African Activist Archive

The statement condemns the international banks that "rolled over" billions of dollars in loans to South Africa. South Africa froze repayment on $14 billion in loans last September after several banks refused to make new loans. The banks had become worried that resistance to apartheid inside South Africa and the growing divestment campaign in the U.S. threatened repayment. The agreement was negotiated between Chris Stals, representing the South African government, and Swiss mediator Fritz Leutwiler, on behalf of 30 major international banks, including a number of U.S. banks. U.S. banks have some $3.4 billion in outstanding loans to South Africa, with Citibank and Chase Manhattan among the largest lenders. Three South African church leaders, Nobel laureate Desmond Tutu, Anglican Bishop of Johannesburg; Rev. Allen Boesak, president of the World Alliance of Reformed Churches; and Rev. Beyers Naude, General Secretary of the South African Council of Churches, issued an urgent appeal to the banks not to roll over the loans.

African Activist Archive

[Statement condemning the international banks for "rolling over" billions of dollars in loans to South Africa]

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