Sign in
Download Opera News App

News Politics




Asian politics

Uganda Si China, Yoweri Museveni On Balance As China Allegedly Takes Over Uganda Airport

Uganda might soon join the list of countries that have fallen prey to the infamous Chinese debt trap strategy.

The country risks losing its only international airport, the Entebbe International Airport, to China. China’s Export-Import(EXIM) Bank lent Uganda $207 million at two per cent upon disbursement, in 2015.

The loan, meant for the expansion of Entebbe airport, came with a repayment period of 20 years, and a grace period of seven years. 

However, it has now emerged, via worldwide media reviews, that the clause for global immunity turned into waived via the Ugandan government for securing the loan. which means that the chinese lender can repossess the Entebbe international Airport without any global arbitration.

Declaration from the Uganda Civil Aviation Authority (UCAA) indicates that some provisions in the Financing agreement with China expose Entebbe international Airport and other Ugandan assets to be attached and taken over via chinese language lenders upon arbitration in Beijing.

Last week, Ugandan finance minister, Matia Kasaija, apologized to the united states’s parliament for “mishandling” the multi-million dollar mortgage.

The brand new media reports also endorse that a delegation of Ugandan officers visited China in advance this year in an try to renegotiate the phrases of the loan agreement. however, the chinese language made it clear that they do not want any alterations to the deal at the start agreed upon.

Content created and supplied by: Manabo (via Opera News )

China Entebbe International Airport Uganda Ugandan Yoweri Museveni


Load app to read more comments