Concerns over Bangladesh slip into foreign debt trap

(FASTNEWS | BANGLADESH) – Observers in Bangladesh raise concerns that their country will slip into the debt trap and its accumulation due to the loans taken from China, following the conclusion of a deal to complete the One Belt One Road project.

The “mega-projects” were a growing burden, especially when China brings Chinese labourers to work on the projects they implement in foreign countries; as a result, the issue of efficient manpower production in Bangladesh is being questioned.

Observers see that foreign investors provide loans to Bangladesh to establish large projects, unlike China, which offers loans in exchange for limited interests that brings perverse outcomes to it.

They alerted of the repetition of the situation in Bangladesh, as happened in Sri Lanka, where China provided financing for projects such as The port of Hambantota, which was built with Sri Lanka’s own money and in cooperation with China, however, now they are unable to cover the expenses and therefore the port will be handed over to China after a long time.

Source: A24 News Agency