Uganda aviation managers raised red flags over clauses deemed unfriendly and as good as mortgaging the airport to China.

The most troubling for the aviation bosses was a clause that gave Exim Bank the sole authority to approve withdraws of funds from the UCAA accounts. 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 UCCA books of accounts. The China International Economic and Trade Arbitration Commission (CIETAC) in Beijing also had the mandate to resolve disputes.

mbiruiru
link
16d

@mwalimu “Finance minister Kasaija said in case of a loan default, the government would intervene. “In the unlikely event that UCAA were to fail to generate sufficient revenue to service the loan, the central government will step in,” he said.”

A space to discuss general stuff relating to Africa.

  • 0 users online
  • 1 user / day
  • 9 users / week
  • 10 users / month
  • 24 users / 6 months
  • 37 subscribers
  • 76 Posts
  • 74 Comments
  • Modlog