Bloomberg reported that the Libyan Foreign Bank has filed a lawsuit against Zimbabwe’s finance minister and the country’s national oil company, seeking repayment of debts exceeding $100 million. The case was filed last November before a British court and relates to loans granted under a credit facility dating back to 2001. The Libyan Foreign Bank stated that Zimbabwe failed to meet its financial obligations, noting that the Zimbabwean oil company paid only $5.5 million in four installments between 2013 and 2023, while the current value of the outstanding debt, including interest, has exceeded $100 million. According to the Libyan Foreign Bank, Zimbabwe’s finance minister at the time the agreement was signed approved the arrangement under which the ministry would guarantee the debt. The bank added that Zimbabwean government officials have repeatedly acknowledged the outstanding debt since 2005 in official correspondence with the lender.

Source: Libya Observer January 29, 2026 14:30 UTC