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China grants $90 mn to Sri Lanka after visit by top official

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China introduced on Sunday that it was offering a $90 million grant to Sri Lanka, two days after the island nation’s President sought assist from a visiting Chinese delegation in disproving a notion that China-funded megaprojects are “debt traps.”

Calling the monetary help a “timely grant,” the Chinese Embassy in Colombo mentioned that it might be used for medical care, training and water provides in Sri Lanka’s rural areas. and that it might “contribute to the well-being of (Sri Lankans) in a post-COVID era.” s

The announcement follows a visit to the Indian Ocean island nation on Friday by a Chinese delegation led by Yang Jiechi, a Communist Party Politburo member and a former Foreign Minister.

During talks with Mr. Yang, Sri Lankan President Gotabhaya Rajapaksa requested China to assist him in disproving a notion that China-funded megaprojects are “debt traps” geared toward gaining affect in native affairs.

Crucial hyperlink

China considers Sri Lanka to be a crucial hyperlink in its large “Belt and Road” world infrastructure constructing initiative and has supplied billions of {dollars} in loans for Sri Lankan tasks over the previous decade. The tasks embrace a seaport, airport, port-city, highways and energy stations.

Critics say that the Chinese-funded tasks aren’t financially viable and that Sri Lanka will face difficulties in repaying the loans.

In 2017, Sri Lanka leased out a Chinese-built port positioned close to busy transport routes to a Chinese firm for 99 years to get well from the heavy burden of repaying the Chinese mortgage the nation acquired to construct it.

The facility is a part of Beijing’s plan for a line of ports stretching from Chinese waters to the Persian Gulf. China has additionally agreed to present a $989 million mortgage to Sri Lanka to construct an expressway that can join its tea-growing central area to the Chinese-run seaport.

China’s financial affect over Sri Lanka has anxious its closest neighbour, India, which considers the Indian Ocean area to be its strategic yard.

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