Foreign execs demolish 'debt trap' claims

The so-called "debt trap" or "debt crisis" brought about by Chinese investment in markets related to the Belt and Road Initiative is actually fabricated by some people or organizations, and the rumor has harmed host countries' ability to develop their economy, foreign business executives said on Thursday.

The development of the Belt and Road Initiative has brought jobs, tax, infrastructure facilities and public services, as well as manufacturing and modern agricultural development zones into many countries in Africa, rather than the so-called "debt trap", said James Karanja, deputy team leader of the standard gauge railway project in Kenya.

Karanja's company is partnering with China Communications Construction Group Co, which helped to build the railway, to jointly operate the 480-kilometer Mombasa-Nairobi Standard Gauge Railway in Kenya. The train makes two daily trips between Nairobi and the coastal city of Mombasa.