ET Bureau, New Delhi :
China’s grandiose global connectivity initiative-One Belt One Road (OBOR) or Belt& Road Initiative (linking China with Europe via SE Asia & C Asia through land & sea links) — which is set to receive a formal endorsement at the May 14-15 international meet (OBOR MEET) has the potential of adverse economic implications for countries in South Asia as reflected by the situation in Sri Lankan that has run into a huge debt trap by welcoming Chinese-funded projects. While the Lankan PM is expected to attend OBOR among 28 other leaders from across the continents, Colombo is running up huge financial losses owing to high interest rates charged by Chinese lenders for the mega infrastructure projects which will now be part of OBOR.
China’s grandiose global connectivity initiative-One Belt One Road (OBOR) or Belt& Road Initiative (linking China with Europe via SE Asia & C Asia through land & sea links) — which is set to receive a formal endorsement at the May 14-15 international meet (OBOR MEET) has the potential of adverse economic implications for countries in South Asia as reflected by the situation in Sri Lankan that has run into a huge debt trap by welcoming Chinese-funded projects. While the Lankan PM is expected to attend OBOR among 28 other leaders from across the continents, Colombo is running up huge financial losses owing to high interest rates charged by Chinese lenders for the mega infrastructure projects which will now be part of OBOR.
