yc+r Synoic+tco lo+n Scptcmbcr 1o nttp//wwwblxcom/
Comunic+oos_oc_lrcns+/prcst+mo_sinoic+oo_1o_9_09_cng
pol (+cccssco J+nu+ry 10, 2012)
2009 Peru (Cofide, $50 million)
Anoin+ (2009) Colioc +no Cnin+ lcvclopmcnt l+nk signco
lo+n +grccmcnt lor up to $0 million Octobcr 30 nttp//
www+noin+compc/inglcs/Notici++spxìo=xcGollA+rnw=
Alioc (2010) lucntcs oc lin+nci+micnto y Oportunio+ocs
oc Invcrsion Octobcr-lcccmbcr nttp//www+liocorgpc/
oownlo+o/lublic+cioncs/lloi_oct-oic`202010pol (+cccssco
J+nu+ry 10, 2012) nttp//www+liocorgpc/oownlo+o/
lublic+cioncs/lloi_oct-oic`202010pol
Cn+o, C z (2010) lo+ns lor Oil-Cnin+s Ncw Sc+rcn lor
Ovcrsc+s Oil Sourccs (in Cnincsc) Economic Research Guide,
No 13
(2009) lcy Aprob+tori+ ocl lrotocolo oc lnmicno+ cntrc
cl Gobicrno oc l+ lcpublic+ loliv+ri+n+ oc Vcnczucl+ y cl
Gobicrno oc l+ lcpublic+ lopul+r Cnin+ +l Convcnio cntrc
cl Gobicrno oc l+ lcpublic+ loliv+ri+n+ oc Vcnczucl+ y cl
Gobicrno oc l+ lcpublic+ lopul+r Cnin+ sobrc cl lonoo oc
lin+nci+micnto Conjunto (+cccssco J+nu+ry 10, 2012)
lctrolcos oc Vcnczucl+ SA (llVSA) (2009) Inlormc oc
Gcstion Anu+l 2009 nttp//wwwscribocom/ooc/3-1711S/
llVSA-Inlormc-Anu+l-oc-Gcstion-2009 (+cccssco
J+nu+ry 10, 2012)
2009 Venezuela (CVG, $1 billion)
lll (2009) Vcnczucl+, Cnin+ sign oil, mining +grccmcnts
Cnin+ \iningorg, lcccmbcr 2 nttp//wwwcnin+min-
ingorg/Invcstmcnt/2009-12-2/12o17072So32720ntml
Glob+l Insignt (2009) Ncw Oil, \ining Co-Opcr+tion
Accoros Inkco lctwccn Vcnczucl+ +no Cnin+
l+kcr lotts (2012) Alcx Cnoinski Scnior Associ+tc nttp//www
b+kcrbottscom/+lcx-cnoinski/ (+cccssco J+nu+ry 10, 2012)
2010 Argentina (Government, $10 billion)
l+ll, Simon (2010) Cnin+ to Invcst in Argcntinc l+ilw+ys
Wall Street Journal July 13 nttp//onlincwsjcom/+rticlc/Sl1
0001-2-027-S70-1S90-73o-23S113309o-ntml
\ci, X (2011) Gu+nznu zibcn snucnu lcngxi+n bcinou oc
jiyu J+nu+ry 22 Financial Times Jinrong shibao.
Cnin+ CNl Corpor+tion limitco (2010) Cnin+ CNl
lorm+lly lcgins Argcntin+ lxport lrojcct (in Cnincsc) July
21 nttp//wwwcnin+cnrcom/272-o-2727+spx (+cccssco
J+nu+ry 10, 2012)
2010 Bahamas (Government, $58 million)
lmb+ssy ol tnc lcoplcs lcpublic ol Cnin+ in tnc
Commonwc+ltn ol tnc l+n+m+s (2011) Amb+ss+oor to
tnc l+n+m+s lu lingxi+n Accomp+nics l+n+m+ni+n
lrimc \inistcr to In+ugur+tion ol N+ss+u Airport lignw+y
Construction lrojcct (in Cnincsc) nttp//bscnin+-cmb+ssy
org/cnn/sbgx/tS0-2-ntm (+cccssco J+nu+ry 12, 2012)
\inistry ol lorcign All+irs ol tnc lcoplcs lcpublic ol
Cnin+ (2010) lnc Cnincsc Govcrnmcnt Cclcbr+tcs Signing
Ccrcmony lor N+ss+u Intcrn+tion+l Airport lignw+y
lcnov+tion lrojcct lrclcrcnti+l lo+n (in Cnincsc) Scptcmbcr
30 nttp//wwwlmprcgovcn/cnn/gxn/tyb/zwbo/wsno/
t7S222ntm (+cccssco J+nu+ry 12, 2012)
lu, Sn+n (2011) Improving cconomic +no tr+oc coopcr+-
tion bctwccn Cnin+ +no lnc l+n+m+s Nassau Guardian.
