The country whose president canceled a 10 billion dollars loan from China
Dodoma (Monitoring Desk) The President of the African country of Tanzania, John Megofoli, has canceled the ڈالر 10 billion loan taken from China. According to the IB Times, the loan agreement was signed by President John's predecessor, Jacqueline Quixote, but John Megofoli reviewed the agreement after coming to power and terminated it. "Only a drug addict can accept a loan on such terms," said President John.
According to the report, the money was to be used by Chinese investors to build a port in Tanzania. The conditions were that the loan would be guaranteed for 30 years and the port would be leased to China for 99 years. The agreement also included a clause from Chinese investors that the Tanzanian government would not object to any investment.
The loan has been dubbed a "killer loan" and has been criticized by several African organizations and opposition politicians, who have now withdrawn it and begun negotiations. He called on Chinese investors to extend the 99-year lease by 33 years.
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