Exim Bank of China is about to seize Uganda’s only international airport and some other of its assets, for non-repayment of a $207m loan.

[dBSPL]

China To Seize Uganda’s Main Airport For Over Debt

The Exim Bank of China iss about to seize Uganda’s main airport, Entebbe International Airport for non-repayment of a $207m loan. Uganda signed a loan agreement with the Chinese bank which had repayment terms attached to its only airport. According to reports, this agreement stipulates that in...

www.naijanews.com

Museveni to surrender Uganda’s only international airport over Chinese loan

It has emerged that Uganda is set to lose its most prominent and only international airport to Chinese lenders.

guardian.ng

On Tuesday, 17 November 2015, the Uganda government signed an agreement with Export-Import Bank of China (Exim Bank) to borrow $207 million at two per cent upon disbursement. The loan had a maturity period of 20 years including a seven-year grace period.

It has now emerged that the deal signed with the Chinese lenders virtually means Uganda “surrendered” its most prominent and only international airport.

The Uganda Civil Aviation Authority (UCAA) says some provisions in the Financing Agreement with China expose Entebbe International Airport and other Ugandan assets to be attached and taken over by Chinese lenders upon arbitration in Beijing.

It also emerged that China has rejected recent pleas by Uganda to renegotiate the toxic clauses of the 2015 loan, leaving Ugandan President Yoweri Museveni’s administration in limbo.

According to the Daily Monitor, the Ugandan government waived international immunity in the agreement it signed to secure the loans, exposing Entebbe International Airport to take over without international protection.

In desperation, Uganda in March sent a delegation to Beijing hoping to renegotiate the toxic clauses of the deal but the officials came back empty-handed as China would not allow the terms of the original deal to be varied.

Last week, Uganda’s Finance Minister Matia Kasaija apologized to parliament for the “mishandling of the $207 million loan” from the China Exim Bank to expand Entebbe International Airport.

Progress of works at the airport, built in 1972, has reached 75.2 per cent, with two runways having reached overall completion of 100 per cent.

Entebbe International Airport is Uganda’s only international airport and handles over 1.9 million passengers per year. Its seizure by China would greatly dent the legacy of the 77-year-old Museveni, who came to power on the back of an armed uprising in 1986, and expose him to election defeat.

 

[STREANH]

Modern day colonialism.

 

[Sulman Badshah]

China have given loan with collateral of their airport

 

[beijingwalker]

So if it is not a Chinese bank, then it'll become common bank practice? what the bank if your countries do if you borrow but don't pay back?

 

[Protest_again]

So if it is not a Chinese bank, then it'll become common bank practice? what the bank if your countries do if you borrow but don't pay back?

We all know Chinese deals are enticers to corrupt leadership of these countries. Chinese are like the village pawn shop who would lend money to incompetents of the family knowing fully well that they can't pay back, yet do so just to capture the family assets. Societies despise such people.

 

[beijingwalker]

We all know Chinese deals are enticers to corrupt leadership of these countries. Chinese are like the village pawn shop who would lend money to incompetents of the family knowing fully well that they can't pay back, yet do so just to capture the family assets. Societies despise such people.

lOl, India can't not be corrupted by Chinese companies, how did your Japanese funded high speed railway project go?

 

[Black Tornado]

lOl, India can't not be corrupted by Chinese companies, how did your Japanese funded high speed railway project go?

https://twitter.com/x/status/1463832510706511873

 

[Vanamali]

So if it is not a Chinese bank, then it'll become common bank practice? what the bank if your countries do if you borrow but don't pay back?

China is absolutely right... I can only pray that situation should not come to Indian neighbours....

 

[Beast]

China To Seize Uganda’s Main Airport For Over Debt

The Exim Bank of China iss about to seize Uganda’s main airport, Entebbe International Airport for non-repayment of a $207m loan. Uganda signed a loan agreement with the Chinese bank which had repayment terms attached to its only airport. According to reports, this agreement stipulates that in...

www.naijanews.com

Museveni to surrender Uganda’s only international airport over Chinese loan

It has emerged that Uganda is set to lose its most prominent and only international airport to Chinese lenders.

guardian.ng

On Tuesday, 17 November 2015, the Uganda government signed an agreement with Export-Import Bank of China (Exim Bank) to borrow $207 million at two per cent upon disbursement. The loan had a maturity period of 20 years including a seven-year grace period.

