Uganda loses its only international airport to China for failing to repay loan

Uganda loses its only international airport to China for failing to repay loan. By India Today.

Uganda has lost its only international airport, the Entebbe International Airport, to China for failing to repay a loan, African media reported. …

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. …

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.

Check that man’s bank accounts.

Predatory lending practices are contributing to the Chinese colonization of Africa. Apparently many Africans have developed a passionate dislike for Chinese, seeing them as racist and nasty. New boss worse than the old boss. Stay tuned.