President Yoweri Museveni, has explained why Uganda seems to now prioritize investments from China over Western countries.
According to him, the Chinese are quick to see Uganda’s opportunities, unlike the West which is now blind to same opportunities.
“The Western companies have lost their spectacles; they no longer have the eyes to see opportunities. But the Chinese see opportunities, and they come, and they are knocking, they are coming very vigorously. But (Western companies) are saturated with wealth. They are not bothered,” Museveni told Reuters during an exclusive interview.
President Museveni’s glowing remarks for the Chinese is coming at the same time his government is trying to seal fresh loan deals with some Chinese private sector lenders.
Media understands that the loans would be used to finance projects in minerals processing, textiles, agriculture and fertilizer production.
In the meantime, Uganda is already indebted to China to the tune of millions of dollars.
Apparently, the Government allegedly used the airport as collateral for one of its loans with the Chinese. Interestingly, when the topic came up in the course of the interview, he rebuffed it.
“I don’t remember mortgaging the airport for anything. There is no problem, they will be paid,” he said, referring to the loans.
