Sri Lanka pays debt by handing a port to China

Last month, Sri Lanka, unable to pay the onerous debt to China it has accumulated, formally handed over its strategically located Hambantota port to the Asian giant. It was a major acquisition for China’s Belt and Road Initiative (BRI)—which President Xi Jinping calls the ‘project of the century’ — and proof of just how effective China’s debt-trap diplomacy can be.

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