It has now emerged that the deal signed with the Chinese lenders virtually means Uganda “surrendered” its most prominent and only international airport.

The Uganda Civil Aviation Authority (UCAA) says some provisions in the Financing Agreement with China expose Entebbe International Airport and other Ugandan assets to be attached and taken over by Chinese lenders upon arbitration in Beijing.

It also emerged that China has rejected recent pleas by Uganda to renegotiate the toxic clauses of the 2015 loan, leaving Ugandan President Yoweri Museveni’s administration in limbo.

According to the Daily Monitor, the Ugandan government waived international immunity in the agreement it signed to secure the loans, exposing Entebbe International Airport to take over without international protection.

In desperation, Uganda in March sent a delegation to Beijing hoping to renegotiate the toxic clauses of the deal but the officials came back empty-handed as China would not allow the terms of the original deal to be varied.

Last week, Uganda’s Finance Minister Matia Kasaija apologized to parliament for the “mishandling of the $207 million loan” from the China Exim Bank to expand Entebbe International Airport.

Progress of works at the airport, built in 1972, has reached 75.2 per cent, with two runways having reached overall completion of 100 per cent.

Entebbe International Airport is Uganda’s only international airport and handles over 1.9 million passengers per year. Its seizure by China would greatly dent the legacy of the 77-year-old Museveni, who came to power on the back of an armed uprising in 1986, and expose him to election defeat.

That is good. Let Chinese takeover the management and prosper it. Then Chinese share the profit, isnt that better than continue let it bleed?

Isnt Greece port prosper after Chinese takeover it? @Apollon

 

[beijingwalker]

https://twitter.com/x/status/1463832510706511873

Still not finished yet?

 

[Beast]

https://twitter.com/x/status/1463832510706511873

LOL, this kind pathetic progress, you even got the cheek to try brag to us? I can bet after 5 years, all u can show us again are those pathetic unfinished railway and cranes still assembling those concrete.

Let me show you what is called real progress and HSR.

 

[beijingwalker]

When African countries were all solely militarily, economically and politicially colonized by western powers, they were foever stuck and didn't have any significant development, it was all nice and fine, but after China emerged in the past 10 years and African countries for the first time in the history are given an alternative choice for money and support without any strings attached and many of them started to show real growth and development after decades of stagnation, suddely China debt trap reports started to flood all across western media.

 

[Apollon]

That is good. Let Chinese takeover the management and prosper it. Then Chinese share the profit, isnt that better than continue let it bleed?

Isnt Greece port prosper after Chinese takeover it? @Apollon

You are wrong, we just take the money but China has no influence here. Infact most constitution projects in the port get blocked by greek courts. COSCO even had to make a greek sub company with all greek management.

Your money is welcome here.

 

[beijingwalker]

China remains Africa's top trading partner for 12 years
Source: Xinhua| 2021-09-25 23:10:20

CHANGSHA, Sept. 25 (Xinhua) -- China had remained Africa's largest trading partner for 12 consecutive years by the end of 2020, despite the headwinds of the COVID-19 pandemic, said an official report.

With bilateral trade hitting 187 billion U.S. dollars, China maintained its status of Africa's top trading partner in 2020, said the China-Africa Economic and Trade Relationship Annual Report (2021) released Saturday.

The report came ahead of the Second China-Africa Economic and Trade Expo scheduled in Changsha, capital of central China's Hunan Province, from Sept. 26 to 29.
Bilateral trade registered robust growth this year, with trade volume rising 40.5 percent year on year to 139.1 billion dollars in the first seven months. It is a record high, year on year, according to China's Ministry of Commerce.

China remains Africa's top trading partner for 12 years

www.news.cn

 

[Wood]

We all know Chinese deals are enticers to corrupt leadership of these countries. Chinese are like the village pawn shop who would lend money to incompetents of the family knowing fully well that they can't pay back, yet do so just to capture the family assets. Societies despise such people.

It is surprising that countries sign a loan with such a high risk. These 'deals' signed under secrecy have become a ticking time bomb.

At the very least, a differentiation between loans and investments should be made apparent to the population of the country. What many assume to be Chinese investments are just loans on interest. This is not advertised to the public by the local media.

China is absolutely right... I can only pray that situation should not come to Indian neighbours....

Sri Lanka