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Tanzania President, John Magufuli, Revokes Chinese $10 Billion “Killer” Credit Facility

Unic Press UK: United Republic of Tanzania President, John Magufuli, has revoked a Chinese $10 billion loan inked by his predecessor, saying that the terms/conditions of the credit facility are not in the best interest of Tanzania.

One of the poignant condition agreed when the loan was signed is that the Chinese investors would have 30-year guarantee, a 99-year uninterrupted lease, and  with an attached outrageous demand that, the Tanzanian government will have absolutely no power to raise concerns on whoever invests in the port during the period stated.

The loan, which was signed with Chinese investors by the former Tanzania President, Jakaya Kikwete, would have been used to construct a port at Mbegani creek in Bagamoyo – a town which lies north of Dar-es-Salaam on the coast of the Indian Ocean.

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