Only a drunkard would accept these terms: Tanzania President cancels 'killer Chinese loan' worth $10 bn

https://www.ibtimes.co.in/only-drunkard-would-accept-these-terms-tanzania-president-cancels-killer-chinese-loan-worth-10-818225

Tanzania President John Magufuli has cancelled a Chinese loan worth $10 billion signed by his predecessor Jakaya Kikwete to construct a port at Mbegani creek in Bagamoyo over terms and conditions that, he said, beat the logic. Magufuli said that the terms of the Chinese loan agreement could only be accepted by a drunken man.

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

Another shocking demand made by the Chinese and accepted by Kikwete administration was that the Tanzanian government will have absolutely no power to raise concerns on whoever invests in the port during that period.

Dubbed as the "killer Chinese loan", several organisations and African citizens had demanded the then President to cancle the agreement. They had warned that the move will have dire consequences but their concerns were overlooked and the deal was signed.

However, after coming to power, President Magufuli initiated the renegotiation process and pressed the investors to bring down the lease period to 33 years instead of 99 years signed by the previous government.

With the likes of President John, i can be proud of Africa.