China's modern Silk Road hits political, financial hurdles | 2018-01-11 | daily-sun.com

China's modern Silk Road hits political, financial hurdles

Sun Online Desk     11th January, 2018 09:46:41 printer

China's modern Silk Road hits political, financial hurdles

 

 

China's plan for a modern Silk Road of railways, ports and other facilities linking Asia with Europe has hit a $14 billion pothole in Pakistan.

 

Pakistan's relations with Beijing are so close that officials call China their "Iron Brother." Despite that, plans for the Diamer-Bhasha Dam were thrown into turmoil in November when the chairman of Pakistan's water authority rejected what he said was a demand from Beijing for an ownership stake in the project.

 

From Pakistan to Tanzania to Hungary, projects under President Xi Jinping's signature "Belt and Road Initiative" are being canceled, renegotiated or delayed due to disputes about costs or complaints host countries get too little out of projects built by Chinese companies and financed by loans from Beijing that must be repaid, reports AP.

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