Tuesday, August 22, 2017

Scary glimpse into BRA


By ECONOMICTIMES.COM | Aug 22, 2017, 02.57 PM IST

What has happened in Sri Lanka is a dire warning for small countries against China's colonial advances wrapped in benign global treaties.

Four years ago, Sri Lanka built Mattala Rajapaksa International Airport (MRIA) in Hambantota, 250 km south from Colombo, with Chinese assistance of $190 million, more than 90 per cent of the total cost. Today, MRIA is running into losses and Sri Lanka is unable to pay back dues to China’s EXIM Bank.

Ironically, Sri Lanka has now decided to hand over the airport to India so that it can repay the Chinese loan.

Expect this scenario to unfold in dozens of small countries in Asia and Africa if China's ambitious On Belt One Road (OBOR) project 

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