{"id":548042,"date":"2022-07-24T04:00:10","date_gmt":"2022-07-24T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/bri-blowback\/"},"modified":"2022-07-24T04:00:10","modified_gmt":"2022-07-24T04:00:10","slug":"bri-blowback","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/bri-blowback\/","title":{"rendered":"BRI blowback"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>China\u2019s Belt and Road Initiative could be in trouble as <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/005f7bf8-8ca8-471f-ba41-596b2bb2a954\">debt crises loom<\/a><\/strong><strong> in <\/strong><strong>emerging markets: <\/strong>The ambitious overseas lending scheme that sees China pouring investments into countries across Africa, Asia, and the Middle East, to further trade and foreign policy is struggling under a mountain of non-performing debt and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bca22e31-fce7-4249-824f-5a44d357855d\">claims of corruption and mismanagement<\/a>, the <a href=\"https:\/\/www.ft.com\/content\/ccbe2b80-0c3e-4d58-a182-8728b443df9a\">Financial Times<\/a> reports. The value of projects related to the initiative reached USD 838 bn by the end of 2021, according to data collected by Washington-based think-tank the American Enterprise Institute. However, a record USD 52 bn in loans that finance these projects had to be renegotiated over the past two years, more than triple the USD 16 bn that had turned bad in the previous two years.<\/p>\n<p><strong>The problem:<\/strong> Countries that are already indebted are struggling to meet loan repayments as many of the initiative\u2019s high-profile projects have failed to yield commercial returns, the FT writes. China has now resolved to issue tens of bns of USD in \u201crescue\u201d loans \u2014 short-term liquidity injections that allow debtors to service their loans and avoid default \u2014 in an attempt to put out the fire it has helped spark emerging markets.<\/p>\n<p><strong>China doesn\u2019t have much exposure to Egypt:<\/strong> Egypt has borrowed the equivalent of 2.1% of GDP in sovereign and hidden debt, according to <a href=\"https:\/\/ent.news\/2022\/7\/Banking_on_the_Belt_and_Road__Insights_from_a_new_global_dataset_of_13427_Chinese_development_projects.pdf\">data (pdf)<\/a> compiled by AidData. Egypt is one of 21 emerging markets <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/005f7bf8-8ca8-471f-ba41-596b2bb2a954\">currently at risk of default<\/a>, with the number of sovereign bonds falling into distressed territory climbing higher to reach record levels over the past months.<\/p>\n<p><strong>IN OTHER NEWS-<\/strong><\/p>\n<ul>\n<li><strong>Hyundai reports highest net income in eight years in 2Q 2022: <\/strong>Hyundai Motors\u2019s bottom line jumped 56% in the second quarter of the year, recording USD 2.8 tn. (<a href=\"https:\/\/www.hyundai.com\/worldwide\/en\/company\/newsroom\/hyundai-motor-announces-2022-q2-business-results-0000016866\">Statement<\/a>)<\/li>\n<li><strong>Abu Dhabi Wealth Fund gets stake in TMF<\/strong>: Abu Dhabi Investment Authority has bought a significant minority stake in CVC Capital Partners\u2019 business service provider TMF Group. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-22\/abu-dhabi-s-wealth-fund-said-to-buy-stake-in-cvc-owned-tmf-group?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<li><strong>China\u2019s Evergrande CEO, CFO forced to resign:<\/strong> The CEO and CFO of crisis-hit Chinese developer Evergrande have been forced to step down after an internal probe found they allowed a creditor to take USD 2 bn as the company was trying to restructure its USD 300 bn debt pile. (<a href=\"https:\/\/www.ft.com\/content\/05ace76a-8774-4d54-a07a-c689edab98b5\">FT<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-22\/china-evergrande-ceo-haijun-resigns-shawn-named-successor?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<li><strong>China slaps ride-hailing group Didi with a fine of USD 1 bn over data law <\/strong><strong>breach: <\/strong>Chinese regulators said Didi had committed a violation of China\u2019s data collection laws and \u201cseriously impacted national security\u201d with data processing activities. (<a href=\"https:\/\/www.ft.com\/content\/a7f0ac8a-ba8a-495b-9981-b784e7b9cd8f\">Financial Times<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,290<\/p>\n<\/td>\n<td>\n<p>+1.9% (YTD: -22.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.89<\/p>\n<\/td>\n<td>\n<p>Sell 18.97<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.91<\/p>\n<\/td>\n<td>\n<p>Sell 18.97<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,988<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,662<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +13.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,257<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: +1.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,962<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -16.