27 OBOR partner nations have 'garbage' level sovereign credit: Singapore daily

ANI | Updated: Nov 07, 2017 17:05 IST

Beijing [China], November 7 (ANI): Most of the projects forming part of China's grand "Belt and Road" plan have come up short in terms of sound financial returns, a Singapore daily has said.

According to Singapore's primary Chinese language newspaper Lianhe Zaobao, several international studies have shown that when the top three international rating agencies ranked 68 OBOR partner countries, 27 showed they suffered from "garbage" level sovereign credit.

Out of the 41 remaining nations, 14, including Afghanistan, Iran and Syria, were either not rated, or respective governments withdrew their rating requests.

"The Belt and Road" plan estimates that, over a ten year period, it will achieve a spending level of USD 1.2 trillion on such infrastructure projects as railways, roads, ports, and power grids.

Financial and banking experts have suggested that it would be a better idea to classify the plan as a geo-political investment rather than a profitable financial program.

China has so far spent or committed to spend over USD 500 billion, which does not include large commercial bank loans. The source for most of this spending is China-backed investment funds. (ANI)