By the beginning of 2025, the volume of cross-border loans reached $34.7 trillion, which is the highest since 2008. In the first quarter, lending increased by $1.5 trillion adjusted for exchange rates and by $0.7 trillion seasonally adjusted, exceeding last year's figure by 7%. The main contribution to the growth was made by non-bank financial institutions (NFI), which attracted $678 billion, which is 14% more in annual terms. Most of the loans were provided in dollars, of which $237 billion was sent to the NFI in the Cayman Islands, $131 billion to Japan and $88 billion to the UK. The main creditors are banks from the USA, France and the UK, which have provided $585 billion. Developing countries have raised $100 billion, which is more than half as much as the Cayman Islands NFI. Their total debt rose to $5.9 trillion, with $52 billion of that coming from the Middle East and Africa. The growth of loans in emerging economies was supported by loans in yuan ($45 billion), of which $44 billion was allocated to the Asia-Pacific region. However, the total volume of lending in the region decreased by $2 billion.