Posted on 11/28/2021 6:01:07 PM PST by george76
Uganda lost its only international airport, the Entebbe International Airport, to China for failing to repay a loan,..
The government has failed to reverse a loan agreement with China which had repayment conditions for attaching its only airport.
In 2015, China’s Export-Import (EXIM) Bank lent Uganda $207 million at two per cent upon disbursement. The loan, meant for the expansion of Entebbe airport, came with a maturity period of 20 years including a seven-year grace period, News X reported.
However, as per international media reports, the Ugandan government waived off the clause for international immunity for securing the loan, following which the Chinese lender can retake possession of Entebbe International Airport without any international arbitration.
A statement from the Uganda Civil Aviation Authority (UCAA) reportedly suggested that some provisions in the Financing Agreement with China exposed Entebbe International Airport and other Ugandan assets to be attached and taken over by Chinese lenders upon arbitration in Beijing.
Last week, Ugandan Finance Minister Matia Kasaija had apologised to Parliament for “mishandling” the multi-million dollar loan.
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According to the latest media reports, a delegation of Ugandan officials also visited China earlier this year in an attempt to renegotiate the clauses of the loan agreement. However, the visit was unsuccessful as the Chinese authorities refused to allow any alteration in the original terms of the deal.
So the airport is now an airbase?
Pei-Ping!
The loan, meant for the expansion of Entebbe airport,
Repossess an airport… geez that’s tough
Perhaps now it can be used for two-way traffic.
Chinese Communist Party Loan Sharking
I doubt Israel will ever need to use it again.
Does this mean the Chicoms are going to tear down the airport and take it to mainland China to be rebuilt there?
China is going to take Africa....
....They can have it!
Not too tough for the REPO man to find...
I would like to see how China intends to keep it if Uganda decides that it was cheated somehow by China and takes it back!
I'd offer them California as collateral.
Never buy from or sell to Communist China..
Screw them. Nationalize it. It’s what commies do, so they’d have to understand.
Chinese troops to Uganda. Chinese gunboats to the shores and up the rivers.
I rest in full confidence that Africa will still win. Africa always wins.
China is doing this all over the world, basically to take it all over.
For instance, in December 2017, Sri Lanka lost its Hambantota Port to China for a 99-year lease after failing to show commitment in the payment of billions of dollars in loans.
The transfer, according to New York Times, gave China full control of the territory just a few hundred miles off the shores of rival India.
In September 2018, Zambia also lost Kenneth Kaunda International Airport to China over debt gone-wrong. The Chinese lenders were already in control of the country’s state broadcasting company, ZNBC.
Maybe we should have given the loan to Uganda. We gave Afghanistan more than that and then gve them not only the airport but hundreds of billions in equipment.
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