China has projected its One Belt One Road (OBOR) project as a global ideal that will spread economic benefits to less-developed countries. China–Pakistan Economic Corridor ( CPEC) will be a significant part of OBOR, a network through South Asia, the Middle East, Africa and Europe by building land and sea links. But well before the much-touted project begins, China’s hidden exploitative motives are out in the open.
Experts have warned CPEC is China’s colonial ploy to create a permanent foothold in Pakistan. A good illustration is the deal Sri Lanka has signed with China today.
Sri Lanka has signed a $1.1 billion deal with China for control and development of the deep-sea port of Hambantota. A state-run Chinese company will have a 99-year lease on the port and about 15,000 acres for building an industrial zone.
In the past few years, China gave Sri Lanka big loans to build infrastructure. Now, Sri Lanka is unable to repay those loans. It is leasing out land to China to repay its loans. Part of the money it gets by leasing out the Hambantota port will go into repayment of Chinese loans. This is how China sneaks into a country on the back of costly loans.
Latest posts by The Economic Times (see all)
- NTPC Searches For Buyer For Kadapa Solar Park’s Power – October 24, 2017
- Piyush Goyal Pitches For PPP Model, Says It Can Have ‘Transformational Impact’ – October 24, 2017
- Telengana Places Rs 20400 Crore Contract On BHEL – October 23, 2017