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Buhari Unending Borrowing: China Takes Ownership Uganda Only International Air Port Over Unpaid Loan
Local Newspaper in Uganda reported that the government of President Yoweri Museveni has surrendered the only International Airport and other government assets to Chinese government over inability for the Africa country to pay back the money borrowed from China.
Daily Monitor newspaper in its report captioned; “Uganda Surrenders Only International Airport Over China Unpaid Cash” quoted the Uganda Civil Aviation Authority as saying Uganda only International Airport, Entebbe is exposed to a potential take over by China if the provisions in a financing agreement between the two countries are not amended.
Uganda in 2015 signed a deal with China Exim-Bank for a 207 million dollar loan to expand Entebbe International Airport and the Uganda government said to have waived international immunity to secure the loan.
The waiver gave China the rights to take over the airport without international protection or limitation.
Nigeria currently owes more than one trillion naira to China for the construction of motorable roads and railway and purchase of trains.
Nigeria Debt Management Office puts Nigeria debt profile as at June 30, 2021 at 86.5 billion dollar representing 35.4 trillion naira on the basis of 410 to a dollar exchange rate.
The statement from the Uganda Civil Authority is coming when the nation’s government officials fail to secure a new deal with China over possible renegotiation of the terms of contract or loan agreement.
Uganda Government ministers were reportedly under fire for the botched deal, with Finance Minister Matia Kasaija apologizing to parliament last week for the “mishandling” of the loan.
Work level at the airport, built in 1972, shows 75.2 per cent completion with two runways.
Uganda Civil Aviation Authority in its latest bulletin on its website said the Entebbe International Airport which is Uganda only international airport handles over 1.9 million passengers per year.
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