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GLENCORE, BANK AND CHAD SIGNED AN OIL BACKED DEAL WORTH US$1BILLION.
Chad, banks and Glencore reach deal on over $1 bln oil-backed loan
Glencore and four bank lenders have reached a deal with Chad on the restructuring of an over US$1 billion oil-backed loan.
With the support of banks lent Societe des Hydrocarbures du Tchad (SHT) about $1.45 billion in 2014. The debt will be repaid with crude oil cargoes.
In 2015, after the crash in global oil prices the loan was restructured but Chad struggled to repay the debt.
Chad secured credit from the International Monetary Fund last year. The release of most of these funds depended on a second restructuring of this debt.