Saturday, January 22, 2022
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Warning Nigeria!!! China Takes Over Uganda Airport After Defaulting On Loan

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In what is yet another move to acquire foreign assets on account of default of loans China allegedly has taken over the Ugandan Entebbe International Airport and other assets in the East African country. China; Uganda Entebbe International Airport

Reports have it that Ugandan President Yoweri Museveni had sent a delegation to Beijing for a renegotiation with the Chinese government.
READ ALSO: Nigeria Owes China $3 Billion As Of 2020 – World Bank

Earlier the Museveni-led government had signed an agreement with the Chinese Exim Bank to borrow $207 million to expand the Entebbe International Airport.

The loan had a maturity period of 20-years including a seven-year grace period, but it had now appeared that the transaction signed with China’s EXIM meant Uganda will be “surrendering” its only international airport, according to SaharaReporters.

Uganda, however, sought to renegotiate the deal but without success at the moment. Uganda in March had sent a delegation to Beijing hoping to renegotiate the clauses of the deal.
READ ALSO: US Nuclear Submarine Collides With “Unknown Object” In South China Sea

“The revelation that Uganda government signed an agreement and, among others, waived immunity for its sovereign assets has raised questions about the level of scrutiny and due diligence that bureaucrats conduct before committing the country internationally”, according to a report in Allafrica.com.

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Entebbe International Airport is Uganda’s only international airport that handles over 1.9m passengers per year.

This is a further indication of China’s push for global power and dominance political and economically, with a firm gaze on Africa in a bid to infiltrate the African political system and societies. China continues to spread its tentacles both on its home continent and far away from Africa, as the Entebbe International Airport is set to be another of many other assets that have fallen into its grip through its loan foreign asset acquirement tricks. Uganda isn’t the first in line and won’t be the last to have to forfeit a national asset for direct control by China after failing to repay commercial loans signed with haste or without proper scrutiny.

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Photo Credit: Getty

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