Britain owed £190,4 million by Zimbabwe, no indication of repayment

Zimbabwe owes Britain's Export Credit Guarantee Department (ECDG) £190,4 million and has not indicated when it will repay the money, the Undersecretary of State for Business, Innovation and Skills, Edward Davey, recently told the House of Commons.

Zimbabwe is among 24 countries, eight of them African, which owe the ECGD £2,4 billion.

Sudan owes the highest amount of £663,68 million and like Zimbabwe has not indicated when it will repay the money.

Indonesia is second with √Ǭ£445,96 million but it has indicated that it will repay the money by  June 1 2021.

Iraq is third and owes £290,18 million. It has indicated that it will repay the money by 1 January 2028.

Zimbabwe is fourth. Relations between Britain and Zimbabwe have been frosty but this has not affected business to a large extent. It is estimated that there are about 400 British companies in Zimbabwe.

However, President Robert Mugabe recently indicated that would move quickly to take over British companies operating in the country and called on Zimbabweans to boycott their products.

"It is not enough to speak against sanctions. We can't keep hosting more than 400 British firms here, including mines. It is now time to take measures against them," Mugabe told a rally at the launch of the anti-sanctions campaign spearheaded by his party.

The country has put in place laws compelling foreign-owned companies to cede at least 51 percent of their shareholding to indigenously owned entities or individuals.

Youth, Indigenisation and Economic Empowerment Minister Saviour Kasukuwere has indicated that British firms would be particularly targeted during the indigenisation campaign.

Among the biggest British firms operating in Zimbabwe are Barclays Plc and Standard Chartered Plc, Anglo American Plc and Rio Tinto Plc.

"I have said the indigenisation and empowerment process should start with those firms," Mugabe said, referring to British companies. "We must take them over. We can also boycott their products."

Britain has described the threats as irresponsible.

Although British companies have been under pressure to disinvest from Zimbabwe on grounds that their continued stay in the country abetted President Mugabe's government, the British Foreign and Commonwealth Office told leading British companies three years ago that they should continue to operate in Zimbabwe despite political pressure on them to withdraw.

The Foreign Office's official sanctions against Zimbabwe only prohibit the sale of arms.