China's One Belt One Road strategy and debt driven infrastructure financing
Experts say its part of China’s “One Belt One Road” [1] development strategy includes Overland and Maritime Silk Road of sea-based network of shipping lanes and ports for its own interests forwarded through credit, or lending, based investments. Examples of China using “Creditor Imperialism” [2] include, among others, Sri Lanka and Venezuela. When its 26-year Civil War ended in 2009, Sri Lanka wanted to jumpstart its economy and took USD 14.87 Billion as credit between 2005 till 2017. It went ahead with ‘debt-driven infrastructure financing’ largely to facilitate construction of power plant, airport, extension of Colombo port, a Colombo Port City and new port of Hambantota. Resultantly it fell into the trap of increasing Chinese (and its companies) influence, from a seemingly no strings attached infrastructure financing. I ts debt-to-gross domestic product now stands at around 75 percent. Some 95 percent of government revenue is devoured just to service the debt. The Chines