Owing to the devious terms and conditions of the loan, the Tanzanian President John Magufuli cancelled the USD 10 billion Chinese loan agreement signed by his predecessor Jakaya Kikwete.<\/p>\n
The Chinese investors signed the loan agreement with the erstwhile President for the construction of a port at Mbegani creek in Bagamoyo on condition that they will be granted 30 years guarantee and 99 years uninterrupted lease.<\/p>\n
However, the present President Magufuli exclaimed that the above terms and conditions could only be accepted by mad people.<\/p>\n
In response, he initiated a renegotiation process to decrease the lease period to 33 years from the initial 99 years.<\/p>\n
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However, the investors failed to meet the deadline stipulated by the Tanzanian Government, resulting in cancellation of the agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"
Owing to the devious terms and conditions of the loan, the Tanzanian President John Magufuli cancelled…<\/span><\/p>\n