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China Take Over Uganda Airport Over Failure to pay $207m Debt

Uganda has sent an 11-man team to China for renegotiation of the 2015 loan agreement to expand Entebbe Airport.

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Uganda is deeply mired in debt. According to a Daily Monitor report, Chinese government have taken over Entebbe International Airport and other government assets for cash repayment.

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Yoweri Museveni and Xi Jinping

In 2015, the Ugandan government led by Yoweri Museveni took a loan of $207 million from the Chinese government.

The Republic of China has refused to renegotiate the terms of the loan deal, which states that they will take over the airport and other top assets if the debt isn’t paid.

Information gathered by Mandg News, Uganda has sent an 11-man team to the East Asia country for renegotiation of the 2015 loan agreement to expand Entebbe Airport.

Failure to reach new terms means Uganda may lose rights over the airport and other assets.

At the time of this writing, another report seen said the Ugandan officials were rejected in the world’s most populous country while trying to negotiate.

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Source: MandyNews.com

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