Belt and Road Monitor, Edition 6, 2025

This edition of the Belt and Road Monitor covers developments from 1 to 31 May 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

China and Indonesia to Co-operate on Dual-use Technologies
On 7 May 2025, Indonesia’s PT Pindad (Persero) signed an agreement for dual-use technology co-operation with two Chinese defence industry companies. China North Industries Corp. (NORINCO) will provide dual-use electric trucks and agricultural machinery, and Sany Group will manufacture heavy equipment and excavators. The agreement is an outcome of the April 2025 2+2 meeting between Beijing and Jakarta. The signing was attended by Indonesia’s Vice Minister of Defence.

China’s JCHX to Acquire Colombian Mining Project of National Significance
On 9 May 2025, China’s JCHX Mining Management announced plans to attain the remaining shares of the Alacrán copper-gold-silver project through the acquisition of Canada’s Cordoba Minerals’ subsidiaries, Minerales Cordoba and Exploradora Cordoba. JCHX currently owns the other 50% of the mining project and, upon closing, will ultimately own 100% of the project, which is expected to be Colombia’s biggest copper mine. The mine has been designated by the Colombian government as a project of national interest.

After US Cuts, AIIB Fills USD1 Billion Gavi Vaccine Budget Gap
On 13 May 2025, the Asian Infrastructure Investment Bank (AIIB) and Gavi, the Vaccine Alliance, signed a letter of intent for the AIIB to provide up to USD1 billion in public health sector financing. Specifically mentioned activities include health system and immunization strengthening, vaccine procurement, and healthcare financing initiatives. The agreement comes weeks after Gavi financing was cut by the United States for a similar amount.

Chinese Media Firms Solidify Relationships with Key Sri Lankan Partners
On 19 May 2025, Chongqing Transmission Corporation signed a memorandum of understanding (MoU) for media programme collaboration with Sri Lanka Rupavahini Corporation (SLRC). The agreement includes academic and training opportunities and joint programming. This partnership follows January 2025 agreements between China Media Group and the Sri Lanka Broadcasting Corporation (SLBC) and SLRC. Xinhua News Agency signed an agreement with the Associated Newspapers of Ceylon during the same month to execute similar activities.

PowerChina Takes Lead in Honduras’ Energy Sector
On 20 May 2025, PowerChina signed a construction contract with Honduras’ national power company, Empresa Nacional de Energía Eléctrica (ENEE), for a 230 kV transmission project. The project is of significance as it is a strategic component of the Central American country’s national grid expansion plan. PowerChina will construct 176 kilometres (km) of transmission lines and develop five substations, marking an evolution of the company in Honduras’ energy industry from hydropower development to energy transmission. The United States House Permanent Select Committee on Intelligence raised concerns over the deal on 27 May 2025.

New Project Locations

What They're Saying

PARSIFAL D’SOLA ALVARADO, Founder and Executive Director, Andrés Bello Foundation – China Latin America Research Center on the 4th China-CELAC Ministerial Forum.

“One of the most striking gestures was Colombia’s signing of a cooperation plan under the Belt and Road Initiative (BRI). For China, this represents a significant diplomatic victory: it succeeded in associating one of the United States’ traditional allies in the region with President Xi Jinping’s flagship global initiative.”

By the Numbers