That's exactly right.

Wouldn't be the first time US/EU trapped an underdeveloped/developing country by giving it loans that they wouldn't be able to repay.

.....

Confessions of an Economic Hit Man

The book provides Perkins' account of his career with engineering consulting firm Chas. T. Main in Boston. Perkins claims the involvement of the National Security Agency (NSA), with whom he had interviewed for a job prior to joining Main. According to the author, this interview effectively constituted an independent screening that led to his subsequent hiring as an 'economic hit man' by Einar Greve,^[4] vice president of the firm (and alleged NSA liaison). Perkins claims that he was seduced and trained as an "economic hitman" by a mysterious businesswoman named Claudine, who used his NSA personality profile to manipulate and control him.^[5]

According to Perkins, his job at the firm was to convince leaders of underdeveloped countries to accept substantial development loans for large construction and engineering projects. Ensuring that these projects were contracted to U.S. companies, such loans provided political influence for the US and access to natural resources for American companies,^{[1]: 15, 239} thus primarily helping local elites and wealthy families, rather than the poor.

https://en.wikipedia.org/wiki/Confessions_of_an_Economic_Hit_Man