Uganda Defaults On Chinese Debt. Entebbe International Airport And Other Assets Now Under Chinese Control

 

Post Millennial: Uganda's only intl. airport is now under Chinese control due to a default on loan payments 

A Chinese state-owned bank is now the owner of Entebbe International Airport, among other Ugandan assets, due to the Ugandan government's defaulting on a loan. 

The loan for $207 million was originally taken out on Nov. 17 2015. It had a seven-year grace period which, as of the time of this writing, has now passed. 

According to Sahara Reporters, "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 [head of state Yoweri] Museveni, who came to power on the back of an armed uprising in 1986, and expose him to election defeat."  

Read more .... 

Update: Uganda Surrenders Airport for China Cash (The Monitor)  

WNU Editor: China is saying this is not a big story .... Clichéd ‘debt trap’ lies will not derail China-Africa cooperation (Global Times).  

Update #2: Both Uganda and China are denying these reports .... China to seize Uganda’s Entebbe airport after loan default? Viral report officially denied (The Print). 

But Uganda is admitting that it wants to renegotiate its loan .... Uganda asks China to amend airport-loan clauses: Reports (Bloomberg).  

Update #3: Uganda is not the only country having debt problems with China. Nigeria is on the verge of losing some assets .... Nigeria risks losing assets to China over $3.48bn loan, experts warn FG (Punch).  

Update #4: We shall see .... China loan binge starts to bite; the US, EU hope to gain from fallout (The East African).

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