Desire for new investment and less debt helped drive Honduras' decision to establish formal ties with Beijing at Taiwan's expense, the government said on Wednesday, potentially opening the door to more spending on flagship infrastructure projects.
Foreign Minister Eduardo Enrique Reina said the decision by Honduras to switch allegiance was partly because the Central American country was "up to its neck" in financial challenges and debt — including $600 million it owes Taiwan.
"We need investment, we need cooperation," he told local television, insisting it was about "pragmatism, not ideology."