Zambia cancels 1.2 billion dollar deal with South African bank

Just came across this:

Zambia has ended negotiations with South Africa's largest bank to finance a 1.2 billion dollar (762 million euro) oil import deal after disagreements, state radio reported Thursday. Zambia's energy ministry permanent secretary, Peter Mumba, told the state-run Zambia National Broadcasting Corporation that his government failed to reach a deal with South Africa's Standard Bank. The bank had been selected to finance crude oil imports from Kuwait. "The government is not happy with some…(read more)

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March 31, 2008 | Filed Under Aid and Assistance

 

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