Mozambique: Loans From Credit Suisse Involved Conflict of Interests
- Mozambique Agencia de Informacao de Mocambique 2016
- 3p.
The article describes how loans from a Swiss bank to the Mozambican state companies involved a gross conflict of interest, since the banker who organized the loans immediately afterwards went to work for the Lebanese businessman Iskander Safa.The loans amounted to over two billion dollars, and added 20 per cent to Mozambique's foreign debt, making it clearly unsustainable. The result has been a crisis in relations with the International Monetary Fund (IMF) and the group of 14 donors and financial agencies who provide direct support for the Mozambican state budget.
