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Since the global financial crisis of 2008, there has been a new boom in irresponsible lending to the developing world.

This lending boom is threatening to set a new debt trap for people in poverty around the world, particularly in Africa. Governments are unable to afford to pay off their debts and provide basic services like healthcare and education to their people.

Odious loans from UK banks to Mozambique – Write to your MP

Africa's debt crisis: The UK's role

An audit into secret loans to Mozambique has been released, and it has raised huge questions about the role played by London-based banks. Please write to your MP now to ask them to support new regulations on debt transparency.

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More actions

  • No bailout for Mozambique’s secret lenders

    Mozambique is in a stand-off with its creditors over $1.1 billion of secret debts revealed last year. But now campaigners in Mozambique fear the IMF will give the country new loans before those responsible for the scandal have been held to account. Please tell the UK government not to support a bailout for Mozambique’s secret […]

    1106 actions taken
  • Tell Credit Suisse and VTB to drop the debts claimed from Mozambique

    In 2013 Credit Suisse and VTB lent $1.1 billion to two publicly-owned companies in Mozambique from their offices in London. Details of the loans were not made public, and they were never approved by Mozambique’s parliament – in direct contravention of the country’s constitution. Civil society groups in Mozambique have condemned the loans as ‘illegal’, […]

    1746 actions taken

Latest from the campaign

  • Stop secret loans small

    Liam Fox visits Mozambique: Calls for UK to take responsibility for role in debt crisis

    Jubilee Debt Campaign, 18 September 2017

    The UK Secretary of State for International Trade Liam Fox is visiting Mozambique this week. The country is in a debt crisis after Mozambican officials borrowed $2 billion from the branches of two London based banks, Credit Suisse and VTB Capital, in 2013. Much of the loans were kept hidden until 2016, none were agreed […]

  • Independence Arch in Accra, capital of Ghana (Joe Ronzio / Flickr)

    Ghana’s debt crisis worse than IMF expected, as lenders continue to profit

    Tim Jones, 13 September 2017

    The IMF has completed the fourth review of its programme in Ghana, agreeing to disburse a further $95 million of loans, taking total loans to $565 million. The IMF has also agreed to extend loans for an additional year, from 2015-2019, rather than the original 2015-2018. These loans, which effectively pay the interest to previous […]

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    UK government responds to demands on Mozambique’s secret debt

    Jubilee Debt Campaign, 9 August 2017

    A government minister has written to the Jubilee Debt Campaign following our campaign to stop the IMF bailing out secret lenders to Mozambique

  • Small-scale traditional fishing boats in Maputo, capital of Mozambique, with the city rising behind (Cordelia Persen / Flickr)

    Mozambican civil society challenges legality of “odious” loans

    Jubilee Debt Campaign, 13 July 2017

    The Mozambique Budget Monitoring Forum has lodged a petition with the country’s Constitutional Council challenging the legality of the $850 million secret loan arranged by Credit Suisse to the Mozambican company Ematum. The loan was given a government guarantee in 2013, but this was not included in the state budget and therefore not approved by […]

  • Campaigners from Jubilee Debt Campaign protesting against Credit Suisse's secret loans to Mozambique, outside their office in Canary Wharf, London

    Release of audit raises huge questions over $2 billion loans to Mozambique

    Tim Jones, 30 June 2017

    A condition of Credit Suisse to get the loans signed off by the Bank of Mozambique was dropped in order for the loans to be given Credit Suisse and VTB gave or arranged loans to three companies which had no revenue, and without the contracts in place to suggest that they would generate revenue in […]

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