• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Aviation

Is Uganda going to lose its Entebbe International Airport due to Chinese debt?

4 years ago
in Aviation, highlights, Home, home-news, latest News
2 min read
0 0
0
69
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Is Uganda going to lose its Entebbe International Airport due to Chinese debt?

In 2015, Uganda borrowed $207 million from the Chinese through the Export-Import Bank of China (Exim Bank). As expected, there were some conditions attached to the loan, among which were a 20-year maturity period and a 2% interest rate.

Uganda also reportedly used the Entebbe International Airport and some other national assets as some kind of collateral in the loan deal. And what this means is that the airport is at risk of being taken over by the Chinese.

Having realised this, Uganda sent delegates to Beijing earlier in the year in a desperate effort to try and re-negotiate the terms of the loan. Unfortunately, the Chinese refused to change anything. And the implication is that should Uganda fail to pay back the loan upon maturity, then it could very well have to forfeit its treasured Entebbe airport.

Now, what is even most unfortunate is the fact that the $207 million loan was absolutely mismanaged by the Ugandan government. The country’s Finance Minister, Matia Kasaija, has even had to apologise to the country’s senate for “mishandling” the loan.

As you may well know, borrowing isn’t really a bad thing. As a matter of fact, even some of the richest countries and companies in the world do borrow every now and then. However, the problem always lies with whether or not a loan is properly utilised. And in Africa, loans borrowed by countries are hardly ever utilised well.

African countries are notorious for borrowing a lot from both multilateral lenders and rich countries. Uganda, for example, is owing the likes of IMF and others. The country is also on the World Bank’s heavily indebted poor countries’ list, as previously reported by Business Insider Africa.

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

Now, it’s important to stress that Uganda has not technically defaulted on the Chinese debt just yet. As a matter of fact, repayment does not not start until next year.

But perhaps the reason everyone is worried over the possibility of a takeover of the Entebbe International Airport is because President Yoweri Museveni doesn’t seem to have any known plans on how to repay the country’s debts.

President Museveni has been ruling the country since 1986.

Source: businessinsider
Via: norvanreports
Tags: ChinaEntebbe International AirportExport-Import Bank of China (Exim Bank).IMFIs Uganda going to lose its Entebbe International Airport due to Chinese debt?Uganda
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.