Concern over Maldives mounting debt to China
The three largest Chinese projects in the Maldives are said to be worth $1.5 billion.
10 Sep 2018, 9:00 AM
Concern and disapproval flooded social media and the comment sections of local news websites after reports of China’s proposal to take over Zambia’s international airport if the country fails to pay back its foreign debt.
China’s Exim bank gave a US$360 million loan for the three-year development of Kenneth Kaunda international airport in 2015 and Zambia’s debt levels have been described as a “national crisis.”
“Zambia, Gambia, all lessons to you!” former foreign minister Ahmed Shaheed tweeted, referring to China-backed development projects in the Maldives such as the US$200 million Sinamalé Bridge and an upgrade of the country’s main international airport.
Financed with grant aid and loans from China and built by a Chinese company, the country’s first overwater bridge connects the capital via the airport island Hulhulé to its suburb Hulhumalé, a reclaimed island under development as a new urban centre.
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