Uganda’s airport is being taken over by China as it is unable to repay the loan.
Record: November 29, 2021 03:45
AM
Kampala,
The International Airport is located in Entebbe in central Uganda, one of the East African countries. It is the only international airport in the country.
Built in 1972, the country borrowed $ 207 million (approximately Rs. 1,553 crore in Indian currency) from China in 2015 to expand the airport. But Uganda has so far repaid only $ 7 million (approximately Rs 52 crore) in total debt. There is still $ 200 million (approximately 1,501 crore) left.
The 2015 loan agreement stipulates that China may acquire Entebbe International Airport if it fails to repay the loan. The Ugandan government has repeatedly urged China to repeal this provision of the agreement. But China has refused to accept it.
In this case, the installment period given to the Ugandan government to repay the loan purchased from China is now over. This confirms China’s acquisition of the country’s only international airport.