The ambitious Belt and Road Initiative (BRI), or One Belt One Road (OBOR), touted as a game-changer by China, is facing harsh realities as its flawed economic model comes to light. The upfront investments in infrastructure projects have not led to the anticipated economic growth in host countries, turning these projects into financial burdens.
Sri Lanka’s Hambantota International Port and Kenya’s Standard Gauge Railway are prime examples of the failed OBOR projects, struggling to attract business and generate revenue to repay the Chinese loans. Pakistan is also reeling under the weight of debt from the China-Pakistan Economic Corridor (CPEC), with the promised economic benefits not materializing.
The increasing debt burden from Chinese loans and the lack of transparency in these deals have left many countries financially dependent on China, hampering their economic independence. With China’s own economic slowdown, the future of the OBOR initiative looks uncertain.
As the OBOR projects face mounting debts and stalled progress, it appears that the grand vision of a new world order through this initiative is crumbling. The reality of failed projects and financial overreach may soon imprison the OBOR under a mountain of debt and unmet expectations.
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