China lent a record US$110 billion to developing countries in 2010, the Financial Times reported. The figure surpasses the US$100 billion in lending made by the World Bank from mid-2008 to mid-2010. The report said much of the lending comprised loan-for-oil deals with Brazil, Russia and Venezuela, as well as funding for large infrastructure projects in Africa and Latin America. It also noted that many of the financial packages were denominated in renminbi, to be used to purchase Chinese exports. China’s increasing economic involvement has caused consternation in a number of Western capitals, with the perception that China’s influence is diluting many Western nations’ efforts to tie their financial aid packages to governance reforms. In a diplomatic cable leaked in December, the US ambassador to Kenya decried what he claimed were China’s selfish motives for lending on the continent.