China To Take Over Kenya's Largest Port Over Unpaid Chinese Loan
by TylerDurden Wed,12/26/2018 - 18:27
No more Mr. Nice Chinese Guy.
After years of "benevolent" handouts to various Africancountries by Beijing, all of which however came in the form of loans, of whichfew have led to viable, long-term projects and cash-flow generating assets, andled to accusations that China is pursuing a "new colonialism" of theAfrican continent (and more recently, nations along the One Belt, One Roadcorridor), China is demonstrating to the world what happens when its debtorsrefuse to pay up. But first a brief detour: readers will recall that China's ambitions forAfrica are hardly new, and were discussed here over 6 years ago for the firsttime in "The Beijing Conference": See How China Quietly Took OverAfrica"
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China’s loan terms rejected
August 14, 2017 By Wichit Chaitrong
The Nation
High-speed railway project proceeds as beijing demands high interestrate that thai transport ministry believes unfair “China wants to put tough conditions on the loan contract, demandingthat the Chinese government could seize other assets of the Thai government ifthe Thai government defaults on debt repayments,” said Arkhom. Thailandproposes to borrow about 25 per cent of the total project cost.
China’s negotiators argued that it would apply the same conditionsagreed to by the Lao government for financing a high-speed rail linking thatnation to southern China. The Chinese government will be able to seize fivemine assets if Vientiane fails to repay the debt.
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