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US plans to build a $553 million terminal at Sri Lanka's Colombo port in rivalry with China

The U.S. announced a $553 million project Wednesday to build a deep-water shipping container terminal in Sri Lanka’s Port of Colombo as it competes with China in international development financing.

The project is billed as providing critical infrastructure for the South Asian nation with the potential to “transform Colombo into a world-class logistics hub at the intersection of major shipping routes and emerging markets,” according to the U.S. International Development Finance Corp.

The DFC loan of $553 million for the West Container Terminal will “expand its shipping capacity, creating greater prosperity for Sri Lanka — without adding to sovereign debt — while at the same strengthening the position of our allies across the region,” said DFC Chief Executive Officer Scott Nathan.

TokenBoomer ,

I seem to recall a Keynesian professing that capitalism likes competition. Shouldn’t America welcome players in the world market?

autotldr Bot ,

This is the best summary I could come up with:

The project is billed as providing critical infrastructure for the South Asian nation with the potential to “transform Colombo into a world-class logistics hub at the intersection of major shipping routes and emerging markets,” according to the U.S. International Development Finance Corp.

Through it, Beijing has invested tens of billions of dollars each year to build roads, railways, ports and airports, typically in developing nations, to foster trade and goodwill toward China.

Sri Lanka’s multibillion-dollar debts to Beijing have hindered efforts to resolve its financial woes and have often been cited as evidence by critics of the Belt and Road Initiative who claim China engages in debt-trap diplomacy.

The debt trap argument was “fabricated to disrupt and undermine China’s cooperation with developing countries,” Chinese Foreign Ministry spokesperson Wang Wenbin said during a daily briefing Tuesday.

The $1.4 billion project to build an integrated resort and casino and conference center zone, a marina, apartments, a business district and green space has raised concerns in Sri Lanka and India that the development could become a virtual Chinese outpost or colony.

In development financing, the U.S. faces tough competition from Beijing, which has recalibrated its BRI initiative to be greener, safer and more sustainable, according to AidData, a research lab at William & Mary, a public university in Virginia.

The original article contains 959 words, the summary contains 216 words. Saved 77%. I’m a bot and I’m open source!

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