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.
...
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.
welcome to the real world...
China is running this scheme throughout the Third World. The greedy, backward politicians can’t resist the commies’ big bucks, then can’t repay.
Although I hope in this case, just because it’s China, that Uganda defaults and dares China to come take it, this little story is a lesson in life to the left wingers and socialists out there who think they can spend spend spend America’s problems away - Beware easy money - a secured loan means if you default you lose the collateral/security you put up to guarantee payment. How many secured loans does China hold on America?
Maybe. Maybe it’s now a diamond mine, or an oil field.
Easy or tough, I doubt the Chinese will lose sleep over trying.
“he greedy, backward politicians can’t resist the commies’ big bucks...”
It seems like they’re just as greedy as our pols.
Wow who could not have forseen this happening...
I guess all international flights to China will now land in Uganda in order to generate revenue.....😂
Uganda has money?
Where’s Idi Amin Dada when you need him?
Yeah, there are no resources that could give the Chinese any sort of advantage of any sort, so just ignore Africa.
Some folks...
Unless China is going to invade the country or magically teleport the whole airport back to China, Uganda will ultimately have the final say on the airport.
Uganda could make the airport worthless by not granting landing rights, high taxes on international airports, and regulate it to death. China would be looking to unload it
How humanitarian of the Communists..
Recompense for targeted hate crimes on Asians committed by African-Americans?
That’s raciss!
“Repossess an airport… geez that’s tough”
yep, gonna take a REALLY BIG tow-truck ..
This is likely a Pfizer contract they are contractually forbidden from talking about - so in the news, it’s a ‘loan’. The CCP has 70 members on PFizer’s Investments Board. The contracts Pfizer made with nations were bizarre in some respect - including the requirement that the countries which sign give up ‘sovereign assets’ if they fail to withhold their part of the contract.
I know there was a prior report on parts of a leaked contract for another country in which military bases were forfeit if contract terms were not met.
Note that Biden gave up Bagram military base after failing to make his July vaccination levels of 70%.
—”I’d offer them California as collateral.”
Overpaying and the Chinese will sense weakness...
Go in low and offer them Manhattan island?
How about Delaware and throw in the jamoke?
They are too smart for that one, but worth a shot.
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