Considering that non-concessional finance mainly consists of development loans that do not qualify as ODA, the recipients of non-concessional finance are mainly countries with acceptable credit rating and borrowing capacity. Most non-concessional finance to STI are allocated to upper-middle income countries in the Americas and in Asia, in particular Argentina. Brazil, People’s Republic of China, India, and Mexico. The largest providers of non-concessional finance to STI are the Asian Development Bank, EU institutions (incl.