THE CAMPAIGN TO OPPOSE BANK LOANS TO SOUTH AFRICA MUST CONTINUE!

(a statement by the American Committee on Africa and Clergy and Laity Concerned)
by American Committee on Africa, Clergy and Laity Concerned
New York, New York, United States
Undated, about March 1979?
Publisher: Clergy and Laity Concerned, American Committee on Africa
3 pages
Contents: Rationale for the Campaign • The Campaign Has Proved It Can Have an Effect • The Campaign Must Expand Its Work • There is a Need for a National Coordination of This Expanded Campaign • The Role ACOA and CALC Can Play in the Campaign • Statement by the American Committee on Africa and Clergy and Laity Concerned. The statement says in the early 1970s, shaken by the winning of independence in neighboring Angola and Mozambique, facing growing internal resistance, and fearing international sanctions, the South Africa government embarked on a crash spending program to reinforce its strength; it has spent vast sums stockpiling oil, buying arms and building self-sufficiency projects like power plants; between 1974 and 1976, South Africa borrowed over $6 billion dollars to do all this--and some $2 billion of the total came from U.S. banks; even after the Soweto students began their protest demonstrations in 1976, which clearly demonstrated how much the apartheid policy was rejected by South Africa's people, U.S. banks continued to make new loans to that country. The statement says in October 1978, Congress passed legislation which stopped all Export-Import Bank loans, guarantees and insurance supporting exports to the South African government and its agencies. The statement the Corporate Data Exchange, stockholders, demonstrations, trade unions, churches, civil rights groups, Chase Manhattan, Citibank, First National of Chicago, Continental Illinois, Chemical Bank, the Committee to Oppose Bank Loans to South Africa (COBLSA), and the Sharpeville massacre.
Used by permission of Africa Action (successor to the American Committee on Africa).
Collection: Africa Action Archive