Tanzania President cancels ‘killer Chinese loan’ worth $10 bln | Khabarhub

“Tanzania President John Magufuli has cancelled a Chinese loan worth $10 billion saying that the terms of the Chinese loan agreement could only be accepted by a drunken man.

The aforesaid loan had been signed by his predecessor Jakaya Kikwete to construct a port at Mbegani creek in Bagamoyo.

His predecessor, Jakaya Kikwete had signed the deal with Chinese investors to build the port on condition that they would get 30 years to guarantee on the loan and 99 years uninterrupted lease, according to local media reports.”

Read the full article @ Khabarhub:

Tanzania President cancels ‘killer Chinese loan’ worth $10 bln – Khabarhub
KATHMANDU: Tanzania President John Magufuli has cancelled a Chinese loan worth $10 billion saying that the terms of the Chinese loan agreement could only be accepted by a drunken man. The aforesaid loan had been signed by his predecessor Jakaya Kikwete to construct a port at Mbegani creek i…

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