Connect with us


Fearing Debt-Trap, Sierra Leone Cancels Vital BRI Project with China



Sierra Leone has cancelled the development of an airport project under the Chinese BRI scheme which was to be constructed outside the capital, Freetown. This is for the first time that an African country has cancelled any Chinese BRI project. Sierra Leone is a developing country but has pulled out the chords from China’s $318-million project, much to the Beijing’s shock.

The World Bank and the International Monetary Fund (IMF) both cautioned Sierra Leone that the Chinese project may bring redundant debt weight on them. The mega-project had been authorized by former Sierra Leone president, Ernest Bai Koroma which, which was due to be completed in 2022 but, with the change in government the new president, Julius Maada Bio, has since reconsidered the huge loans offered by China to his predecessor.

“After serious deliberations, it is the Government’s view that it is extravagant to continue with the construction of the new airport when the existing one is grossly under-utilized,” said a letter from the country’s Minister of Transport and Aviation to the project’s director.

African countries collectively owe approximately $130 billion to China, according to the China-Africa Research Initiative. This amount has been used to fund transport, power and mining projects in the resource-rich continent. Earlier this year, during China-Africa Cooperation (FOCAC) summit, Chinese President Xi Jinping declared a further $60 billion in economic assistance to Africa.

Philippine Daily Inquirer reported, “Countries around the world are anxious now that they could fall prey to Beijing’s debt-trap discretion. They are considering the readily available loans accessible by China for infrastructure projects in their countries.

China funded projects terms and conditions also require the hiring of Chinese-owned contractors rather than local companies and workers. Chinese loans, with interest rates of 2-3 per cent, are 1,100 per cent more expensive than those from Japan, at only 0.25-0.75 per cent”.

More News at EurAsian Times




J-10VSF-16 J-10VSF-16
Featured4 hours ago

Next US Intervention In Taiwan & There Would Be No Taiwan – China

Amid suggestions for the United States to deploy its troops to Taiwan, Chinese military experts have warned that any such...

Americas5 hours ago

Donald Trump Or Jared Kushner: Why Son-In-Law Kushner Deserved The Nomination For Nobel Prize Over Trump?

Having brokered the historic normalisation accord between the United Arab Emirates (UAE) and Israel, US President Donald Trump has been...

SU-30 SU-30
Featured9 hours ago

Rafale vs Su-30SM: Despite Rafale Jets, Why Su-30s Will Remain The Most Powerful Fighters In The Whole Of Asia?

Russia has won many hearts in India and China with its Sukhoi Su-30SM fighter jets, however, owing to the massive...

Featured11 hours ago

Can PM Modi Correct The ‘Balochistan’ Mistake That India Committed In 1947?

As history suggests, India lost out when the Sultan of Oman offered Gwadar as a gift to India but the...

eurasian-times eurasian-times
Featured11 hours ago

After SU-30 Jet, Now MiG-21 Fighter Jet Crashes In Western District

A Serbian military aircraft crashed Friday in western Serbia, the Defense Ministry confirmed. The ministry said that the MiG-21 military aircraft...

putin-russia putin-russia
EurAsian Region11 hours ago

Watch How Russian BM-30 Smerch Rockets Use GLONASS Navigation System To Hit Its Target

Russia has reportedly made another major breakthrough in boosting its missile launching capabilities with modernised BM-30 Smerch or 9A53-S Tornado...

Featured18 hours ago

Clear Message To China: India Army Will Fire If PLA Soldiers Come Forward

As India-China border tensions are yet to be completely diffused, according to a report by The Hindu, New Delhi has given...

s400-russia s400-russia
Featured1 day ago

Third Batch Of Lethal S-400 Triumf Missile Defence Systems Delivered To Russia

Almaz-Antey Air and Space Defense Corporation JSC delivered the third batch S-400 Triumf missile defence system to the Russian Ministry...

Cold-War Cold-War
Americas1 day ago

Who Is Winning The Race Between US, Russia & China To Develop World’s First Sixth-Gen Fighter Jet?

So far, the US is the only country to develop, operate and sell its fifth-generation fighter jets, while China and...

sukhoi-su-35 sukhoi-su-35
Featured1 day ago

Setback For Su-30 As Russian Su-35 Jet Shoots It Down After An Intense Dogfight

In a bizarre incident that happened over the Russian skies on Tuesday, a Russian Su-35S fighter jet reportedly shot-down Su-30SM...