Scptcmbcr 9 nttp//wwwtncn+ss+ugu+roi+ncom/inocx
pnpòption=com_contcntevicw=+rticlceio=12739eItc
mio=So (+cccssco J+nu+ry 12, 2012)
lnc l+n+m+s Invcstor (2011) l+n+m+s, Cnin+ sign lconomic
lccnnic+l Coopcr+tion Agrccmcnt Scptcmbcr 12 nttp//www
tncb+n+m+sinvcstorcom/2011/b+n+m+s-cnin+-sign-cconomic-
tccnnic+l-coopcr+tion-+grccmcnt/ (+cccssco J+nu+ry 12, 2012)
lcco, lrcocrick (2010) lwo lunorco Cnincsc l+bourcrs lo
luilo lo+os in N+ss+u Bahamas B2B, Scptcmbcr 23 nttp//
wwwb+n+m+sb2bcom/ncws/2010/09/two-nunorco-cnincsc-
l+bourcrs-to-builo-ro+os-in-n+ss+u-231ntml (+cccssco
J+nu+ry 12, 2012)
2010 Bolivia (Government, $251 million)
G+cct+ Olici+l oc lolivi+ (2011) lcy No S7 lcy oc 2 oc
\+rzo oc 2011 nttp//wwwg+cct+olici+locbolivi+gobbo/
coicions/vicw/232NlC (+cccssco J+nu+ry 10, 2012)
Cnin+ l+ily (2010) Cnin+ lcnos lolivi+ $21m to luno s+tcl-
litc J+nu+ry 2- nttp//wwwcnin+o+ilycomcn/cnin+/2010-
12/2-/contcnt_117-9o27ntm (+cccssco J+nu+ry 10, 2012)
lll (2010) lolivi+, Cnincsc lirm sign oc+l to builo s+tcllitc
La Prensa, April 1 nttp//wwwl+prcns+s+com/309_+mcric+-
in-cnglisn/o391o2_bolivi+-cnincsc-lirm-sign-oc+l-to-builo-
s+tcllitcntml (+cccssco J+nu+ry 10, 2012)
G+rci+, l (2010) lolivi+, Cnin+ tc+m up on communic+tions
s+tcllitc lcutcrs, April 1 nttp//wwwrcutcrscom/+rticlc/2010/
0-/01/us-bolivi+-cnin+-s+tcllitc-ioLSlllo303220100-01
Cnin+ l+ily (2010) Cnin+ givcs lo+n to lolivi+ lor rcgion+l
ocvclopmcnt April 1 nttp//wwwcnin+o+ilycomcn/busincss/
2010-0-/01/contcnt_9o7o7S-ntm (+cccssco J+nu+ry 10, 2012)
Gobicrno Autonomo lcp+rt+mcnt+l oc Oruro (2010) Crcoito
oc $o7,70,000 oc l+ lcpublic+ lopul+r Cnin+ April 2S
nttp//wwworurogobbo/`p=o-7 (+cccssco J+nu+ry 12, 2012)
2010 Brazil (Vale Mining, $1.23 billion)
l+rr+-lcrn+l, G (2010) LllAll 2-V+lc borrows $123 bln
lrom Cnin+ b+nks lor snips lcutcrs Scptcmbcr 10 nttp//
wwwrcutcrscom/+rticlc/2010/09/10/v+lc-cnin+-vcsscls-
ioLSN102-73oS20100910 (+cccssco J+nu+ry 10, 2012)
\cltm+n, Gcorgc (2010) lnc lowcr ol lxport +no its Critic+l
lubric+nt-lxport Crcoit Aw+ro \cst \+rinc \oncy,
lcbru+ry/\+rcn 2011 nttp//m+rincmoncycom/public+tions/
+w+ros/2010_lxportCrcoitpol (+cccssco J+nu+ry 10, 2012)
2010 Ecuador (Government, $1.68 billion)
\+ll Strcct Journ+l, (2010) lcu+oor Ncgoti+tcs $1 lillion
lo+n \itn Cnin+ July 2 nttp//onlincwsjcom/+rticlc/Sl1
0001-2-027-S70-S9S0-73-273110-S2191Sntml
lr+oc lin+ncc \+g+zinc (2010) Cnin+ lxim stcps in lor lcu+oor
nyoro projcct Junc - nttp//wwwtr+oclin+nccm+g+zinccom/
Articlc/2S10-/lcgions/2299o/Cnin+-lxim-stcps-in-lor-
lcu+oor-nyoro-projcctntml (+cccssco J+nu+ry 10, 2012)
2010 Ecuador (Petroecuador, $1 billion)
J+cob, Jijo (2010) lcu+oor, Cnin+ sign $1 billion c+sn-lor-
crude loan deal. International Business Times, Scptcmbcr 1
