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Join the movement

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

  • 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). […]

  • Photo: Rillke/Wikimedia

    Campaigners criticise Credit Suisse for helping to hide Mozambique loan

    Jubilee Debt Campaign, 28 April 2016

    Over recent days it has come to light that Credit Suisse and VTB lent around $1.35 billion to Mozambique, but the government and the lenders hid this from any public oversight. The revelations have led the IMF to suspend bailout loans which were helping Mozambique pay its debt to external lenders. Credit Suisse is holding […]

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    Collapse in commodity prices leads to $61 billion funding gap for impoverished countries

    Jubilee Debt Campaign, 11 April 2016

    Amount is $13 billion more than countries studied receive in aid each year Impoverished country governments could be up-to $61 billion worse off in 2016 as a result of the crash in global commodity prices and strengthening of the US dollar. This is reducing government revenue and increasing the relative size of debt payments in […]

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    Mozambique proposes ‘tuna’ bond restructuring

    Tim Jones, 21 March 2016

    Proposed terms will cut debt but increase interest rate, leaving Mozambique no better off, despite crash in commodity prices reducing ability to pay Mozambique is trying to restructure the terms of a bond it issued in 2013 to borrow $850 million, at 6.305% interest rate.* At the time the money was borrowed, it was said […]

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