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Sunday 1 February 2026
Zim GBC News | Business Reporter<\/p>\n\n\n\n
HARARE \u2013 The Libyan Foreign Bank (LFB), a subsidiary of the Central Bank of Libya, has taken Zimbabwe to the United Kingdom\u2019s High Court to recover over US$100 million in unpaid fuel debt dating back more than two decades.<\/p>\n\n\n\n
Court filings from November reveal that the lawsuit relates to loans issued under a 2001 credit facility between the LFB and Zimbabwe\u2019s state-owned National Oil Infrastructure Company (NOIC). According to the claim, Zimbabwe drew down nearly half of a US$90 million credit line to finance fuel imports, but has since repaid only about US$5.5 million.<\/p>\n\n\n\n
“The Libyan bank alleges Zimbabwean officials have repeatedly acknowledged the debt since 2005,” court documents indicate.<\/p>\n\n\n\n
With interest accrued, the outstanding sum now exceeds US$100 million.<\/p>\n\n\n\n
A UK judge has given the Zimbabwean defendants until the end of this month to file their defence. Finance Minister Mthuli Ncube, representing Zimbabwe in the case, initially contested the UK court’s jurisdiction but has since accepted that proceedings can go ahead.<\/p>\n\n\n\n
Neither LFB nor Zimbabwean authorities have issued public statements regarding the litigation, which underscores the persistent debt challenges hampering Zimbabwe\u2019s economic recovery.<\/p>\n\n\n\n
The case adds to the country\u2019s long-standing external arrears, which continue to restrict access to international credit and investment.<\/p>\n\n\n\n
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Zim GBC News | Global News From An African Perspective\u00a9202<\/p>\n","protected":false},"excerpt":{"rendered":"
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