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World Bank misleads when trying to justify breaking its own rules to guarantee high interest loans to Ghana
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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.

Tell Credit Suisse and VTB to drop the debts claimed from Mozambique

Photo: eflon/Flickr

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’, […]

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Latest from the campaign

  • World Bank President Jim Kim talking to World Bank staff in Accra in October 2014 (Dominic Chavez/World Bank/Flickr)

    World Bank misleads while guaranteeing speculators profit

    Tim Jones, 18 October 2016

    World Bank admits to breaking rules to guarantee high interest Ghana debt, but misleads in attempt to justify the decision.

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

    The fall and rise of Ghana’s debt: How a new debt trap has been set

    Jubilee Debt Campaign, 9 October 2016

    Read the report (32 pages) or executive summary (4 pages). Independence Arch in Accra, capital of Ghana (Photo: Joe Ronzio/Flickr) Ghana is in a debt crisis. Having had significant amounts of debt cancelled a decade ago, the country is losing around 30% of government revenue in external debt payments each year. Ghana’s crisis is the result of […]

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    World Bank broke its own rules over high-interest loans to Ghana

    Jubilee Debt Campaign, 9 October 2016

    Lender accused of guaranteeing profits for speculators The World Bank has been accused of helping to fuel a new debt crisis in Ghana after it was revealed it has broken its own rules against lending to countries with high-risk debts. The Bank gave a $400 million guarantee to a high-interest private loan to the country, […]

  • Photo: mattbuck/Wikimedia

    Mozambique’s secret loans: A scandal that started in London

    Tim Jones, 9 September 2016

    Tuna fishing ships and military patrol boats are currently sitting dormant, docked in the capital of Mozambique, Maputo. Together, these boats provide a daily physical reminder of the ongoing political scandal that has rocked this south-east African country and contributed to a major economic crisis. But the story begins in the offices of two banks in London, […]

  • Photo: mattbuck/Wikimedia

    Campaigners in Mozambique call for non-payment of hidden debts

    Jubilee Debt Campaign, 13 June 2016

    A group of 26 organisations in Mozambique have asserted that the $1.86 billion of the country’s debts at the centre of a growing international controversy were contracted illegally and should not be paid. The campaigners make the claim about three state backed debts owed by MAM ($535 million), ProIndicus ($597 million) and Ematum ($726.5 million). […]

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