China’s2%rateonMontenegro’s$944millionloanis‘relativelylow’:ChineseembassyrefutesWesternmediahypeabout‘debttrap-GlobalTimes

load_file(“/includes-n/article_top.html”);load_file(“/includes-n/float_share.html”);SOURCE / ECONOMYChina’s 2% rate on Montenegro’s $944 million loan is ‘relatively low’: Chinese embassy refutes Western media hype about ‘debt trapBy Global Times Published: Apr 14, 2021 10:38 AMload_file(“/includes-n/article_share.html”);Photo taken on Nov. 17, 2013 shows the Scutari Lake in Montenegro, Oct. 17, 2013. Scutari Lake, also called Lake Skadar, lied on the border of Montenegro with Albania, the largest lake in the Balkan Peninsula. It is named after the city of Shkodra in northern Albania. (Xinhua/Gong Bing) Montenegros $944 million debt from China to build a high-speed railway accounted for less than 25 percent of the countrys entire debts, with only a 2 percent interest rate which is a relatively small proportion of Montenegros total liabilities, the Chinese embassy in Montenegro noted on Tuesday in refuting some overseas medias hype about China setting a debt trap for the country.The embassy also noted that Chinas investment does not pose a threat to overseas countries safety or interfere with any countrys internal politics. The clarification was rolled out after the EUobserver published an article saying that the EU would not help Montenegro pay off its loan from China to build what it described as “the worlds most expensive roadworks,” after some media reports said that Montenegro had asked the EU to step in when they found they were unable to pay off the debt. The article also cited an EU spokesperson as saying that the Chinese investment in Montenegro is “a point of concern” as theres a risk of macro-economic imbalances and debt dependency. The embassy nevertheless clarified that the terrain on which the highway is being built is highly challenging, which is the chief reason for its cost to be relatively high.According to the embassy, Chinas investment does not pose any threats to overseas countries safety, have any political conditions attached or exclude investment from any other countries. “The nature of such investment is win-win. If anyone wants to put a negative label on Chinas investment, its not only unfair to China, but irrespective to western Balkan states,” the embassy noted. Montenegro had signed a loan deal with the Export-Import Bank of China, under which the latter provided $944 million in loans to Montenegro with a 20-year repayment period and a six-year grace period. The first payment of the loan is due this July. The 180-kilometer Bar-Boljare motorway is the countrys first highway, of which a 41-kilometer section was built by the Chinese Communications Construction Co and its subsidiary China Road and Bridge Corp at a price of 809 million euros ($1.067 billion).Global Timesload_file(“/includes-n/article_share.html”);RELATED ARTICLES Western media ignores key facts in Montenegro ‘debt trap’ hypeSome European officials and overseas media outlets have jumped on a recent back-and-forth between the EU and Montenegro … Montenegro midwife faces jail for feeding stray dogsA Montenegrin animal rights activist faces jail for feeding the stray dogs she has been taking care of … US embassy in Montenegro hit by explosive suicide attackA suicide attacker blew himself up after throwing an explosive device into the US embassy compound in Podgorica, …load_file(“/includes-n/article_most_view.html”);var wxs = (function() {return navigator.userAgent.toLowerCase().indexOf(micromessenger) !== -1})();if (!wxs) {/* * * CONFIGURATION VARIABLES: EDIT BEFORE PASTING INTO YOUR WEBPAGE * * */var disqus_shortname = globaltimes; // required: replace example with your forum shortnamevar disqus_identifier = 1221019;/* * * DONT EDIT BELOW THIS LINE * * */(function () {var dsq = document.createElement(script); dsq.type = text/javascript; dsq.async = true;dsq.src = https:// + disqus_shortname + .disqus.com/embed.js;(document.getElementsByTagName(head)[0] || document.getElementsByTagName(body)[0]).appendChild(dsq);})();}Please enable JavaScript to view the comments powered by Disqus.blog comments powered by Disqusload_file(“/includes-n/footer.html”);load_file(“/includes-n/addthis.html”);

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