London The Republic of the Congo is set to become the latest African country to start debt-relief talks with trading houses after borrowing $2bn from merchants, such as Trafigura and Glencore, but now find its debt levels unsustainable, sources familiar with the matter said.
Trading houses regularly lend money to resource-rich clients in financial distress be it countries such as the Congo, Chad, Morocco or Iraqs Kurdistan region when other lenders walk away. But traders often charge heavy interest on loans and require access to resources.
The Congo has recently appointed investment bank Lazard as an advisor to help it renegotiate debts with the traders, three banking and oil industry so…
Read the full article at: https://www.businesslive.co.za/bd/world/africa/2018-02-20-the-congo-to-start-debt-relief-talks-after-borrowing-2bn/
