Belt and Road Initiative: Case Studies from Sri Lanka, Nepal and Thailand

Abstract

The Belt and Road Initiative (BRI) has proved controversial amongst some members of the international development consultant community. Whilst the concerns are no doubt genuinely held, the questions that need to be answered are: What are the issues of concern? Are they unique to the BRI, or do they apply to all International Financial Institutions (IFIs)? Developing countries desperately need funds to achieve the 17 Sustainable Development Goals. They largely depend on International Financial Institutions (IFIs) such as the World Bank Group, Asian Development Bank, European Bank for Reconstruction and Development, and Asian Infrastructure Investment Bank. In addition, grants and loans can be provided by individual donor countries. Despite the number of IFIs, funds are limited, especially for major projects such as ports and airports. Examples from Sri Lanka, Nepal, and Thailand are provided to discuss the issues surrounding BRI projects in these jurisdictions. The most benefits to the country will come with the maximum level of involvement of all levels of society in the project. Nonetheless, China has made some miss-steps along the way. Keywords: BRI, Belt and Road Initiative, International Financial Institutions, international development, infrastructure