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Banking

Sri Lanka questions reliance on China

By Elliot Wilson
January 07, 2019
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When Sri Lanka, a key link in the Belt and Road Initiative, sold China a deep-water port in exchange for debt alleviation, it raised eyebrows around the world – yet Colombo continues to borrow from Beijing even as its fiscal situation worsens.

Hambantota Port_dancers_780
Sri Lankan traditional dancers perform as seawater gushes from pipes on the ground during the launch of Hambantota port in Hambantota, about 240km (149 miles) south of Colombo August 15, 2010. Sri Lanka flooded a new port on Sunday, built with Chinese assistance as part of a $6 billion drive to rebuild the island nation's infrastructure after a quarter century of war. The Hambantota port, built at an estimated cost of $1.5 billion on the southern coast, will begin handling ships from November, officials said. Picture taken August 15, 2010. REUTERS/Dinuka Liyanawatte (SRI LANKA - Tags: SOCIETY MARITIME BUSINESS) - GM1E68G147301
Dinuka Liyanawatte/REUTERS

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Banking Asia PacificBankingChinaInvestmentSri LankaFeaturesJanuary 2019
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Elliot Wilson
Elliot Wilson is Greater China Editor and Private Banking and Wealth Management Editor. He joined the magazine in 2020 having been a regular contributor focusing on China and the Indian subcontinent, Russia and Eastern Europe/the CIS. He is based in Hong Kong.
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