This edition of the Belt and Road Monitor covers developments from 1 to 28 February 2025. If you enjoy our Belt and Road coverage, consider checking out Janes IntelTrak, a visual analytic tool that tracks and maps the global activities of Chinese and Russian companies in real time and includes expanded analysis of projects highlighted in "Top Developments." The Monitor draws from transactional data collected daily by our proprietary tool, Janes IntelTrak, as well as research compiled by our team of analysts.
Belt & Road at a Glance
Chinese BRI Transactions in USD Billion
Graph notes: These transactions include Chinese loans and grants but also contracts and subcontracts. Not all transactions will come to fruition, and this graphic does not account for cancellations, disruptions, failure to disburse funds, etc. This depicts the announced values of transactions with involving Chinese entities operating overseas, which could include Chinese funded projects but also foreign funded projects involving Chinese contractors, across multiple BRI-linked sectors.
Top Developments
Russia’s Largest Bank and Tech Leader to Collaborate with China on Artificial Intelligence
On 6 February 2025, Sberbank announced plans to collaborate with China in the field of artificial intelligence (AI). Sberbank noted that the “bank has many scientists,” that will “conduct joint research projects with researchers from China.” While co-operation details have not been released, joint development of large language models (LLM), enhancing research and development capabilities, and the application of AI to banking activities are likely first steps.
Chinese Companies Increase Activity in Nigeria’s Lithium Industry
On 10 February 2025, Canmax Technologies announced a USD200 million investment in a joint venture (JV) that will develop two lithium mines in Kebbi State, Nigeria. The partnering firm is Three Crowns Mines that will hold a minority 15% equity stake in the JV. The deal has been met with some skepticism, given the low value of lithium prices in the 2025 market. Currently, a tonne of lithium carbonate sells for USD10,949 down from USD82,123 in 2022. However, new Chinese investment is likely a nod to the country’s long-term green energy goals and lithium batteries are an important component for renewable energy storage. In January 2025, Jiuling Lithium Mining also announced plans for a USD200 investment in a lithium processing plant in Nasarawa State.
CCCC First Harbour to Develop Bauxite Mines in Solomon Islands
On 11 February 2025, CCCC First Harbour won a contract to develop bauxite mining operations on Rennell Island, the southern most of the Solomons. The project will include construction of a 150-metre temporary wharf, land clearing, and transportation of the ore. Rennell Island is the site of a 2019 environmental disaster that leaked 300 tonnes of fuel, and the island also the location of a UNESCO World Heritage site. Some of Rennell Islands’ bauxite is already being sent to China for processing.
Chinese Lithium Battery Company and New Shipping Route to Work in Tandem to Supply European EV Market
On 21 February 2025, China Aviation Lithium Battery (CALB) announced plans to invest EUR2 billion (USD2.09 billion) to establish a gigafactory in Sines, Portugal. The factory will produce lithium batteries for electric vehicles EVs with an annual capacity of 15 gigawatt hours (GWh), or 187,000 batteries, for the European market. The investment decision comes amidst the launch of a new maritime corridor between the Jiangsu Province, China and the Port of Sines.
China to Develop Critical Infrastructure in Indonesia’s Future Capital PT China Harbour Indonesia (CHI), a subsidiary of China Harbour Engineering Company (CHEC), received a letter to proceed on 27 February 2025 from the Nusantara Capital City Authority (IKN) to develop the multi-utility tunnel (MUT) road and tunnel project that will include power cables, fibre optics, and major utility lines, providing the foundation for its new capital city, Nusantara. CHI will construct the approximately USD4.4 billion, 138.6-kilometre smart tunnel with Indonesian entities PT Brantas Abipraya and PT Hutama Karya.
New Project Locations
What They're Saying
CHRISTOPH NEDOPIL WANG, Founding Director of the Green Finance & Development Center and a Visiting Professor, Fudan University from the "China Belt and Road Initiative (BRI) Investment Report 2024".
“Regarding BRI investments, Indonesia was again the single largest recipient with about USD9.3 billion in investments, followed Saudi Arabia (USD5.8 billion), and Kazakhstan (USD 4.6 billion)….11 countries saw a 100% drop of BRI engagement compared to 2023, including Cote D’Ivoire, Sierra Leone, Armenia, and Jordan. China’s engagement in Pakistan for the China Pakistan Economic Corridor (CPEC) dropped by 40%, after dropping about 74% in the previous period....
The countries with the largest growth of BRI engagement were Guinea (+1,935 %), Liberia (+1,900%), Republic of Congo (+1,800%), Iraq (+799%), and Morocco (+724%). While in 2022, the year of Russia’s invasion of Ukraine, Russia did not receive any Chinese engagement, China’s engagement in the country remained low with about USD212 million
By the Number
