How Chinese 'toxic loans' fueled a spiral of over-indebtedness in Zambia

China is Zambia's largest creditor and investor, significantly impacting its economy. A recent investigation reveals how the Industrial and Commercial Bank of China (ICBC) has contributed to Zambia's debt crisis through loans that prioritize Chinese interests. In the early 2010s, Zambia's economy thrived due to rising commodity prices and Chinese demand for metals, leading to infrastructure investments. However, these loans have resulted in a cycle of over-indebtedness for the country.