To date, there is virtually nothing that Joe Biden has done that China is not happy with. Biden is ignoring China’s take over of Africa while allowing China to get away with dropping the COVID bioweapon on the entire world.
China is unwilling to renegotiate clauses in their agreement with Uganda that allow China to take over the country’s only international airport.
Uganda stands to lose ownership of its only international airport, the Entebbe Airport, to China, following the mishandling of a multimillion dollar loan facility.
The East Africa nation while acquiring the loan facility signed away the control of the airport’s bank accounts to the Chinese Exim Bank, the lender.
The East African reported on Thursday that the offending clauses were first picked up by the Uganda Civil Aviation Authority, which described some clauses in the deal as “unfriendly.”
“The most troubling for the aviation bosses was a clause that gave Exim Bank the sole authority to approve withdrawal of funds from the UCAA accounts,” the report noted, “The bank also had the power to approve annual and monthly operating budgets, which it could reject, and the rights to inspect the government and UCAA books of accounts. The China International Economic and Trade Arbitration Commission (CIETAC) in Beijing also had the mandate to resolve disputes.”
In 2015, finance minister Matia Kasaija pushed for parliament’s approval of a $207 million loan from Exim Bank of China. This loan facility was slated for upgrades of the airport which included the modification of the main terminal building, a new cargo centre, and multi-storey parking.
Efforts have been made to renegotiate the terms of the loan. A team sent to China in 2019 were returned with no positive results, as they were told that there would not be any amendment to the loan agreement.
Charles Payne from FOX Business opined on the situation:
The recolonization of Africa by China is real and American media will not report it. While administration too busy trying to make local gas station owners villains. https://t.co/lKTQWtZ6yF
— Charles V Payne (@cvpayne) November 29, 2021