Sri Lanka pays debt by handing a port to China

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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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