Iranian President Ebrahim Raisi visited Sri Lanka to inaugurate a hydropower plant and irrigation project, while Russia took partial control of an airport built by China. This suggests that other members of the axis of tyranny are stepping in to address the aftermath of China’s Belt and Road Initiative (BRI) failures.
Sri Lanka is a prime example of a developing nation trapped in crippling debt by the BRI. China often burdens its client states with loans for infrastructure projects that turn out to be less profitable than promised. Sri Lanka infamously handed over control of its Hambantota Port to China in 2017 due to difficulties in making BRI loan payments.
After China seized the port as collateral, Sri Lanka’s finances deteriorated, leading to a fiscal crisis, power outages, fuel shortages, and food scarcity. Another ill-fated Chinese-funded project in Sri Lanka was the Mattala Rajapaksa International Airport, which Forbes labeled as “the world’s emptiest international airport” in 2016.
China persuaded former President Mahinda Rajapaksa to borrow billions of dollars for ambitious projects that failed to materialize. The airport project became an environmental disaster, with canceled flights, financial losses, and disruptions caused by wildlife.
Angry Sri Lankan voters ousted Rajapaksa in 2015, halting his pro-China agenda. Sri Lanka defaulted on its debts in 2022 and sought an IMF bailout. The Sri Lankan cabinet announced the lease of the Mattala Rajapaksa International Airport to Indian and Russian companies for 30 years, aiming to privatize state-owned enterprises to reduce debt.
Meanwhile, President Raisi inaugurated the Uma Oya hydropower plant in Sri Lanka, originally funded by Iran. Raisi praised the project as a triumph over Western influence, despite delays and challenges.
During his visit, Raisi criticized Israel and demanded action on Palestinian issues, overshadowing the Sri Lankan president. The two leaders signed agreements on cooperation in various fields.
