Committee to Oppose Bank Loans to South Africa
New York, New York, United States
March 24, 1978
3 pages
COBLSA critiques recent statements by six major banks reporting that they are not currently making loans to the South African government or government-controlled corporations. These statements represent a significant concession in response to the growing number of trade unions, churches, groups and individuals who have withdrawn their funds from these banks. However, they fall far short of meeting the objectives of the national bank campaign which seeks an end to all loans to South Africa. The new statements make clear that the banks have no intention of discontinuing lending to U.S., European, or South African corporations which are the backbone of apartheid exploitation. Contrary to the...
COBLSA critiques recent statements by six major banks reporting that they are not currently making loans to the South African government or government-controlled corporations. These statements represent a significant concession in response to the growing number of trade unions, churches, groups and individuals who have withdrawn their funds from these banks. However, they fall far short of meeting the objectives of the national bank campaign which seeks an end to all loans to South Africa. The new statements make clear that the banks have no intention of discontinuing lending to U.S., European, or South African corporations which are the backbone of apartheid exploitation. Contrary to the claims of the banks, loans to the private sector do not promote economic opportunity for the black majority in South Africa. Also, the banks’ public statements have not ruled out future loans to South Africa or financing of trade with South Africa.
Campaign to Oppose Bank Loans to South Africa
English
text/pdf
Used by permission of Africa Action (successor to the American Committee on Africa).
