A British court has ruled that South Sudan must repay $657 million to the African Export-Import Bank (Afreximbank) over unpaid pandemic and trade-related loans, according to Global Trade Review on Wednesday.
The U.K. High Court granted Afreximbank’s request for a summary judgment on May 8 after the South Sudanese government and its central bank failed to respond to the lawsuit or attend hearings.
The Cairo-based lender had sought repayment under three loan agreements worth 63million, $250 million and $400 million, which South Sudan secured for trade infrastructure and COVID-19 relief.
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