Change in Chad’s leadership may give Glencore a headache
The commodities trader had lent Chad R5bn, but repayment of those funds was already in doubt before the death of Déby
22 April 2021 - 19:20
Madrid — The sudden of death of Chadian president Idriss Déby in a desert battlefield is threatening more headaches for its biggest private creditor: commodities trader Glencore.
Trading firms such as Glencore have, over the years, served as lenders of last resort to poor but commodity-rich nations such as Chad that traditional creditors consider too risky. Glencore, backed by banks, lent the government billions in 2013 and 2014 to plug a budget deficit and buy a stake in an oil project...
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