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,276<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -1.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,596<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: -16.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 103.20<\/p>\n<\/td>\n<td>\n<p>-0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.30<\/p>\n<\/td>\n<td>\n<p>+4.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,745.30<\/p>\n<\/td>\n<td>\n<p>+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 22,301<\/p>\n<\/td>\n<td>\n<p>-1.9% (YTD: -51.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 1.9% at Thursday\u2019s close<\/strong> on turnover of EGP 975 mn (15.1% above the 90-day average). Local investors were net buyers. The index is down 22.3% YTD.<\/p>\n<p><strong>In the green: <\/strong>Ibn Sina Pharma (+10.9%), Qalaa Holdings (+9.8%) and EFG Hermes (+6.8%).<\/p>\n<p><strong>In the red: <\/strong>Eastern Company (-0.6%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>China\u2019s Belt and Road Initiative could be in trouble as debt crises loom in emerging markets: The ambitious overseas lending scheme that sees China pouring investments into countries across Africa, Asia, and the Middle East, to further trade and foreign policy is struggling under a mountain of non-performing debt and claims of corruption and mismanagement, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[2169,116,329,302,115,72,216,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548042","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-belt-and-road-initiative","tag-china","tag-didi","tag-earnings","tag-emerging-markets","tag-enterpriseam","tag-evergrande","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"a00fc174-23ca-46ba-a954-cc4fb04e504a","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548025],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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USD 1 bn from Chinese Development Bank","author":"enterpriseam admin","date":"1 November 2023","format":false,"excerpt":"The loan will help finance projects agreed upon in the Belt and Road Forum","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1520.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":628582,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/08\/how-the-aiib-is-emerging-as-a-genuine-rival-to-the-world-bank\/","url_meta":{"origin":548042,"position":2},"title":"How the AIIB is emerging as a genuine rival to the World Bank","author":"enterpriseam admin","date":"8 May 2018","format":false,"excerpt":"How the AIIB is emerging as a genuine rival to the World Bank: By expanding into Africa and Latin America and away from Asia, the China-led Asian Infrastructure Investment Bank (AIIB) is emerging as a very real rival to the World Bank, writes James Kynge for the Financial Times. The\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/591.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571179,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/03\/chinas-belt-and-road-loans-are-coming-under-pressure-amid-pandemic-squeeze\/","url_meta":{"origin":548042,"position":3},"title":"China\u2019s Belt and Road loans are coming under pressure amid pandemic squeeze","author":"enterpriseam admin","date":"3 May 2020","format":false,"excerpt":"China\u2019s Belt and Road loans are coming under pressure amid pandemic squeeze: Several countries are seeking debt relief from China on loans handed out by its banks under the Belt and Road Initiative (BRI) as the covid-19 pandemic is straining their economies, the Financial Times reports. Chinese lenders, including Exim\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/5.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":647969,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/24\/chinese-firms-wary-of-political-risks-on-xis-belt-and-road\/","url_meta":{"origin":548042,"position":4},"title":"Chinese Firms Wary of Political Risks on Xi's Belt and Road","author":"enterpriseam admin","date":"24 May 2017","format":false,"excerpt":"Leading Chinese corporations are not as enthusiastic about the Belt and Road initiative as is Chinese President Xi Jinping, writes Ting Shin from Bloomberg. Under the initiative, China is expected to direct USD 122 bn on infrastructure projects across 65 participant nations, almost two-thirds of which have sovereign debt ratings\u2026","rel":"","context":"In &quot;Worth reading&quot;","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604926,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/17\/chinas-belt-and-road-initiative-sparks-backlash-across-asia\/","url_meta":{"origin":548042,"position":5},"title":"China\u2019s Belt and Road Initiative sparks backlash across Asia","author":"enterpriseam admin","date":"17 December 2018","format":false,"excerpt":"Taking shots at China\u2019s Belt and Road initiative. 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