this post was submitted on 26 Jun 2024
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Environment
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"China-backed" is a bit of an overstatement... and understatement at the same time.
China is giving the loan to reap some interests... but it wouldn't be the first time when they give out a loan, the local company is unable to complete a project staying inside the budget, then China refuses to increase the loan, but still requires repayment of the initial one, with interests, while the locals suffer from both a half-done project, and having to pay interests through taxes when the local company goes under... while it gets bought for pennies by the Chinese company.