In late 2006, the European Investment Bank and the IMF warned that China’s emergence as a major creditor was creating a wave of new debt for African countries. A report published in 2007 by the African Union and the UN Economic Commission pointed out that the rising importance of China as a source of concessional loans for poor African countries had increased the risk of further debt accumulation. The risks were higher since China and other new creditors had more flexible loan disbursement, it stated.