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China to build port in Myanmar, third in India's neighbourhood

IANS  |  Beijing 

will develop a multi-billion-dollar deep sea in Myanmar's town along the Bay of Bengal, a development that will concern which already has two Chinese-built ports around it.

Under China's Belt and Road project, the deal between and was signed on Thursday after years of stalled talks over the financing of the project.

is building the Gwadar in and has a 99-year lease of strategic Hambantota in Besides, it is also funding one at in

sees Chinese developing ports in the neighbourhood a strategy to encircle it in the

has grown wary of Chinese investment and has downsized some of its projects in the country.

The Chinese said the port deal was a significant step for the continued implementation of the Belt and Road.

According to a report in the Global Times, will fund 70 per cent of the project and the remaining 30 per cent will be taken up by

"The signing of the framework agreement marks a significant step for the port project, which has been stalled since 2015, and for the continued implementation of the China-proposed Belt and Road Initiative (BRI), which has come under increased scrutiny because of cases such as the port project," the report said.

"Prolonged negotiations fuelled criticism of the BRI, which some foreign critics said could add to local debts and even threaten other countries' sovereignty."

--IANS

gsh/ksk/mr

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 09 2018. 15:34 IST
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