China’s Belt and Road financing and investments fell in the first half, with no new spending in Russia, Sri Lanka and Egypt, according to a study by the Green Finance & Development Center.

Financing and investments were at $28.4 billion in the first six months, compared with $29.4 billion in the same period a year earlier, according to the center which is an affiliate of Fudan University. The first-half figures were 40% lower compared with the same period in 2019, it said.

About $11.8 billion went toward investments and $16.5 billion went to construction contracts partly financed by Chinese loans. Saudi Arabia was a major recipient of Chinese investments, while no coal projects received funds in the first half, according to the study.

China’s belt and road program has come under criticism, and over the past few years, the US has accused it of using “debt diplomacy” to make developing nations more dependent. Beijing has denied those accusations.