African Lender Weighs Claiming Lloyd’s Payout on Zambia Debt (1)

TDB Group, an African trade and development lender, is considering claiming insurance on debt it’s owed by Zambia that has become entangled in a complex restructuring process.

The southern African nation, which defaulted in 2020 and later sought to rework around $13 billion of external loans, has said it’s including about $500 million it owes to TDB in that process. The government must seek similar relief to what other creditors provided, requiring TBD to agree to losses.

That could lead TDB to call in insurance it has with a Lloyd’s of London syndicate for a ...