The uganda airport chinese loan has finally come to an end as the airport gets seized by the China government as they could not pay back the loan they collected on agreement.
Museveni-led Ugandan government had on Tuesday, 17 November 2015, signed an agreement with Exim Bank with the hope of paying back two percent after it was disbursed.
Though, the Uganda government says they are almost done utilizing the loan of $207 million collected from the importing and exporting company, Exim Bank of China.
Museveni-led Ugandan government said they failed to reach the agreement after 75.2% completion of the project.
They hope to reach another agreement with the China government to secure the only airline in the country.
Unfortunately, Uganda government apologized to the citizens of the country for their incompetence to utilize the loan effectively, costing them their airport to the China government.
The progress of works at the Uganda airport, built in 1972, has reached 75.2 per cent, with two runways having reached almost completion of 100 percent has come to stale.
The loan had a maturity period of 20 years, a seven-year grace period, but Uganda government has failed to provide solid ground on how the money was initiated, it had now appeared that the transaction signed with the Chinese lenders has favoured them after 20years of failure to repay the loan upon agreement.