Bloomberg reported last Wednesday (28 January) that the Libyan Foreign Bank (LFB), a subsidiary of the Central Bank of Libya, has filed a lawsuit against Zimbabwe’s Minister of Finance (a guarantor for the debt) and a Zimbabwean state-owned fuel distribution company, seeking repayment of debts exceeding US$ 100 million.
The report states that the lawsuit was filed last November in a British court. It concerns loans granted under a 2001 credit facility. The LFB asserts that Zimbabwe has failed to meet its financial obligations under the credit facility.
Furthermore, the Bloomberg report says documents indicate that the Zimbabwean state-owned fuel distribution company only repaid US$ 5.5 million in four instalments between 2013 and 2023. The outstanding debt, including interest, now exceeds US$ 100 million.
