How China grabbed Port from indebted Sri Lanka

How China grabbed Port from indebted Sri Lanka

 

– In case you think they are joking on Zesco

(By New York Times) 

HAMBANTOTA, Sri Lanka — Every time Sri Lanka’s president, Mahinda Rajapaksa, turned to his Chinese allies for loans and assistance with an ambitious port project, the answer was yes.

Yes, though feasibility studies said the port wouldn’t work. Yes, though other frequent lenders like India had refused. Yes, though Sri Lanka’s debt was ballooning rapidly under Mr. Rajapaksa.

Over years of construction and renegotiation with China Harbor Engineering Company, one of Beijing’s largest state-owned enterprises, the Hambantota Port Development Project distinguished itself mostly by failing, as predicted. With tens of thousands of ships passing by along one of the world’s busiest shipping lanes, the port drew only 34 ships in 2012.

And then the port became China’s.

Mr. Rajapaksa was voted out of office in 2015, but Sri Lanka’s new government struggled to make payments on the debt he had taken on. Under heavy pressure and after months of negotiations with the Chinese, the government handed over the port and 15,000 acres of land around it for 99 years in December.

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COMMENTS

WORDPRESS: 4
  • comment-avatar
    Njangwamuloty 5 days ago

    The next thing China will grab is Dora’s rotten pu**y that smells like sulphur which they reckon has Afrodisiac powers but alas nyo yahae isampukile kale!

  • comment-avatar
    Njangwamuloty 5 days ago

    It’s now abundantly clear that Zambia is f**ked up real big time because of the tribally bigoted mistake of electing a functionally illiterate full cycle fool Satanyokola for president! You deserve all the shit coming your way, mwanya manje banyambolo imwe manje, you are a Province if China now.

  • comment-avatar
    muntungwa 6 days ago

    You are very right John. We are headed in the same direction.

  • comment-avatar
    John M Phiri 6 days ago

    it looks like with current leadership we are heading in the same direction.