nttp//wwwibtimcscom/+rticlcs/-S1-0/20100901/ccu+oor-
china-energy-crude-latin-america-petrochina-petroecuador-
opcc-lo+nntm (+cccssco J+nu+ry 10, 2012)
\+ll Strcct Journ+l, (2010) lcu+oor Ncgoti+tcs $1 lillion
lo+n \itn Cnin+ July 2 nttp//onlincwsjcom/+rticlc/Sl1
0001-2-027-S70-S9S0-73-273110-S2191Sntml
2010 Ecuador (Government, $622 million)
ll Ciuo+no (2010) lximb+nk lin+nci+r proyccto nioroclcctrico
Sopl+oor+ lcccmbcr 30 nttp//wwwclciuo+o+nogovcc/inocx
pnpòption=com_contcntevicw=+rticlceio=19972cximb
+nk-lin+nci+r+-proyccto-nioroclcctrico-sopl+oor+ec+tio=3cc
onomi+eItcmio=-- (+cccssco J+nu+ry 10, 2012)
lyoroworlo (2010) liorop+utc +w+ros contr+ct lor
Sopl+oor+ nyoro projcct in lcu+oor Scptcmbcr 7 nttp//
wwwnyoroworlocom/inocx/oispl+y/+rticlc-oispl+y/
-9-01SS3o/+rticlcs/nrnrw/nyoroinoustryncws/
ncwocvclopmcnt/2010/07/niorop+utc-+w+rosntml
Ollicc ol tnc lrimc \inistcr ol J+m+ic+ (2010) J+m+ic+ +no
Cnin+ sign +grccmcnts lor ovcr $00 million lor ro+o, nousing
e culturc projccts no nttp//wwwopmgovjm/ncws_+no_
public_+ll+irs/j+m+ic+_+no_cnin+_sign_+grccmcnts_lor_ovcr_
us00m_lor_ro+o`2ll`2lC`2SC_nousing_culturc_
Auoitor Gcncr+l ol J+m+ic+ (2011) Spcci+l Auoit lcport ol tnc
J+m+ic+ lcvclopmcnt Inlr+structurc lrogr+mmc (JlIl) Novcmbcr
nttp//j+m+ic+-glc+ncrcom/p+gcs/joipspcci+l+uoitrcport2011/
joipspcci+l+uoitrcportpol (+cccssco J+nu+ry 10, 2012)
10, 2012)
2010 Jamaica (Government, $58.1 million)
J+m+ic+ N+tion+l \orks Agcncy (2010) lnc l+lis+oocs
lcninsul+ Snorclinc lrotcction +no lcn+bilit+tion no nttp//
wwwnw+govjm/contcnt/projcctrc+o+spx`projcctIo=o19
10, 2012)
2010 Venezuela (PDVSA, $1.5 billion)
lr+oc lin+ncc \+g+zinc (2010) llS +no Cll l+uncn lo+n lor
llVSA J+nu+ry 1 nttp//wwwtr+oclin+nccm+g+zinccom/
Articlc/2373S20/lcgions/2299o/llS-+no-Cll-l+uncn-lo+n-
lor-llVSAntml (+cccssco J+nu+ry 10, 2012)
l+sctti, Alcss+noro, +no low+ro l+n (2010) Cnincsc l+nks
lyc \cstcrn liv+ls lurl Wall Street Journal, \+y 2- nttp//
blogswsjcom/sourcc/2010/0/2-/cnin+s-b+nks-movc-onto-
wcstcrn-riv+ls-turl/ (+cccssco J+nu+ry 10, 2012)
(2010) lcy Aprob+tori+ ocl Acucroo cntrc cl Gobicrno
oc l+ lcpublic+ loliv+ri+n+ oc Vcnczucl+ y cl Gobicrno
oc l+ lcpublic+ lopul+r Cnin+ sobrc Coopcr+cion p+r+
lin+nci+micnto + l+rgo ll+zo nttp//www+s+mblc+n+cion+l
gobvc/inocxpnpòption=com_oocm+net+sk=sc+rcn_
rcsulteItcmio=1Soel+ng=cs (+cccssco J+nu+ry 10, 2012)
S+lmcron, Vctor (2010) l+ lcpublic+ p+g+r + t+s+ libor cl
prcst+mo oc Cnin+ El Universal, Octobcr 9 nttp//www
clunivcrs+lcom/2010/10/09/cco_+rt_l+-rcpublic+-p+g+r+_
20o137sntml (+cccssco J+nu+ry 10, 2012)
Ji+ng, X (2010) lnc lccp Signilic+ncc ol Sino-Vcnczucl+n
lncrgy Coopcr+tion (znongwci ncngyu+n nczuo oc sncn
ccngci yiyi) Cnin+ lctrocncm (znongguo sniyou sninu+) 9 32
