We study international capital flows across two centuries. A major novelty is our in-depth analysis of official flows (government-to-government lending), which are neglected in most studies. To trace official flows, we collect an encompassing new database of 1.2 million cross-border loans, grants and guarantees from foreign governments, central banks, and multilateral organizations over the period 1790-2024. Official international lending is much larger than previously understood and is driven by the great powers of the time. Unlike private capital flows, official lending is counter-cyclical, surging in financial crises and wars - precisely when foreign finance is most needed and when private lending dwindles or disappears altogether. Official finance is a critical but underappreciated pillar of the international financial system.