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Angola
"Bad bank" Recredit gets generous Treasury funding but no change from its debtors

Reading time 2 minutes

The Angolan authorities, who are keen to demonstrate that the era of easy loans for regime notables is over, have given a glowing account of the performance of bad loans management company Recredit. The latter's success is not what it seems, however: its balance sheet is largely funded by the state rather than by its debtors.

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