Cnin+ lusincss Ncws (2010) Citic Group to builo
10,000 nomcs in Vcnczucl+ lcccmbcr 20 nttp//cnbusi-
ncssncwscom/citic-group-to-builo-10000-nomcs-in-
vcnczucl+/=+xzz1j9o9lS- (+cccssco J+nu+ry 10, 2012)
2011 Bahamas (Baha Mar, $2.45 billion)
\inistry ol lorcign All+irs ol tnc lcoplcs lcpublic ol Cnin+
(2011) Amb+ss+oor to tnc l+n+m+s lu Sn+n Givcs Spcci+l
Intcrvicw to Xinnu+ lcportcrs (in Cnincsc) Junc 2- nttp//
wwwlmprcgovcn/cnn/gxn/wzb/zwbo/oszlsjt/tS3373Sntm
lu, Sn+n (2011) Improving cconomic +no tr+oc coopcr+tion
bctwccn Cnin+ +no lnc l+n+m+s Nassau Guardian Scpt 9
nttp//wwwtncn+ss+ugu+roi+ncom/inocxpnpòption=com_
contcntevicw=+rticlceio=12739eItcmio=So (+cccssco
J+nu+ry 12, 2012)
lcynolos, \cg+n (2011) l+n+ \+r Cn+irm+n ncvcr ooubtco
vi+bility ol projcct The Tribune lcbru+ry 22 nttp//www
tribunc2-2com/ncws/02222011_b+n+m+rb+n+m+s_ncws_
pg1(+cccssco J+nu+ry 12, 2012)
\nitcliclo, \imi (2011) Cnin+ is lin+ncing $3 billion rcsort
in tnc l+n+m+s Miami Herald April 23 nttp//wwwoominic+n
too+ycom/or/lorum/living-in-tnc-or/gcncr+l-inlo/-7So/\ny-
is-Cnin+-spcnoing-billions-in-tnc-C+ribbc+n (+cccssco
J+nu+ry 12, 2012)
Olicin+ ocl Conscjcro lconomico-Comcrci+l oc l+ lmb+j+o+
oc l+ lcpublic+ lopul+r Cnin+ cn l+ lcpublic+ oc Cnilc
(2011) Cnin+ lin+nci+r + lolivi+ compr+ oc scis nclicoptcros
l-2 lcccmbcr 2o nttp//cl2molcomgovcn/++rticlc/cni-
n+ncws/201112/20111207S973SSntml (+cccssco J+nu+ry
10, 2012)
All (2011) lolivi+n Army luys o Cnincsc l-2 lclicoptcrs
XAirlorccs Avi+tion Socicty lcccmbcr 22 nttp//www
x+irlorccsnct/ncwso+sp`ncwsio=739encwst=1 (+cccssco
J+nu+ry 10, 2012)
G+cct+ Olici+l ocl lst+oo llurin+cion+l oc lolivi+ (2011)
lccrcto Suprcmo No 1103 nttp//wwwg+cct+olici+locbolivi+
gobbo/coicions/vicw/323NlC (+cccssco J+nu+ry 10, 2012)
lcutcrs (2011) lolivi+s lrcsiocnt lvo \or+lcs lolos lo+n
Contr+ct Y+noo Ncws, lcccmbcr 22 nttp//ncwsy+noo
com/pnotos/bolivi+s-prcsiocnt-cvo-mor+lcs-nolos-lo+n-
contr+ct-sncn-pnoto-1733o-S0ntml (+cccssco J+nu+ry 10,
2012)
IClC \+rkct lcvicw (2011) Cnin+, lolivi+ Sign Crcoit
Agrccmcnt ol Inoustri+l lurcn+sc lcccmbcr 27 nttp//www
icbccomcn/IClC/\+rkct`220lcvicw/Cnin+`220lolivi+
`220Sign`220Crcoit`220Agrccmcnt`220ol`220In
oustri+l`220lurcn+scntm (+cccssco J+nu+ry 10, 2012)
2011 Ecuador (Government, $2 billion)
Alv+ro, \crccocs (2011) Cnin+, lcu+oor Sign $2 lillion
lo+n lc+l Wall Street Journal, Junc 2S nttp//onlincwsjcom/
+rticlc/Sl10001-2-0270230-31--0-7o-1237391o029
0Sntml (+cccssco J+nu+ry 10, 2012)
ll Lnivcrso (2011) Cnin+ +probo prcst+mo por $ 2000 mil-
loncs Junc 2S nttp//wwwclunivcrsocom/2011/0o/2S/1/13o/
cnin+-+probo-prcst+mo-2000-milloncsntml (+cccssco
J+nu+ry 10, 2012)
ll Lnivcrso (2011) $200 milloncs oc crcoito +ntcrior oc Cnin+
