TAKING OVER OF SRI LANKA PORT MEANS WRITING OFF THE LOAN | Sowoll

Release time: Thursday, September 13, 2018
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The previous week, the Botswana ministry of finance was seeking a 1.2 billion loan for transport infrastructure.China has agreed to extend a loan to Botswana for rail and infrastructure as well as writing off a BWP 80 million (Ksh.740million) debt.

China’s Xi offered another 80 billion in financing for Africa on Monday and wrote off some debt for poorer African nations , while warning against funds going to  toward “vanity projects”.



In December last year, Sri Lanka formally handed over Hambantota Port to China on a 99-year lease after struggling to pay loans from the Chinese nation.According to Botswana President Mokgweetsi Masisi, China also offered a 340 million pula grant.

According to the New York Times, Sri Lanka politicians said the Hambantota deal valued at $1.1 billion, was necessary to chip away the debt estimated to be more than $8 billion.

“With this agreement,we have started to pay back the loans,” Prime Minister Ranil Wickremesinghe said in an address to parliament, the NY Times reported.

However, pundits had warned against the move which they say put the country’s sovereignty in jeopardy.
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