GA/AP/812, 13 March 1978
Following is the text of a statement issued today by the Chairman of the Special Committee against Apartheid, Leslie O. Harriman (Nigeria):
The announcement by the Citibank that it will refrain from loans to the apartheid regime in South Africa and its parastatal corporations, is to be welcomed, but only as a first and limited step. There must be a complete cessation of all investments in South Africa, and all loans and credits to South Africa, as well as indirect assistance through export financing and guarantees, until apartheid is eradicated and the South African people as a whole exercise their right of self-determination.
The financial institutions, which have acted as bankers for racism in South Africa, bear a heavy responsibility for the build-up of the military and repressive apparatus of the racist regime, and for its defiance of the international community. They must be persuaded, by all appropriate means, to cease all their operations in South Africa.
I commend the many churches, trade unions and other organizations in the United States, including particularly the American Committee on Africa, for their campaign to press all banks to terminate their collaboration with South Africa.
I wish to assure them that the Special Committee will, as part of its programme for the International Anti-Apartheid Year, call on all Governments and organizations-including, first of all the United Nations and its agencies-to cease co-operation with financial institutions which continue to provide loans and credits to South Africa.