lucron + pctrolco y scgurio+o July 7 nttp//wwwclunivcrso
com/2011/07/07/1/13o/200-milloncs-crcoito-+ntcrior-cnin+-
lucron-pctrolco-scgurio+ontml (+cccssco J+nu+ry 10, 2012)
10, 2012)
lousing Agcncy ol J+m+ic+ limitco wclcomcs tnc 3ro Cnin+-
C+ribbc+n lconomic +no lr+oc Coopcr+tion lorum (2011)
3ro Cnin+-C+ribbc+n lconomic +no lr+oc Coopcr+tion
lorum Scptcmbcr 11 nttp//cnclorumcnglisnmolcomgov
cn/++rticlc/z+/201109/2011090773oo0ntml (+cccssco
J+nu+ry 1-, 2012)
J+m+ic+ Inlorm+tion Scrvicc (2011) J+m+ic+n ministry cnoorscs
Cnin+-C+ribbc+n cconomic +no tr+oc co-opcr+tion lorum
Dominica News Online, Scptcmbcr 12 nttp//oominic+ncwsonlinc
com/ncws/+ll-ncws/lin+nccbusincss/j+m+ic+n-ministry-
endorses-china-caribbean-economic-and-trade-co-operation-
lorum/ (+cccssco J+nu+ry 1-, 2012)
2011 Peru (BCP, $150 million)
Anoin+ (2011) lcrus lCl, Cnin+ lcvclopmcnt l+nk sign
LS$10mln lo+n +grccmcnt Novcmbcr 2S nttp//www
+noin+compc/inglcs/Notici++spxìo=glurjAGlpLw=
Amcric+ lconom+ (2011) lcru lCl y Cnin+ lcvclopmcnt
l+nk suscribcn prcst+mo por LS$10\ Novcmbcr 2S nttp//
www+mcric+cconomi+com/ncgocios-inoustri+s/pcru-bcp-
y-cnin+-ocvclopmcnt-b+nk-suscribcn-prcst+mo-por-us10m
Xinnu+ (2011) Cnin+ lcvclopmcnt l+nk +no lCl Sign lo+n
Agrccmcnt (in Cnincsc) nttp//ncwsxinnu+nctcom/worlo/2011-
11/29/c_1112031-2ntm (+cccssco J+nu+ry 11, 2012)
2011 Venezuela (CDB, $4 billion)
lumscy, Jonn, +no \+ttncw llowrignt (2011) lillion-ooll+r
oc+ls occpcn ocpcnocncc on Cnin+ Emerging Markets. March
27 nttp//wwwcmcrgingm+rkctsorg/Articlc/2793o2/lillion-
ooll+r-oc+ls-occpcn-ocpcnocncc-on-Cnin+ntml (+cccssco
J+nu+ry 10, 2012)
\in+y+, l (2011) Vcnczucl+ Strikcs l+tcst lo+n lc+l \itn
Cnin+, lo luno lousing Wall Street Journal lcccmbcr 13
nttp//onlincwsjcom/+rticlc/ll-CO-20111213-71--1ontml
Crooks, N+tn+n, +no Corin+ lons (2011) Cnin+
lcvclopmcnt l+nk to lcno Vcnczucl+ $- lillion lor Oil
lloombcrg, Novcmbcr 22 nttp//origin-wwwbloombcrgcom/
+pps/ncws`pio=concwsstoryetkr=SllzClesio=+XLl\Jcn
7Q (+cccssco J+nu+ry 10, 2012)
2011 Venezuela (ICBC, $4 billion)
Agcnci+ Vcnczol+n+ oc Notici+s (2011) Gobicrno impuls+
pl+ncs oc vivicno+ mcoi+ntc +li+nz+ con cmprcs+s cnin+s
por $-000 milloncs \+rcn 1 nttp//www+vninlovc/
nooc/-S272 (+cccssco J+nu+ry 10, 2012)
lll (2011) Vcnczucl+ lirm+ un m+cro+cucroo y un crcoito
oc -000 milloncs oc ool+rcs con cmprcs+s cnin+s Noticiero
Legal \+rcn 1 nttp//wwwnoticicrolcg+lcom/inocx
pnpòption=com_contcntevicw=+rticlceio=ooo7vcnczu
cl+-lirm+-un-m+cro+cucroo-y-un-crcoito-oc--000-milloncs-
oc-ool+rcs-con-cmprcs+s-cnin+sec+tio=21povs+eItcmio=22
lons, Corin+ (2011) Vcnczucl+ Signs lc+ls \itn Citic, IClC
lor $- lillion in lo+ns lloombcrg \+rcn 1 nttp//mobilc
