Uganda. China has gone a step further in the matter of acquiring foreign assets due to non-payment of debt. China is said to have allegedly seized Uganda Entebbe International Airport and other properties in the East African country.
In view of this, Ugandan President Yoweri Museveni sent a delegation to Beijing for re-negotiating with the Chinese government. Recently, the Museveni-led government signed an agreement with the Exim Bank of China to borrow $ 207 million for the expansion of Entebbe International Airport.
The loan had a maturity period of 20 years including a grace period of 7 years, but now it appears that the transaction signed with China’s Exim Bank means that Uganda has ‘handed over’ its only international airport. ‘ have make.
However, Uganda tried to renegotiate the deal, but without success. In March 2021, Uganda sent a delegation to Beijing in the hope of renegotiating the terms of the deal.
“Following the unraveling of the mystery that the Ugandan government signed an agreement and waived exemptions for the use of its sovereign assets with others, it calls into question the levels of scrutiny that bureaucrats can afford at an international level. Do it before you bargain.” Entebbe International Airport is the only international airport in Uganda and handles over 19 million passengers per year.