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Roads to nowhere, abandoned railways and half-built bridges - China s debt traps schemes which cost nations BILLIONS
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China s growing control over Sri Lanka infrastructure projects sparks concerns ANI | Updated: Jul 02, 2021 09:49 IST
Colombo [Sri Lanka], July 2 (ANI): China s increasing control over high-profile Sri Lankan infrastructure projects has renewed fears that the country may soon become a Chinese colony. This comes after the China Harbor Engineering Company (CHEC) won a new development project last month for a 17-km elevated highway in Colombo.
The terms of the deal allow CHEC to own the highway, recover the principal, earn profits and hand it over to the Sri Lankan government after 18 years. This makes the CHEC the first foreign company to own a highway in Sri Lanka, Nikkei Asia reported.