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\orlo l+nk lrc+sury 'Illl lcnoing l+tcs +no lo+n
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Inter-American Dialogue
Board of Directors
Michelle Bachelet, Co-Chair, Cnilc
Carla A. Hills, Co-Chair, Lnitco St+tcs
Enrique Iglesias, Co-Vice Chair, Lrugu+y
Thomas F. McLarty III, Co-Vice Chair, Lnitco St+tcs
Peter D. Bell, Chair Emeritus, Lnitco St+tcs
Fernando Henrique Cardoso, Chair Emeritus, lr+zil
Ricardo Lagos, Chair Emeritus, Cnilc
Alicia Brcena, \cxico
David de Ferranti, Lnitco St+tcs
Francis Fukuyama, Lnitco St+tcs
L. Enrique Garca, lolivi+
Donna J. Hrinak, Lnitco St+tcs
Marcos Jank, lr+zil
Jim Kolbe, Lnitco St+tcs
Thomas J. Mackell, Jr., Lnitco St+tcs
M. Peter McPherson, Lnitco St+tcs
Billie Miller, l+rb+oos
Brian ONeill, Lnitco St+tcs
Pierre Pettigrew, C+n+o+
Jorge Quiroga, lolivi+
Marta Luca Ramrez, Colombi+
Eduardo Stein, Gu+tcm+l+
Martn Torrijos, l+n+m+
Elena Viyella de Paliza, lominic+n lcpublic
Ernesto Zedillo, \cxico
N N N
Michael Shifter
President
The Inter-American Dialogue is the leading U.S. center for policy analysis, exchange, and
communication on issues in Western Hemisphere affairs. The Dialogue brings together public
and private leaders from across the Americas to address hemispheric problems and oppor-
tunities. Together they seek to build cooperation among Western Hemisphere nations and
advance a regional agenda of democratic governance, social equity, and economic growth.
The Dialogues select membership of 100 distinguished citizens from throughout the
Americas includes political, business, academic, media, and other nongovernmental leaders.
Fourteen Dialogue members served as presidents of their countries and more than two dozen
have served at the cabinet level.
Dialogue activities are directed to generating new policy ideas and practical proposals for
action, and getting these ideas and proposals to government and private decision makers. The
Dialogue also offers diverse Latin American and Caribbean voices access to U.S. policy dis-
cussions. Based in Washington, the Dialogue conducts its work throughout the hemisphere.
A majority of our Board of Directors are from Latin American and Caribbean nations, as are
more than half of the Dialogues members and participants in our other leadership networks
and task forces.
Since 1982through successive Republican and Democratic administrations and many
changes of leadership elsewhere in the hemispherethe Dialogue has helped shape the
agenda of issues and choices in inter-American relations.
1211 Connecticut Avenue, NW, Suite 510
Washington, DC 20036
PHONE: 202-822-9002
I
FAX: 202-822-9553
EMAIL: iad@thedialogue.org
I
WEB SITE: www.thedialogue.org

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