Sri Lanka's President Loses an Election—and China Loses an AllyBy
China has spared no effort to make friends with Sri Lankan President Mahinda Rajapaksa. The island nation has more than $4 billion worth of Chinese-backed investments, including a $1.4 billion project now under construction of offices, hotels, apartment buildings, and shopping centers on reclaimed land in Colombo that is the largest foreign investment in the country’s history. The leading provider of loans to Sri Lanka, China is also financing a $1.3 coal power plant and $1 billion highway.
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