Pres. John Magufuli has cancelled a Chinese loan worth $10 billion saying that the terms of the Chinese loan agreement could only be accepted by a drunken man.
The loan had been signed by his predecessor Jakaya Kikwete to construct a port at Mbegani creek in Bagamoyo. The move is indicative of original African rethink of loans from China which came with restrictive terms.
[FULL STORY HERE]
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