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Of debt and bondage with Beijing
Oped, Brahma Chellaney, Published on 26/11/2022
» Recently released details of Kenya's 2014 loan agreement with China to finance a controversial railway project have once again highlighted the predatory nature of Chinese lending in developing countries. The contract not only imposed virtually all risk on the borrower (including requiring binding arbitration in China to settle any dispute), but also raised those risks to unmanageable levels (such as by setting an unusually high interest rate). With terms like that, it is no wonder some countries around the world have become ensnared in sovereignty-eroding Chinese debt traps.
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'Belt and Road' is buckling under scrutiny
News, Brahma Chellaney, Published on 01/10/2018
» On a recent official visit to China, Malaysian Prime Minister Mahathir Mohamad criticised his host country's use of major infrastructure projects -- and difficult-to-repay loans -- to assert its influence over smaller countries. While Dr Mahathir's warnings in Beijing against "a new version of colonialism" stood out for their boldness, they reflect a broader pushback against China's mercantilist trade, investment, and lending practices.
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