Legal
World Bank’s IFC Sues Lebanese Lender Over $234 Million Dues
- IFC filed proceedings before a London court on July 31
- Lebanon’s central bank owes $70 billion to local lenders
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Lebanon-based Bank Audi SAL said the World Bank’s private investment arm is suing it in the UK for $234 million of loans and interest payments, even as the nation’s lenders continue to grapple with one of the world’s worst financial crises.
The International Finance Corp. and an affiliated fund are seeking full repayment of Tier 2 subordinated debt that matured in April, according to a statement from Lebanon’s second-largest lender. Bank Audi said it paid more than $66 million in interest, before stopping in 2020 due to the lack of free profits — a condition for repayments.