China’s acquisition of the strategic Hambantota port from Sri Lanka has given it “control of a territory” just a few 100 miles off the shores of India, highlighting its “debt trap” and ambitious use of loans to gain influence around the world, a media report has said.
An investigation by New York Times about Sri Lanka’s handover of the Hambantota Port to China in December 2017 illustrates how China turned an ally’s struggles to its strategic advantage. The report says feasibility studies had found that the port would not work and “frequent lenders” like India had refused to provide loans or assistance for the port, developed during Sri Lanka’s president Mahinda Rajapaksa’s rule. “However, every time Rajapaksa turned to his Chinese allies for loans and assistance with the ambitious port project, the answer was yes,” it says.
